Global Business Email Compromise (BEC) Market Size, Share & Industry Trends Analysis Report By Offering (Solutions and Services), By Deployment Mode, By Organization Size (Large Enterprises and SMEs), By Vertical, By Regional Outlook and Forecast, 2022 -

Global Business Email Compromise (BEC) Market Size, Share & Industry Trends Analysis Report By Offering (Solutions and Services), By Deployment Mode, By Organization Size (Large Enterprises and SMEs), By Vertical, By Regional Outlook and Forecast, 2022 - 2028

The Global Business Email Compromise (BEC) Market size is expected to reach $3.3 billion by 2028, rising at a market growth of 19.0% CAGR during the forecast period.

A sort of scam known as business email compromise (BEC) targets businesses that use wire transfers and have foreign suppliers. Keyloggers or phishing attacks are used to impersonate or hack corporate or publicly accessible email accounts of executives or high-level workers engaged in finance or wire transfer payments in order to conduct fraudulent transfers, costing hundreds of thousands of dollars in damages.

BEC scams frequently start with an attacker taking control of a business executive's email account or any other email that is publicly accessible. This is typically accomplished through the use of keylogger software, phishing techniques, or forged emails that deceive the victim into divulging account information. Phishing attacks use a domain that closely resembles the firm being targeted.

The fraudster would attempt to ascertain who requests wire transfers and who conducts them after observing the hacked email account. The offenders frequently do a good lot of investigation, seeking for a company where the C-suite of the finance section has changed, businesses where executives are on business trips, or by hosting an investor conference call. They take advantage of these as chances to carry out their plan.

Following the epidemic, there has been an increase in BEC and spear-phishing attacks. It is anticipated that rising internet usage, mobile device adoption, and cloud deployment patterns would enhance email platform usage and help expand the adoption of BEC solutions & services. The expansion in the utilization of BEC solutions is also being fueled by the growing regulatory compliances regarding the use of emails. Holistic email protection solutions are in high demand across industries like BFSI, healthcare, IT and ITeS, government, and retail and eCommerce.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic has impacted various aspects of the business domain. Due to the boosted adoption of the BYOD as well as WFH trends brought on by COVID-19, there have been more spear phishing & BEC attacks on the BFSI infrastructure. Owing to the sensitive & private information they handle, BFSI organizations are subject to strict data security regulations. As a result, there is a growing need for BEC solutions in the BFSI sector.

Market Growth Factor

Massive Financial Losses Owing to the Bec Crimes

Phishing attacks, spam emails, virus attacks, identity thefts, APTs, zero-day attacks, and many more sophisticated attacks are increasingly targeting emails. It is extremely vulnerable to target data breaches since every day, more than billions of emails are sent and received. Organizations are being urged by these financial repercussions to implement email encryption solutions in order to effectively secure their email infrastructures. Each company needs to have a strong security posture that guards against ransomware. Effective access management, data encryption, heightened security, anomaly detection, and comprehensive user access controls are necessary for an effective defence against cybercriminals. As a result, it is estimated that throughout the forecast period, increasing phishing assaults will drive the market.

Rise in the Usage of Ml/Ai-Powered Bec Solutions

In a BEC scam, attackers assume the identity of a reliable source to coerce their victims into sending false payment information. Gift card theft, payment redirection, and fraudulent supplier invoices are all examples of BEC scams. In order to stop BEC frauds, vendors in the industry use AI/ML capabilities to examine every email message. To prevent any significant financial losses, ML/AI-powered BEC detection tools assist in more efficiently identifying and halting email fraud attacks. Many companies are developing advanced solutions integrated with ML/ AI powered BEC solutions, which would escalate the growth of the market during the forecast period.

Market Restraining Factor

Usage of Open Source, Free and Pirated Email Security Software

BEC solutions assist individuals and businesses in lowering the risk of data loss. There are many different types of open-source email security programmes on the market. Email encryption programmes like VeraCrypt, DiskCryptor, FileVault, and AxCrypt give nearly all of the functionality offered by the leading market manufacturers. The availability of such software on the market negatively impacts big vendors who offer solutions to stop BEC frauds, which has a direct impact on their bottom lines. Therefore, it is anticipated that the accessibility of these free solutions will limit market growth throughout the forecast period.

