Business Email Compromise Statistics
Business email compromise (BEC) is a type of phishing-related fraud that can have far-reaching consequences. Not only can your business be harmed by a successful attack, other companies that your business connects with can also also be damaged. Plus, this threat can be very hard to sniff out with a byzantine structure that also makes it hard to mitigate. These 10 business email compromise statistics demonstrate the rising tide of business email compromise risk. Business email compromise attacks are a nightmare for IT security teams, but there are ways to reduce the chance of your business being next on the list.
- Business email compromise rose by 14% overall in 2020 and up to 80% in some sectors
- 65% of organizations faced BEC attacks in 2020
- In 2020, BEC costs increased rapidly, from $54,000 in Q1 2020 to $80,183 in Q2
- The energy and infrastructure sector topped the 2020 list with 93% of attacks
- 60% of the information on the dark web could potentially damage businesses
- In 2020, 80% of firms experienced an increase in cyberattacks
- 62% of BEC scams involve the cybercriminal asking for gift or money cards.
- The most common type of BEC scam is invoice or payment fraud
- Payment/invoice/billing scams skyrocketed by 155%, in 2020
- The average amount requested in wire transfer-based BEC attacks nearly doubled in 2020 from $48,000 in the third quarter to $75,000 in the fourth quarter.
The most effective way to prevent business email compromise from coming to call at your business is to mount a strong, multifaceted defense against tit’s primary delivery system: phishing email. A power pair of solutions can help you mitigate the threat while a third solution works overtime to close the door on business email compromise.
Phishing resistance training with BullPhish ID
An absolute must-have for any organization in today’s tumultuous world is a strong cybersecurity culture. But too many employees are still clicking on dangerous messages. Strengthen your security culture and also reduce your risk of suffering an email-based cyberattack by up to 70% when you add effective, cost-effective phishing resistance and security awareness training with BullPhish ID.
- Automate your training with simple management tools and plug-and-play training kits with 4 new kits added monthly
- Eliminate training confusion, pre-schedule automated campaigns to keep frequency high and make it painless for everyone with user-friendly training portals
- Simulate real industry-specific threats toby taking advantage of customization options including email, attachments, video URLs and more fast
One of the easiest ways for BEC scammers to slip inside a business is by filching a password – especially a privileged credentials. Stop that from kicking your business in the teeth by adding secure identity and access management with Passly. Why pay more for 3 or 4 solutions to do what Passly does in one affordable package.
- Get multifactor authentication, the single mitigation that stops over 90% of cybercrime.
- Single sign-on makes it easy to stop a BEC attack or quarantine an affected user account.
- Stop password reuse from crushing your security with an easy to use easy to run access point gateway
While you’re looking at improving your protection from email-based cybersecurity threats like BE, don’t underestimate the power f automated anti phishing security. Add big protection at a small price with AI-powered Graphus.