Africa experiences so many cyberattacks per second, with the perpetrators aiming at defrauding unsuspecting businesses or individuals using various vulnerability methods like phishing, social engineering, and many more. Among the different business sectors in the Nigerian economy, the financial industry has been the most affected by various cybercrimes through user and domain impersonation. Over the last two years, there has been a massive increase in user impersonation, with unsuspecting users getting defrauded of their life’s work. As productive as the remote/mobile technology model might be for financial institutions, it is essential to educate businesses on the need to have an end-to-end secured business process that protects their devices and work tools with models like the zero-trust model.
Zero-trust assumes that everyone who attempts to access a resource is a bad actor. As such, high-level access control is implemented to check the individual identity through conditional access with MFA. Applying conditional access policy is highly recommended; with the high rate of BEC scams prevalent worldwide, we see individuals and even IT professionals falling prey to BEC scams.
Simply put, the BEC scam is a business email compromise scam. It is a method where a bad actor deceives an unsuspecting individual or entity through email, acting as a legitimate entity to commit financial fraud.
A security-ready organisation understands the importance of having a solid…
