The Latin America, Middle East and Africa Business Email Compromise (BEC) Market would witness market growth of 25.8% CAGR during the forecast period (2022-2028).
The cybercriminal gains access to the company's email system via malware or another phishing method. The cybercriminal next hijacks an employee email address, which is often employed to request payment for invoices and money transfers. The hacker emails the compromised account requesting that another employee execute a money transfer or pay an invoice to a particular account. The email is frequently sent in an urgent tone. The targeted employee gives money unintentionally to a fraudulent account linked to the cybercriminal because they believe the email sender is trustworthy.
A cybercriminal approaches the CEO or staff of the company while pretending to be a lawyer operating on behalf of a client. The culprit makes it apparent that this email exchange is private and time-sensitive. The BEC victim provides the necessary monies because they feel pressured to do so and because they think it is the correct thing to do. Cybercriminals that are astute frequently employ this BEC technique on a Friday afternoon or just before a holiday whenever they realize the email recipient is pressed for time.
The government of Dubai introduced the Dubai Cyber Security Strategy, which focuses on five key areas as well: becoming a cyber-smart nation through public awareness, development through research, cyber resilience ensuring a steady supply of IT systems, customer cybersecurity, and domestic & international collaboration in cyberspace. All governmental agencies and companies in the UAE that have been designated as vital infrastructure are required to adhere to these regulations. The regional business email compromise (BEC) market would experience explosive growth in the upcoming years as a result of the increased emphasis on cybersecurity by governments and businesses in the region.
The Brazil market dominated the LAMEA Business Email Compromise (BEC) Market by Country in 2021, thereby, achieving a market value of $72.7 million by 2028. The Argentina market would showcase a CAGR of 26.4% during (2022 - 2028). Additionally, The UAE market is experiencing a CAGR of 25.4% during (2022 - 2028).
Based on Offering, the market is segmented into Solutions and Services. Based on Deployment Mode, the market is segmented into Cloud and On-premises. Based on Organization Size, the market is segmented into Large Enterprises and SMEs. Based on Vertical, the market is segmented into BFSI, IT & ITeS, Retail & eCommerce, Manufacturing, Government, Energy & Utilities, Healthcare and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Business Email Compromise (BEC) Market is Predict to reach $3.3 Billion by 2028, at a CAGR of 19%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Check Point Software Technologies Ltd., Broadcom, Inc., Fortinet, Inc., Cisco Systems, Inc., Trend Micro, Inc., Proofpoint, Inc., Mimecast Limited, Barracuda Networks, Inc. (Thoma Bravo), Agari (HelpSystems, LLC) and Zix Corporation.
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