Over the past couple years, Business Email Compromise (BEC) attacks have wreaked havoc on businesses around the world. One of the most notable examples being the Bangladesh Bank heist. As cybercriminals evolve however, they are starting to advance these tactics to create a new, more nefarious type of attack. This session will describe this new attack method, Business Process Compromise (BPC), and explain how cybercriminals’ understanding of how major institutions process financial transactions is being used increase their payout. While a BEC attack might yield a hundred thousand pounds by luring an innocent employee to transfer money to a criminal’s account, hacking directly into a financial transaction system could result in far greater financial windfalls for criminals.
Attendees will hear several real-world examples highlighting how BPC works, such as the Antwerp Seaport shipping container system hack that allowed cybercriminals to reroute and smuggle drugs. They will also learn about a compromised cargo system controlled by the Australian Customs and Border Protection Service agency. These stories will help illustrate how enterprises with limited visibility of the risks associated with business processes can be easy targets.
Finally, the session will outline specific steps that organisations can take to recognize and defend against Business Process Compromise. The speaker will demonstrate how security technologies like application control can lock down access to mission-critical terminals while endpoint protection detects malicious lateral movement. He will also explain why strong policies and practices regarding social engineering must be part of an organisation’s defence plan.
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Dr Morton Swimmer
Senior Threat Researcher, Trend Micro FTR
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