Business Email Compromise Attack Costs Far Exceeding Ransomware Losses
ITPro, Wednesday, August 16,2023
The increasingly popular phishing attack method is enabling threat actors to reap serious financial rewards
Security experts have issued a warning over the continued threat of business email compromise (BEC) attacks amid a flurry of incidents over the past year.
Cloudflare's 2023 Phishing Threats Report recorded a 17% spike in BEC-related financial losses between December 2021 and 2022, noting that threat actors are increasingly leaning on this attack method to target organizations.
Additionally, across 2022 nearly three-quarters (71%) of respondents to the study said they experienced an attempted or successful BEC attack.
'Phishing is an epidemic that has permeated into the farthest corners of the internet, preying on trust and victimizing everyone from CEOs to government officials to the everyday consumer,' said Matthew Prince, CEO at Cloudflare.