Cybercriminals have used email to scam more than $13 billion out of organizations since 2013, according to the most recent Internet Crime Report. Phishing is rising by the day, and despite advancing threat-detection technology, the problem is getting worse.
Business email compromise (BEC) fraud is a lucrative venture, and now that industry is expanding in a troubling way—by lowering the barrier to entry so that anyone with a couple hundred bucks can outsource a BEC attack. BEC criminals are organized, behaving in many ways like legitimate businesses.
By the end of this year, 77% of all enterprises will have moved at least some of their operations into the cloud—including email. At the same time, we're seeing that fraudsters have been doing some modernizing of their own.