Business Email Compromise (BEC) Attacks: Threats, Vulnerabilities and Countermeasures—A Perspective on the Greek Landscape

Abstract

Business Email Compromise (BEC) attacks have emerged as serious threats to organizations in recent years, exploiting social engineering and malware to dupe victims into divulging confidential information and executing fraudulent transactions. This paper provides a comprehensive review of BEC attacks, including their principles, techniques, and impacts on enterprises. In light of the rising tide of BEC attacks globally and their significant financial impact on business, it is crucial to understand their modus operandi and adopt proactive measures to protect sensitive information and prevent financial losses. This study offers valuable recommendations and insights for organizations seeking to enhance their cybersecurity posture and mitigate the risks associated with BEC attacks. Moreover, we analyze the Greek landscape of cyberattacks, focusing on the existing regulatory framework and the measures taken to prevent and respond to cybercrime in accordance with the NIS Directives of the EU. By examining the Greek landscape, we gain insights into the effectiveness of countermeasures in this region, as well as the challenges and opportunities for improving cybersecurity practices.

Keywords

• Business Email Compromise (BEC)
• cybercrime
• social engineering
• phishing
• Greece legislation NIS compliance