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.
Stop Business Email Compromise Before It Starts When You Stop Phishing
The most effective way to prevent business email compromise from coming to call at your business is to mount a strong, multifaceted defense against its primary delivery system: phishing email. There are solutions available that can help mitigate the threat and close the door on business email compromise. The most important task is to ensure your employees, your FIRST line of defense, are aware of the tactics used by hackers.
— ID Agent