Enterprise E-mail Compromise (BEC), a kind of cyber-fraud by which attackers use compromised email accounts to launch assaults on companies, is rising each extra in style amongst cybercriminals and extra devastating.
That is in line with a brand new report from TradingPlatforms.com, which claims that BEC was extra expensive than most different frauds mixed within the US final 12 months.
In 2020, the FBI’s Web Crime Grievance Middle (IC3) logged roughly 792,000 complaints, up nearly 70 % in comparison with the 12 months earlier than. These corporations and people reported being defrauded out of $4.2 billion, representing a 20 % spike.
Of that $4.2 billion, $1.8bn got here because of BEC, which accounted for 42 % of all reported cybercrime losses.
BEC additionally grew to become extra focused final 12 months, the report additional claims. Whereas there have been fewer assaults in complete in comparison with earlier years, complete losses jumped by $100 million, indicating that the attackers know who they’re up in opposition to and the way a lot cash they will steal.
Moreover BEC, phishing scams are additionally extraordinarily in style, recording the best variety of complaints final 12 months. Non-payment and non-delivery frauds, in addition to extortion, private knowledge breach and identity theft had been additionally commonplace.