RSA CONFERENCE 2021 – Business email compromise (BEC) and phishing attacks make up a big chunk of security issues plaguing today’s organizations, and they continue to prove a threat as attackers find new ways to blend into victims’ inboxes and manipulate them into sending funds.
In its “2020 Internet Crime Report,” the FBI Internet Crime Complaint Center (IC3) found Internet crime led to reported losses exceeding $4.2 billion. Of the 791,790 complaints received in 2020, 19,369 involved BEC and email account compromise (EAC) and caused $1.8 billion in losses.
“As the fraudsters have become more sophisticated, the BEC/EAC scheme has evolved in kind,” officials wrote in their report.
In 2013, attackers often began these campaigns by breaching the email accounts of chief executive officers or chief financial officers and sending emails…