Email has been a popular delivery of malware and risk for decades.The first phishing schemes took place in the 1990s, and phishing techniques have only become more sophisticated in the decades since. It's particularly popular among criminals now; since 2019, the use of phishing scams has increased by 300%.
The reason for the increase? Despite the proliferation of easy-to-spot scams (Nigerian princes, for example) phishing works.
One of the most lucrative forms of phishing is business email compromise (BEC). According to the FBI, businesses worldwide lost more than $43 billion to BEC scams between July 2019 and December 2021. In fact, BEC scams made more money for threat actors than ransomware; In 2021, BEC attacks caused total losses of $2.4 billion in the US, while ransomware was the cause of just $49.2 million in losses the same year.
This article explores business email compromise, including what it is, why it's used, and how you can reduce its impact on your organization.
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