GITNUX MARKETDATA REPORT 2024

Business Email Compromise Statistics [Fresh Research]

In this post, we will explore a comprehensive collection of statistics pertaining to Business Email Compromise (BEC) incidents and their impact on organizations worldwide. From the staggering financial losses incurred to the alarming rate of attacks across various industries, these statistics shed light on the evolving landscape of cyber threats faced by businesses today. Let’s dive into the numbers to gain a deeper understanding of the pervasive nature of BEC attacks and the challenges they present to organizational security.

Statistic 1

"The Business Email Compromise (BEC) Market size is expected to grow from USD 1.1 billion in 2022 to USD 2.8 billion by 2027, at a CAGR of 19.4%."

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Statistic 2

"Business Email Compromise has resulted in $26 billion in losses since July 2016, with little to no recovery options available."

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Statistic 3

"Between June 2016 and December 2021, there were 241,206 reported incidents of internet crime resulting in a total exposed loss of $43,312,749,946."

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Statistic 4

"The Business Email Compromise (BEC) Market size is expected to grow from USD 1.1 billion in 2022 to USD 2.8 billion by 2027, at a CAGR of 19.4%."

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Statistic 5

"The global Business Email Compromise (BEC) market size is expected to reach USD 4.79 Billion at a steady revenue CAGR of 19.4% in 2030."

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Statistic 6

"Fraudsters are using COVID-19 as an excuse to request fraudulent payment changes, with one case involving a $1 million payment."

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Statistic 7

"Business Email Compromise (BEC) attacks increased by 15% in 2020 compared to 2019."

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Statistic 8

"In 2020, the total global losses due to BEC scams exceeded $1.8 billion."

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Statistic 9

"50% of organizations have experienced a BEC incident in 2019."

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Statistic 10

"BEC attacks have increased at a rate of 58% per year between 2016 and 2019."

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Statistic 11

"The construction industry alone accounted for 22% of BEC victims in 2020."

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Statistic 12

"In Q3 2021, 57% of all reported cyberattacks were BEC."

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Statistic 13

"The average BEC attack costs companies $178,000."

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Statistic 14

"49% of BEC attacks used display name deception to impersonate authoritative figures in the recipient’s organization."

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Statistic 15

"In 2019, BEC attacks accounted for more than $26 billion in adjusted losses globally."

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Statistic 16

"Between 2016 and 2019, BEC attacks targeting the US real estate sector increased by 1100%."

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Statistic 17

"The average wire transfer amount in BEC scams doubled from $54,000 to $120,000 in the first six months of 2021 compared to the same period in 2020."

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Statistic 18

"In Q1 2020, the average amount lost in a BEC scam was $80,000."

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Statistic 19

"In 2019, BEC attacks were the top source of cybersecurity insurance claims in North America, representing 23% of all claims."

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Statistic 20

"The FBI’s Internet Crime Complaint Center IC3 received 24,849 BEC-related complaints in 2020."

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The statistics presented highlight the alarming growth and impact of Business Email Compromise (BEC) attacks on organizations globally. The rapid increase in BEC market size, coupled with staggering loss figures and prevalence of incidents, underscore the urgent need for heightened cybersecurity measures. The use of COVID-19 as a fraudulent tactic and the specific targeting of industries like construction and real estate further emphasize the evolving tactics of cybercriminals. Organizations must prioritize cybersecurity training, verification processes, and robust prevention strategies to mitigate the significant financial and reputational risks posed by BEC attacks.

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