Be on guard for potential BEC and phishing attacks as a result of the closure of Silicon Valley and other banks. Threat actors may try to exploit the situation by targeting affected individuals and organizations through phishing and business email compromise attacks.

These attackers often use current events such as COVID-19 and the war in Ukraine to create tailored phishing emails aimed at socially engineering their targets. They may attempt to convince recipients to send money to unauthorized parties or engage in other activities for financial gain.

To stay safe, exercise caution before clicking on any links or opening attachments. Organizations can also implement secondary authorization channels for financial-related activities, such as seeking written or verbal confirmation from trusted parties through trusted communication methods if receiving emails requesting changes to banking deposit or contact information, or changes to existing invoices.