"Business Email Compromise (BEC) Market Worth $2.8 Billion By 2027"

According to a new report from MarketsandMarkets, the Business Email Compromise (BEC) Market size is expected to grow from an estimated value of $1.1 billion in 2022 to $2.8 billion by 2027. Increased incidents of BEC scams, spear-phishing attacks, massive financial losses due to BEC crimes, stringent regulatory standards, and data privacy compliances are some of the factors contributing to the BEC market growth. Businesses are increasingly turning to the cloud for email solutions. Cybercriminals or attackers have noticed this trend and are looking for ways to access email hosted in the cloud. Companies have been found to be proactive in deploying cloud-based BEC solutions to protect end users remotely from phishing emails. Small and medium-sized businesses frequently rely on cloud BEC security solutions, with all emails being routed through the provider's servers. Cloud-based BEC services include security features such as advanced phishing protection and multi-factor authentication (MFA), which are either not enabled by default or are only available at an additional cost depending on the vendor. Medical records sell for around $429 on the black market, making the healthcare industry a lucrative target for ransomware, Advanced Persistent Threats (APTs), and malware attacks. BEC solutions have emerged as a viable option for addressing data security, patient safety, and increased productivity. During the COVID-19 pandemic, fraudsters impersonated the World Health Organization (WHO) and the Centers for Disease Control (CDC) in phishing emails. The emails were designed to spread ransomware and other malicious code via attachments that purported to contain vital virus information. According to Paubox research, emails were responsible for 39 percent of all HIPAA breaches. Government regulations such as HIPAA and the Health Information Technology for Economic and Clinical Health (HITECH) Act have accelerated the adoption of BEC solutions in the healthcare sector. This article continues to discuss key findings from MarketsandMarkets' report on the BEC market.

PR Newswire reports "Business Email Compromise (BEC) Market Worth $2.8 Billion By 2027"