Business Email Compromise Challenges to Medium and Large-Scale Firms in USA: An Analysis

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.