Business email compromise (BEC) can pose both cyber and financial risks to an organization. According to the Federal Bureau of Investigation (FBI), BEC cost $43 billion globally between June 2016 and December 2021.
BEC and phishing attacks have targeted funds by exploiting social engineering tactics to have victims initiate bank transfers to cybercriminals. In an FBI public service announcement, the organization shared that the Internet Crime Complaint Center (IC3) has viewed an uptick in BEC complaints involving cryptocurrency. The banking industry made up 11% of targets for phishing attacks in 2021, and other financial sector players remained top targets as well, with e-commerce making up 17% of phishing targets.