Multi-factor authentication critical to deterring new email fraud
Chubb has released a new whitepaper outlining how cyber criminals have evolved their deceptive practices around email cyber crimes, including the use of Business Email Compromise (BEC). The paper, “Email: Is the Digital Door Propped Open for Identity Hijackers?,” explores how BEC works, why it is successful, and the importance of using multi-factor authentication as a safeguard.
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Co-authored by Chubb and Microsoft, the whitepaper provides ways in which businesses can block these increasingly complex attacks.
“BEC attacks serve as a prime example of how cyber crime is quickly evolving,” said Patrick Thielen, Senior Vice President, Chubb North America Financial Lines. “As employees become savvier about not clicking on unfamiliar links or downloading unknown attachments, cyber criminals are just as quickly pivoting to different means—hijacking email accounts and impersonating executives. These sophisticated fraud schemes often result in employees erroneously transferring money to criminals under the auspices of their bosses’ supposed directions.”
According to the authors, multi-factor authentication is a critical tool to help deter such fraud, as bad actors often access email accounts through weak passwords. An additional layer of defense or proof of identity can help ensure those individuals accessing email accounts or other sensitive company assets are who they say they are.
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“Data suggests that implementing multi-factor authentication can help to significantly reduce the risk of email compromise,” shared Christopher Arehart, Senior Vice President, Chubb North America Financial Lines. “Whether using a pin, biometric data, or tools like an authentication app, multi-factor authentication is easy to implement and can help close the digital door on cyber criminals.”
“The old saw of an ounce of prevention being worth more than a pound of cure remains true in the cyber world,” said Joram Borenstein, General Manager, Modern Work and Security Partnerships, Microsoft. “By layering authentication across multiple factors, consumers and employers make it harder for criminals to breach defenses and get at your business and personal data.”