The Hidden Cost Of “Cheap” IT
You know the saying: You get what you pay for. And nowhere is that more obvious than in IT. On the surface, a cheaper managed
Business e-mail compromise (BEC) is quickly becoming one of the most dangerous cyberthreats businesses face. While these scams have challenged organizations for years, the introduction of advanced AI tools has made them more sophisticated – and far more dangerous.
In 2023, BEC scams caused $6.7 billion in global losses. Even more alarming, a study by Perception Point revealed a 42% increase in BEC incidents during the first half of 2024 compared to the same period the year prior. With cybercriminals harnessing AI to refine their techniques, this trend is only accelerating.
BEC scams aren’t your average phishing attempts. They’re highly targeted cyberattacks where criminals exploit e-mail accounts to trick employees, partners or clients into sharing sensitive information or transferring funds.
Unlike generic phishing, BEC scams often involve impersonating trusted individuals or organizations, making them far more convincing and effective.
BEC scams are alarmingly successful because they rely on manipulating human trust rather than malware or attachments, which can often be detected by filters. Here’s what makes them so destructive:
They can result in:
BEC scams take many forms. Here are a few of the most common:
The good news? BEC scams are preventable with the right strategies in place:
Cybercriminals are evolving, but you can stay one step ahead. By training your team, securing your systems and verifying transactions, you can turn your business into a fortress against BEC scams.
Want to ensure your business is protected? Start with a FREE Network Assessment to uncover vulnerabilities, secure your systems and keep cybercriminals out.
Click here to schedule your FREE Network Assessment today!
Let’s stop BEC in its tracks – before it stops your business.
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