On 4-May-22, the FBI issued a public advisory warning of a significant increase in Business Email Compromise (BEC) attacks. The agency warned the global cost of BEC attacks is $43 billion for the time period of June 2016 and December 2021.

This trend certainly reflects the reality and nature of incidents that CyberSolace has been investigating in greater volumes over the last 6-months.

Key industries we are currently witnessing to be heavily affected by this are the Professional Services serctor, especially law firms, and similarly the Manufacturing/Engineering sector with Construction companies being a common target there.

We urge all our clients and audience to shore up their email defense mechanisms and raise awareness specifically amongst staff members who are responsible for approving payment requests raised through email.

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Conceptual Depiction Of BEC Attacks (source: FBI)
BEC Related Loss Estimates (source: FBI)