The North America Business Email Compromise (BEC) Market would witness market growth of 17.6% CAGR during the forecast period (2022-2028).
Business Email Compromise is a method that is being utilised to scam corporations and financial teams (BEC). In BEC assaults, fraudsters pose as internal company employees including managers, executives, or the CEO via email systems. Subsequently they send emails to internal teams asking for money to be sent to an unauthorized bank account or vendor. They can pose as an existing vendor and ask for payment to be made to a separate bank account than the one that is currently on record. They could even ask to have their payment data changed so that any future payments go to an erroneous account.
Attackers conduct extensive background research on the target company and its workers before launching an effective BEC scam. They gather contact information for employees and business information from social media sites, websites, and other public forums. High-level executives who make payments on behalf of the company, like CEOs, attorneys, or members of the finance department, are typically the targets of BEC attacks. Attackers utilize the information they've gathered to spoof email addresses, make lookalike domains, or utilize phishing to break into a group's email system after they've decided which email accounts to attack.
U.S. law enforcement officers carried out more than 51 domestic operations during Operation WireWire, such as the execution of search warrants, asset seizure orders, and money mule warning letters. Additionally, 15 suspected money mules were charged for their roles in scamming victims by local, state, and federal law enforcement partners on FBI task teams across the nation, with the aid of numerous district attorneys. Witting or unwitting, money mules play a crucial part in BEC operations since they are responsible for receiving the stolen money and transferring it as the fraudsters instruct. For their trouble, the mules typically keep a small portion of the money. This would augment the demand and growth of the regional market in the coming years.
The US market dominated the North America Business Email Compromise (BEC) Market by Country in 2021, thereby, achieving a market value of $829 million by 2028. The Canada market is experiencing a CAGR of 19.9% during (2022 - 2028). Additionally, The Mexico market would showcase CAGR of 19.6% 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 U.S., Mexico, Canada, and Rest of North America.
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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