With 4.5 Billion internet subscribers, globally leveraging the web to perform various activities/transactions, it has become more vulnerable than ever before. In fact, according to the International Monetary Fund, the number of cyberattacks has tripled over the last decade. The constantly increasing, large scale breaches confirms that not only cybersecurity attacks are going up but they are increasing in severity, as well.
A report published by McAfee, The Hidden Cost of Cybercrime stated that - “We estimated the monetary loss from cybercrime at approximately $945 billion. Added to this was global spending on cybersecurity, which was expected to exceed $145 billion in 2020. Today, this is a $1 trillion dollar drag on the global economy.” These facts clearly signify the drastic increase in cybercrime and the importance of cybersecurity for businesses & individuals across the world. As, besides having their reputations at stake, companies are risking their crucial/sensitive data, financial information, cash flow, tech infrastructure, customer trust & much more.
Rising Business Email Compromise (BEC) Attacks
The first half of 2020 was quite challenging for many organizations, as there was a global shift to a remote working culture while making data security a critical concern. Remote working & increasing internet transactions opened up new ways for cybercriminals to target both individuals and organizations. Business Email Compromise (BEC) is amongst the most common types of data breaches that we have witnessed throughout 2020.
Outlined below are some interesting stats that echo the fact:
Companies using cloud-based email services are lucrative targets to cybercriminals who conduct business email compromise (BEC) scams. Cybercriminals leverage technical threats & sophisticated social engineering methods to win the employee trust & conduct fraudulent activities. The need for security against such attacks is crucial as the no. of BEC scams is growing in volume and no organization is immune to the fallibility of human nature since these emails look very real & are harder for employees to identify immediately.
5 Ways Organizations Can Prevent Business Email Compromise (BEC)
Combat BEC Attacks with CyberCision Email Security!
Considering how vital it is for companies to protect their sensitive data and financial integrity, CyberCision Email Security offers an affordable inbound & outbound email security solution that can be customized for businesses of any size with unique layered protection, assured disaster recovery, and 32 days trace replay.
It uses innovative cloud content security and analytics capabilities to protect inbound emails from malware, ransomware, phishing, viruses & spam, and also detects advanced persistent threats such as spear phishing, whaling, typo domain, and spoofing attacks.
The technology is powered by FirstWave Cloud Technology’s ESP™ email software technology, Cisco-based ESA/IronPort, and Advanced Malware Protection (AMP) technologies.
Moving towards a more secure future!
As we move towards a technologically advanced future, cybersecurity risk is also bound to soar, since hackers are also quickly adapting to the technological changes and are becoming more skilled in finding loopholes in the security systems. According to the Cybersecurity Market Revenues Worldwide report by Statista, the global cybersecurity market size is forecasted to grow to 248.26 billion U.S. dollars by 2023. But let’s not forget that cyber-attacks are not unavoidable. Security solutions are providing effective protection against such threats and are constantly evolving with the changing global needs.