DUBLIN, January 16, 2023 /PRNewswire/ — “Global Business Email Compromise (BEC) Market Size, Share and Industry Trends Analysis Report by Offering (Solutions and Services), by Implementation Mode, by Organization Size (Large Enterprises and SMBs), by vertical, by region The report Outlook and Forecast, 2022 – 2028 has been added ResearchAndMarkets.com offer.
It is expected to reach the size of the Global Business Email Compromise (BEC) market. 3.3 billion dollars to 2028, with the market growing at 19.0% CAGR during the forecast period.
A type of fraud known as business email compromise (BEC) targets businesses that use wire transfers and have foreign suppliers. Keyloggers or phishing attacks are used to impersonate or hack corporate or publicly available email accounts of high-level executives or workers involved in finance or wire transfer payments to make fraudulent transfers, costing hundreds of thousands of dollars in damages.
BEC scams often start with an attacker taking control of a business director’s email account or any other publicly accessible email. This is usually accomplished through the use of keylogger software, phishing techniques, or forged emails that trick the victim into revealing account information. Phishing attacks use a domain that is very similar to the target company.
It is expected that the fraudster will try to determine who is requesting the bank transfers and who is conducting them after observing the hacked email account. Offenders often do a lot of investigating, looking for a company where the CFO has changed, companies where executives are on business trips, or organizing a conference call for investors. They use them as an opportunity to realize their plan.
After the pandemic, there was an increase in BEC and spear-phishing attacks. Increasing internet usage, mobile device adoption, and cloud deployment patterns are expected to improve email platform usage and help expand adoption of BEC solutions and services.
The expansion in the use of BEC solutions has also been driven by increasing regulatory requirements regarding the use of e-mail.
Analysis of the impact of the disease COVID-19
The outbreak of the COVID-19 pandemic has affected various aspects of the business domain. Due to increased adoption of BYOD as well as WFH trends brought about by COVID-19, there have been more spear phishing and BEC attacks on BFSI infrastructure.
Because of the sensitive and private information they handle, BFSI organizations are subject to strict data security regulations. As a result, there is a growing need for BEC solutions in the BFSI sector.
Market growth factors
Huge financial losses due to BEC crimes
Phishing attacks, email spam, virus attacks, identity theft, APTs, zero-day attacks and many more sophisticated attacks are increasingly targeting email. It is extremely vulnerable to targeted data breaches because more than billions of emails are sent and received every day.
These financial consequences encourage organizations to implement email encryption solutions to effectively secure their email infrastructures. Every company must have a strong security posture that protects against ransomware. Effective access management, data encryption, enhanced security, anomaly detection, and comprehensive user access control are essential to effectively defend against cybercriminals.
As a result, increasing phishing attacks are estimated to drive the market during the forecast period.
Increase in use of Ml/Ai-Powered BEC solutions
In a BEC scam, attackers assume the identity of a trusted source to coerce their victims into sending fake payment information. Gift card theft, payment diversion, and fraudulent vendor invoices are examples of BEC fraud. To stop BEC fraud, industry vendors use AI/ML capabilities to review each email message.
To prevent significant financial losses, BEC’s ML/AI-based detection tools help identify and stop email fraud attacks more effectively. Many companies are developing advanced solutions integrated with ML/AI powered BEC solutions, which is expected to escalate market growth during the forecast period.
Marketing limiting factor:
Using open source, free and pirated Email Security Software
BEC solutions help individuals and companies reduce the risk of data loss. There are many different types of open source email security programs on the market. Email encryption programs such as VeraCrypt, DiskCryptor, FileVault and AxCrypt provide almost all the functions offered by the leading manufacturers on the market.
The availability of such software in the market has a negative effect on the large vendors that offer solutions to stop BEC fraud, which has a direct impact on their earnings. Hence, the availability of these free solutions is expected to limit the market growth during the forecast period.
Key topics covered:
Chapter 1. Market scope and methodology
Chapter 2. Market overview
220.127.116.11 Market composition and scenario
2.2 Key factors influencing the market
2.2.1 Market drivers
2.2.2 Market restrictions
Chapter 3. Strategies Applied in Business Email Compromised (BEC) Market.
Chapter 4. Global Business Email (BEC) Market by Supply
4.1 Global solutions market by region
4.2 Global services market by region
Chapter 5. Global Business Email (BEC) Market by Deployment Mode
5.1 Global cloud market by region
5.2 Global local market by region
Chapter 6. Global Business Email Compromise (BEC) Market by Organization Size
6.1 Global market of large enterprises by region
6.2 Global SME market by region
Chapter 7. Global Business Email (BEC) Market by Vertical
7.1 Global BFSI Market by Region
7.2 Global IT & ITeS market by region
7.3 Global retail and e-commerce market by region
7.4 Global manufacturing market by region
7.5 Global government market by region
7.6 Global energy and utilities market by region
7.7 Global healthcare market by region
7.8 Global Others Market by Region
Chapter 8. Global Business Email Compromise (BEC) Market by Regions
Chapter 9. Company Profiles
9.1 Check Point Software Technologies Ltd.
9.1.1 Company overview
9.1.2 Financial analysis
9.1.3 Regional analysis
9.1.4 Research and development costs
9.2 Broadcom, Inc.
9.2.1 Company overview
9.2.2 Financial analysis
9.2.3 Segmental and regional analysis
9.2.4 Research and development costs
9.2.5 Recent strategies and developments:
18.104.22.168 Acquisition and merger:
9.2.6 SWOT analysis
9.3 Fortinet, Inc.
9.3.1 Company overview
9.3.2 Financial analysis
9.3.3 Regional analysis
9.3.4 Research and development costs
9.4 Cisco Systems, Inc.
9.4.1 Company overview
9.4.2 Financial analysis
9.4.3 Regional analysis
9.4.4 Research and development costs
9.4.5 Recent strategies and developments:
22.214.171.124 Product launch and product expansion:
9.4.1 SWOT analysis
9.5 Trend Micro, Inc.
9.5.1 Company overview
9.5.2 Financial analysis
9.5.3 Regional analysis
9.5.4 Research and development costs
9.6 Proofpoint, Inc.
9.6.1 Company overview
9.6.2 Financial analysis
9.6.3 Regional analysis
9.6.4 Research and development costs
9.6.5 Recent strategies and developments:
126.96.36.199 Partnerships, collaborations and agreements:
188.8.131.52 Product launch and product expansion:
9.7 Mimecast Limited
9.7.1 Company overview
9.7.2 Financial analysis
9.7.3 Regional analysis
9.7.4 Research and development costs
9.8 Barracuda Networks, Inc. (Thomas Bravo)
9.8.1 Company overview
9.8.2 Recent strategies and developments:
184.108.40.206 Product launch and product expansion:
9.9 Agari (HelpSystems, LLC)
9.9.1 Company overview
9.10. Zix Corporation
9.10.1 Company overview
For more information on this report, visit https://www.researchandmarkets.com/r/udbp2o
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