Business Email Compromise (BEC) Market

Global Business Email Compromise (BEC) Market: Overview

Following the Covid-19 outbreak, there has been an increase in spear-phishing attacks and business email compromise (BEC). Increasing internet activities, cloud deployment patterns, as well as mobile device usage are predicted to raise email platform usage and help expand the utilization of BEC services and solutions. The usage of BEC solutions is expanding, in part due to the rising regulatory compliances associated with the usage of emails. A lot of industries, including retail, government, healthcare, IT and ITeS, BFSI, and eCommerce, are in need of comprehensive email protection solutions. Virus, identity theft, phishing, spam, zero-day, APT, and many more sophisticated threats are turning their attention to emails.

Target data breaches are quite prevalent due to the daily sending and receiving of more than 215.3 billion emails. According to the FBI's Cyber Crime Report (IC3), internet crimes cost US victims about USD 2.7 billion in 2018. In addition, the report stated that BEC scams cost US companies more than US$ 1.2 billion during the same year. According to research by Barracuda Networks titled 2019 Email Security Trends, which polled 660 IT security experts and executives from the Europe, Americas, Asia Pacific, and the Middle East and Africa, the cost of email intrusions is rising in 78% of firms. An effective phishing effort costs around $3.86 million, as per IBM. The average cost incurred by a firm in the US for a data breach grew to USD 8.19 million in 2019 from USD 7.9 million in 2018. Organizations are being pushed to implement email encryption tools to completely secure their email systems due to such economic ramifications.

Offering, deployment mode, organization size, vertical and region are important market parameters that have been taken into account whilst segmenting the global business email compromise (BEC) market.

Global Business Email Compromise (BEC) Market: Notable Developments

Avanan, a rapidly expanding cloud email security startup, was acquired by Check Point in August 2021. Avanan will be integrated into the Check Point Infinity architecture, and the unified solution will shield employees against websites, phishing emails, and endpoints as well as harmful files and URLs.

Some of the major players in the global business email compromise (BEC) market are as mentioned below

• Abnormal Security Corporation
• Barracuda Networks, Inc.
• Heimdal Security
• Broadcom Inc.
• Proofpoint, Inc.
• Trustifi, LLC.

Global Business Email Compromise (BEC) Market: Key Trends

Below-mentioned developments, restraints, opportunities, and drivers are anticipated to characterize the global business email compromise (BEC) market

Increasing Use of Cloud-based BEC Solutions to Shape Contours of the Market

Since BEC assaults pose such grave consequences, BEC prevention is essential. BEC assaults may seriously damage a company's finances and image. The BEC market's fastest-growing deployment method is cloud computing. The use of cloud services is expanding as a result of COVID-19. For the purpose of remotely defending end users from BEC threats, businesses are proactively using cloud-based email encryption solutions. More businesses are using the cloud as their email option. Attackers and cybercriminals have noticed this pattern and are looking for methods to gain access to cloud-hosted email. For the purpose of remotely defending end users against phishing emails, companies are proactively using cloud-based BEC solutions. For quick implementation, cost-effectiveness, and on-demand accessibility to expertise for mitigating sophisticated threats on email systems, businesses are looking for cloud-based BEC solutions. In many cases, cloud BEC security from providers is used by small and medium-sized businesses. Every email sent and received goes through the provider's servers. Depending on the provider, cloud-based BEC services offer security features like MFA and advanced phishing protection that are either not activated by default or are only accessible for an extra fee.

Global Business Email Compromise (BEC) Market: Geographical Analysis

With the highest concentration of BEC solution providers in North America, the region is likely to dominate the global Business Email Compromise (BEC) market. Regarding the development and deployment of security technologies, it is the most advanced region. The region's communication facilities are generally protected by a number of laws. The National Institute of Standards and Technology (NIST) supports US enterprises by offering legislative guidelines to safeguard their vital infrastructure.