Business Email Compromise (BEC) scams, a tactic which compromises business accounts to facilitate unauthorised fund transfers, is on the rise in Malaysia.

Cyber Security expert Dhanya Thakkar said about 8,000 cases, especially online banking malwares, were recorded in the first two quarters of this year.

Thus, companies in Malaysia should form an incident-response team to protect their database, not only against alarming BEC attacks, but also for cyber crime and ransomware, Thakkar told reporters at the Trend Micro Cybercrime 2016 in Petaling Jaya yesterday.

Thakkar, who is also Trend Micro Asia Pacific director, said besides forming the incident-response team, companies should ensure an information security programme is in place, besides carrying out action to investigate and fix incidents in a timely manner.

He said with the rapid rise of ransomware and BEC cases, it was a clear indication of their continued threat, and enterprises must take immediate measures not only to protect themselves, but also to enhance their security capabilities on par with this threat.

BEC is a scam tactic that compromises business accounts in order to facilitate an unauthorised fund transfer. It remains persistent and is considered one of the most dangerous threats to business organisations, Thakkar added.

- Bernama