Purpose
The purpose of this policy is to establish guidelines and procedures to prevent, detect, and respond to business email compromise (BEC) attacks targeting our organization.
Scope
This policy applies to all employees, contractors, and third parties who have access to company email systems and financial processes.
Policy Guidelines
Email Security Measures
- Implement multi-factor authentication (MFA) for all email accounts.
- Use email filtering and scanning tools to detect suspicious messages.
- Enable SPF, DKIM, and DMARC email authentication protocols.
- Regularly update and patch email systems and software.
Financial Transaction Procedures
- Require dual approval for wire transfers and changes to vendor payment information.
- Establish a verification process for any requests to change bank account details.
- Set transaction limits that require additional authorization.
Employee Training
- Conduct regular cybersecurity awareness training for all employees.
- Educate staff on common BEC tactics and red flags.
- Perform simulated phishing exercises to test employee vigilance.
Vendor Management
- Maintain a verified list of approved vendors and their contact information.
- Implement a process to validate any changes to vendor details.
Incident Response
- Develop and maintain an incident response plan specific to BEC attacks.
- Designate a team responsible for handling potential BEC incidents.
- Establish procedures for reporting suspicious emails or financial requests.
Enforcement
Failure to comply with this policy may result in disciplinary action, up to and including termination of employment or contract.
Policy Review
This policy will be reviewed annually and updated as necessary to reflect changes in technology, threats, and business practices. By implementing these guidelines, organizations can significantly reduce their risk of falling victim to business email compromise attacks. Regular training, robust verification processes, and layered security measures are key to defending against this prevalent cyberthreat.