![]() Growing Scale of Business Email Compromise Scams and Spear-Phishing Attacks ![]() Solutions Segment to Hold Larger Market Share During Forecast PeriodĬloud Segment to Hold Larger Market Share During Forecast PeriodīFSI Vertical to Hold Largest Market Size During Forecast PeriodĪsia-Pacific to Emerge as Best Market for Investments in Next Five Years Instances of Email Phishing and Business Email Compromise Scams to Drive Market Demand Asia Pacific is expected to witness a notable adoption of BEC solutions and services as enterprises and SMEs across verticals are deploying BEC solutions to provide protection to sensitive data. In recent years, Asia Pacific has undergone tremendous economic growth, political transformation, and social change. The region is also seeing a rise in cybercrimes including BEC attacks. The factors such as an increase in internet usage, regulatory compliances, and adoption of smart devices are the major factors fueling the adoption of BEC solutions. In accordance with a report by Global System for Mobile Communications (GSMA), the mobile internet user penetration percentage in the Asia Pacific in 2019 was 48%.Īdditionally, with effective government regulations and digitalization initiatives being taken by the government, the BEC market is witnessing high-growth opportunities in this region. Local firms have emerged as major contributors, especially in large markets such as China, Japan, and Indonesia and have been competing with the multi-national companies operating in the region.Ĭhina, Japan, and Korea have large ICT sectors, and India and Indonesia have developing markets for eCommerce and online services. The region includes emerging economies such as Japan, China, and Australia. For example, the ZeroFox platform (deployable on cloud) provides advanced, AI-powered protection against phishing and BEC attacks and is the most suited for SMEs.Īsia Pacific to grow at the highest CAGR during the forecast period Even though SMEs have limited budgets, there are various vendors who have curated solutions according to the needs of SMEs. The COVID-19 pandemic is widely exploited by malicious cyber attackers and APT groups using COVID-19 themes, due to which SMEs are focusing more on the security and adoption of BEC solutions. In this, SMEs either suffer a loss of its funds or those of its clients (which will attract potential liabilities). In the event of a payment redirection fraud, the threat is more immediate. SMEs have less budget to spend on security as compared to large organizations. ![]() These frauds usually occur as a result of a security breach of the business's computer network (or that of a third party), resulting in phishing attacks or email spoofing through social engineering techniques. One of the most common forms of cyberattacks against SMEs is BEC fraud. While the threat of cybercrime is continuously rising, the general awareness and resilience amongst SMEs remain low. SMEs to grow at the highest CAGR during the forecast period Awareness helps employees exercise caution when receiving and sharing information via emails. Vendors, such as Barracuda Networks, offer security and awareness training solutions to protect against BEC or account compromise. Employees need to understand the tactics commonly used by cybercriminals, so a crucial role is played by security training services to reduce the likelihood of social engineering attacks resulting in data breaches. Some vendors offer services, which can be implemented quickly without additional infrastructure or IT overhead costs.īEC simulation service mimics actual attack scenarios of different types of BEC attacks, such as fake invoice schemes, CEO spam, account compromise, data theft, attorney impersonation, and tax threats. Various vendors offer BEC response services, which use advanced technology and analysis tools, to investigate email attacks, saving money and get back quickly and thoroughly to business faster. The services include phishing awareness training, simulation services, and technical support services. As the adoption of these solutions increases, the demand for these services is also expected to increase. ![]() The services segment includes various services that are required to deploy, execute, and maintain BEC detection solutions in organizations. Services segment to grow at the highest CAGR during the forecast period However, the use of free, open-source, and pirated email security software and the high cost associated with the deployment of BEC solutions are expected to hinder market growth. ![]()
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