The global business email compromise (BEC) market size is expected to reach USD 4.69 billion by 2030, according to a new study by Polaris Market Research. The report “Business Email Compromise (BEC) Market Share, Size, Trends, Industry Analysis Report, By Offering (Solutions, and Services); By Deployment Mode; By Vertical; By Organization Size; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The surge in the proportion of BEC fraud cases following the disease outbreak is the major factor driving market growth throughout the forecast period. Emails become a target for phishing attacks, malware infection, spam emails, identity fraud, zero-day threats, APTs, and a variety of other emerging threats. According to the FBI's Internet Crime Report (IC3), victims in the United States lost more than USD 2.7 Bn, in 2018 as a result of internet crimes; and the BEC cyber-attack cost the U.S. business owners around USD 1.2 Bn in the same year.
In recent years, corporation security has shifted toward ransomware, but FBI data shows that businesses lose 51 times more money due to BEC attacks. BEC attacks in the United States resulted in total damages of $2.4 billion in 2021, a 39% increase compared to the previous year. At the same time, businesses in the United States lost only $49.2 million to ransomware.
Moreover, stringent regulations and compliances regarding the usage of emails are also contributing to the increased utilization of BEC solutions. During the pandemic, the emails were designed to spread ransomware and other malicious software via attachments that purported to contain vital virus information.
Zix has partnered with over 1,200 hospitals in the United States to ensure Compliance with the standards. According to Paubox research, email messages were responsible for 39% of all HIPAA attacks. Rules and regulations, including HIPAA and the Health Information Management for Economic and Clinical Health (HITECH) Act, have accelerated the implementation of BEC remedies in the healthcare industry.
Have Questions? Request a sample or make an Inquiry before buying this report by clicking the link below: https://www.polarismarketresearch.com/industry-analysis/business-email-compromise-market/request-for-sample
Additionally, the increased administrative compliances on the use of messages are also contributing to the growth in the use of BEC arrangements. Comprehensive email basics of risk management are in high demand across industries such as BFSI, authorities, IT and ITeS, medical services, retail, and e-commerce solutions.
Business Email Compromise (BEC) Market Report Highlights
Polaris Market Research has segmented the Business Email Compromise (BEC) market report based on offering, deployment mode, vertical, organization size, and region:
Business Email Compromise (BEC), Offering Outlook (Revenue - USD Billion, 2018 - 2030)
Business Email Compromise (BEC), Deployment Mode Outlook (Revenue - USD Billion, 2018 - 2030)
Business Email Compromise (BEC), Vertical Outlook (Revenue - USD Billion, 2018 - 2030)
Business Email Compromise (BEC), Organization Size Outlook (Revenue - USD Billion, 2018 - 2030)
Business Email Compromise (BEC), Regional Outlook (Revenue - USD Billion, 2018 - 2030)