MarketsandMarkets forecasts the Business Email Compromise (BEC) Market size is expected to grow from an estimated value of USD 1.1 billion in 2022 to USD 2.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 19.4% from 2022 to 2027. Growing incidents of business email compromise scams and spear-phishing attacks, huge financial losses due to BEC crimes, and stringent regulatory standards and data privacy compliances are some of the factors that are driving the market growth.
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By deployment mode, cloud segment to hold a larger market size during the forecast period
Companies have increasingly turned to the cloud for their email solution. This trend has been witnessed by cybercriminals or attackers and are finding ways to access email hosted in the cloud. Businesses are proactively deploying cloud-based BEC solutions for remotely protecting end users from phishing emails. Enterprises are seeking cloud-based BEC solutions to enable cost-effectiveness, rapid deployment, and on-demand access to expertise for mitigating advanced threats on email platforms. Small and medium-sized companies often rely on cloud BEC security from providers. All incoming and outgoing emails pass through the provider’s servers. Cloud-based BEC services provide security features, such as advanced phishing protection and MFA, which are either not enabled by default or are only available at additional cost depending upon the vendor.
By vertical, healthcare segment to grow at the highest CAGR during the forecast period
The healthcare sector is constantly focusing on enhancing services delivered to patients. While delivering the best services to patients and staff, clinics, and hospitals must assess and control various risks with regards to patient safety, federal regulations, and medical errors. Medical records fetch around USD 429 per record in the black market, making the healthcare vertical a lucrative target for ransomware, APTs, and malware attacks. BEC solutions have emerged as a valid solution to address issues, such as data security, patient safety, and enhanced productivity, to accelerate the overall process. During the COVID-19 pandemic, in phishing emails, fraudsters have been impersonating World Health Organization (WHO) and the Centers for Disease Control (CDC). The mails were aimed at disseminating ransomware and other malicious code through attachments purporting to contain important information about the virus. More than 1,200 hospitals in the US have partnered with Zix to maintain HIPAA compliance. According to research by Paubox, 39% of all HIPAA breaches occurred via emails. Government regulations such as HIPAA and Health Information Technology for Economic and Clinical Health (HITECH) have resulted in the rapid adoption of BEC solutions in the healthcare vertical.
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The BEC market is led by some of the globally established players such as Proofpoint, Mimecast, Check Point, Cisco, Broadcom, and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.
Proofpoint is a cybersecurity technology company that specializes in next-generation security and compliance solutions. The company offers cybersecurity and compliance solutions through channels including cloud, email, web, and social media. It offers products under different segments including email security and protection, advanced threat protection, cloud security, information protection, and digital risk protection. It provides solutions to combat email and cloud threats, combat data loss and insider threat, protect cloud apps, prevent loss from ransomware, and modernize compliance. In the BEC market, it provides the Integrated Proofpoint Platform that delivers an end-to-end integrated solution, which detects and stops email fraud attacks including impersonated supplier domains, domain spoofing, and display name spoofing. It has a strong regional presence which contributes to its strong market share in the BEC market.
Apart from large vendors, some SMEs and start-ups such as IRONSCALES, Area 1 Security, Clearswift, Fortinet, Armorblox, Cellopoint, among others are also evolving in the BEC market space.
Another important player in the BEC market is IRONSCALES. IRONSCALES provides solutions in email phishing protection. The company focuses on providing email security through a variety of products and services. It uses a combination of technologies including ML, AI, and real-time anti-virus engines to provide protection against email-based threats such as phishing, BEC, and spear phishing. It provides solutions for Mailbox-level BEC Prevention with benefits that include providing protection against email threats on any device and web app, preventing targeted executive and employee email attacks, and stopping supply chain fraud and invoice fraud.
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