TITLE:
Business Email Compromise Challenges to Medium and Large-Scale Firms in USA: An Analysis
AUTHORS:
Okechukwu Ogwo-Ude
KEYWORDS:
SMEs, Vulnerability, Threat, Business Email Compromise (BEC), Email Security, Fraud
JOURNAL NAME:
Open Journal of Applied Sciences,
Vol.13 No.6,
June
9,
2023
ABSTRACT: Business
Email Compromise (BEC) attacks have emerged as a significant cybersecurity
threat, leading to substantial financial losses for organizations. According to
the FBI’s Internet Crime Complaint Center (IC3), BEC attacks resulted in
financial losses exceeding $1.8 billion in the USA in 2019 alone. Business
Email Compromise (BEC) attacks have emerged as a significant cybersecurity
threat, leading to substantial financial losses for organizations. According to
the FBI’s Internet Crime Complaint Center (IC3), BEC attacks resulted in
financial losses exceeding $1.8 billion in the USA in 2019 alone. BEC attacks
target a wide range of sectors. No industry is immune to these attacks, which
emphasizes the need for increased vigilance across all sectors. Attackers often
impersonate high-level executives or vendors to gain credibility and manipulate
employees into complying with fraudulent requests. BEC attacks have a global
reach, with threat actors operating from various countries, including Nigeria, Russia, China, and
Eastern European nations. We will examine the unique
difficulties SMEs encounter in relation to BEC attacks. This study provides a
more excellent knowledge of the severity of the problem and offers ideas for
efficient mitigation solutions through an investigation of attack characteristics,
tactics, and impacts.