Offering Outlook

Based on offering, the business email compromise (BEC) market is bifurcated into Solutions and Services. The services segment recorded a significant revenue share in the business email compromise (BEC) market in 2021. Businesses must provide security awareness training to educate staff how to spot phishing emails or BEC/EAC scams and instill in them a sense of caution when responding to emails that ask for login information or any kind of PII. The emails might look to have been sent by trusted people, and the requests for information frequently seem like they have a good cause.

Deployment Mode Outlook

On the basis of deployment mode, the business email compromise (BEC) market is classified into cloud and on-premises. Cloud segment procured the highest revenue share in the business email compromise (BEC) market in 2021. More businesses are using the cloud as their email option. Attackers and cybercriminals have noticed this pattern and are looking for ways to gain access to cloud-hosted email. For the purpose of remotely defending consumers from phishing emails, companies are proactively implementing cloud-based BEC solutions.

Organization Size Outlook

By organization size, the business email compromise (BEC) market is segmented into large enterprise and SMEs. SMEs segment garnered a significant revenue share in the business email compromise (BEC) market in 2021. It is due to the surging demand for various advanced solutions among SMEs in order to gain competitive edge in the market. Companies with a large number of vendors on their payroll and those who outsource work would not be able to tell a genuine invoice from a fraudulent one, making them vulnerable to BEC assaults.

Vertical Outlook

Based on vertical, the business email compromise (BEC) market is categorized into BFSI, Government, IT and ITES, energy & utilities, healthcare, retail & ecommerce, manufacturing and other verticals. BFSI segment recorded the highest revenue share in the business email compromise (BEC) market in 2021. The finance industry is riddled with BEC scams because money is exchanged between firms often and in substantial amounts. The fact that the payouts are frequently substantially bigger than those of conventional email phishing schemes is another factor contributing to their popularity in the BFSI sector. The dangers associated with the customer relationship that are involved indicate a paradigm shift in the way such attacks are being carried out.

Regional Outlook

Region-wise, the business email compromise (BEC) market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the business email compromise (BEC) market with the maximum revenue share in 2021. Regarding the development and deployment of security technologies, the region is the most advanced. The region's communication infrastructures are generally protected by a number of laws. The National Institute of Standards and Technology (NIST) supports US organizations by offering legislative guidelines to safeguard their vital infrastructure.

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.

Strategies deployed in Business Email Compromise (BEC) Market

May-2022: Proofpoint formed a partnership with Telefónica Tech, Telefónica’s digital business unit. Under this partnership, Telefónica Tech launched Clean Email Enterprise in the Spanish market. Together, the companies would provide this cloud-based service that would combine various managed security solutions and offer companies with unparalleled, better protection against the rising number of email-borne threats.

May-2022: Broadcom took over VMware, a leading innovator in enterprise software. This acquisition aimed to offer enterprise customers an expanded platform of important infrastructure solutions to boost innovation and acknowledge the most complicated information technology infrastructure requirements.

Jun-2021: Proofpoint launched three flagship platforms: Threat Protection, Compliance, and the new Information Protection and Cloud Security. These products would integrate enterprise data loss prevention (DLP), remote browser isolation, cloud app security broker (CASB), insider threat management, zero-trust network access, and a cloud-native web security solution.

Mar-2021: Cisco unveiled the simple and effective security with infrastructure agnostic, password less authentication by Duo. This expansion would effortlessly integrate into the prevailing Duo authentication experience utilized by more than 25,000 organizations globally, which would allow enterprise customers to skip the password and safely log into cloud applications through security keys or biometrics developed into modern laptops and smartphones.

Feb-2021: Barracuda Networks announced a redesigned version of the Barracuda Email Threat Scanner. This tool would help companies identify and detect email threats getting past their email gateway. These threats involve highly targeted attacks, involving spear phishing, conversation hijacking, business email compromise, and service impersonation, among many others.

Feb-2020: Proofpoint released the industry’s first integrated, end-to-end solutions. These solutions would address business email compromise (BEC) and email account compromise (EAC) attacks by integrating Proofpoint’s secure email gateway, advanced threat protection, email authentication, threat response, security awareness training, and cloud account protection.

Scope of the Study

Market Segments covered in the Report:

By Offering

• Solutions
• Services

By Deployment Mode

• Cloud
• On-premises

By Organization Size

• Large Enterprises
• SMEs

By Vertical

• BFSI
• IT & ITeS
• Retail & eCommerce
• Manufacturing
• Government
• Energy & Utilities
• Healthcare
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• 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)
• Zix Corporation

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