Sponsored Business Email Compromise (BEC) and Email Account Compromise (EAC) are the most expensive cyber threats facing businesses around the globe. The FBI’s Internet Crime Complaint Center (IC3) reports that both scams have resulted in worldwide losses of $26 billion since 2016 – with $1.7 billion in the last year alone.
No organisation is immune – nearly 90% experienced these types of attacks in 2019. In the past year alone, victims have ranged from the tiny Florida city of Ocala to Japan’s largest media conglomerate, via a national museum in the Netherlands, racking up losses of over $33 million between them.
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