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DUBLIN, Jan. 16, 2023 /PRNewswire/ — The “Global Business Email Compromise (BEC) Market Size, Share & Industry Trends Analysis Report By Offering (Solutions and Services), By Deployment Mode, By Organization Size (Large Enterprises and SMEs), By Vertical, By Regional Outlook and Forecast, 2022 – 2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Business Email Compromise (BEC) Market size is expected to reach $3.3 billion by 2028, rising at a market growth of 19.0% CAGR during the forecast period.
A sort of scam 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 accessible email accounts of executives or high-level workers engaged in finance or wire transfer payments in order to conduct fraudulent transfers, costing hundreds of thousands of dollars in damages.
BEC scams frequently start with an attacker taking control of a business executive’s email account or any other email that is publicly accessible. This is typically accomplished through the use of keylogger software, phishing techniques, or forged emails that deceive the victim into divulging account information. Phishing attacks use a domain that closely resembles the firm being targeted.
The fraudster is expected to attempt to ascertain who requests wire transfers and who conducts them after observing the hacked email account. The offenders frequently do a good lot of investigation, seeking for a company where the C-suite of the finance section has changed, businesses where executives are on business trips, or by hosting an investor conference call. They take advantage of these as chances to carry out their plan.
Following the pandemic, there has been an increase in BEC and spear-phishing attacks. It is anticipated that rising internet usage, mobile device adoption, and cloud deployment patterns is expected to enhance email platform usage and help expand the adoption of BEC solutions & services.
The expansion in the utilization of BEC solutions is also being fueled by the growing regulatory compliances regarding the use of emails.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has impacted various aspects of the business domain. Due to the boosted adoption of the BYOD as well as WFH trends brought on by COVID-19, there have been more spear phishing & BEC attacks on the BFSI infrastructure.
Owing to the sensitive & 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
Massive Financial Losses Owing to the BEC Crimes
Phishing attacks, spam emails, virus attacks, identity thefts, APTs, zero-day attacks, and many more sophisticated attacks are increasingly targeting emails. It is extremely vulnerable to target data breaches since every day, more than billions of emails are sent and received.
Organizations are being urged by these financial repercussions to implement email encryption solutions in order to effectively secure their email infrastructures. Each company needs to have a strong security posture that guards against ransomware. Effective access management, data encryption, heightened security, anomaly detection, and comprehensive user access controls are necessary for an effective defence against cybercriminals.
As a result, it is estimated that throughout the forecast period, increasing phishing assaults will drive the market.
Rise in the Usage of Ml/Ai-Powered BEC Solutions
In a BEC scam, attackers assume the identity of a reliable source to coerce their victims into sending false payment information. Gift card theft, payment redirection, and fraudulent supplier invoices are all examples of BEC scams. In order to stop BEC frauds, vendors in the industry use AI/ML capabilities to examine every email message.
To prevent any significant financial losses, ML/AI-powered BEC detection tools assist in more efficiently identifying and halting email fraud attacks. Many companies are developing advanced solutions integrated with ML/ AI powered BEC solutions, which is expected to escalate the growth of the market during the forecast period.
Marketing Restraining Factor:
Usage of Open Source, Free and Pirated Email Security Software
BEC solutions assist individuals and businesses in lowering the risk of data loss. There are many different types of open-source email security programmes on the market. Email encryption programmes like VeraCrypt, DiskCryptor, FileVault, and AxCrypt give nearly all of the functionality offered by the leading market manufacturers.
The availability of such software on the market negatively impacts big vendors who offer solutions to stop BEC frauds, which has a direct impact on their bottom lines. Therefore, it is anticipated that the accessibility of these free solutions will limit market growth throughout the forecast period.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Strategies deployed in Business Email Compromise (BEC) Market
Chapter 4. Global Business Email Compromise (BEC) Market by Offering
4.1 Global Solutions Market by Region
4.2 Global Services Market by Region
Chapter 5. Global Business Email Compromise (BEC) Market by Deployment Mode
5.1 Global Cloud Market by Region
5.2 Global On-premises Market by Region
Chapter 6. Global Business Email Compromise (BEC) Market by Organization Size
6.1 Global Large Enterprises Market by Region
6.2 Global SMEs Market by Region
Chapter 7. Global Business Email Compromise (BEC) Market by Vertical
7.1 Global BFSI Market by Region
7.2 Global IT & ITeS Market by Region
7.3 Global Retail & eCommerce Market by Region
7.4 Global Manufacturing Market by Region
7.5 Global Government Market by Region
7.6 Global Energy & 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 Region
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 & Development Expense
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 & Development Expense
9.2.5 Recent strategies and developments:
9.2.5.1 Acquisition and Mergers:
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 & Development Expenses
9.4 Cisco Systems, Inc.
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Regional Analysis
9.4.4 Research & Development Expense
9.4.5 Recent strategies and developments:
9.4.5.1 Product Launches and Product Expansions:
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 & Development Expense
9.6 Proofpoint, Inc.
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Regional Analysis
9.6.4 Research & Development Expense
9.6.5 Recent strategies and developments:
9.6.5.1 Partnerships, Collaborations, and Agreements:
9.6.5.2 Product Launches and Product Expansions:
9.7 Mimecast Limited
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Regional Analysis
9.7.4 Research & Development Expense
9.8 Barracuda Networks, Inc. (Thoma Bravo)
9.8.1 Company Overview
9.8.2 Recent strategies and developments:
9.8.2.1 Product Launches and Product Expansions:
9.9 Agari (HelpSystems, LLC)
9.9.1 Company Overview
9.10. Zix Corporation
9.10.1 Company Overview
For more information about this report visit https://www.researchandmarkets.com/r/udbp2o
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