Surge in BEC Attacks Poses Significant Risk to European Organizations

In the ever-evolving landscape of cyber threats, European organizations are in the crosshairs of a growing menace—Business Email Compromise (BEC) attacks. A recent analysis by a cybersecurity company paints a disturbing picture of escalating BEC attacks across European entities over the past year, surpassing their United States counterparts in frequency and magnitude.

A Year in Review: Trends of BEC Attacks

Drawing insights from an in-depth examination of email attack trends spanning June 2022 to May 2023, the research encompassed various permutations of BEC attacks. Traditional ploys such as executive impersonation, vendor-targeted invoice scams, and payment fraud were scrutinized alongside emerging tactics like credential phishing, malware implantation, and extortion. The data revealed an undeniable uptick in the total number of email attacks on both sides of the Atlantic, though Europe faced a more pronounced surge. Over the evaluated timeframe, while the United States saw a quintuple increase in attack volume, Europe witnessed an alarming septuple rise. By May 2023, this translated to an average of 2,842 attacks per 1,000 mailboxes—a staggering figure underscoring the magnitude of the threat. When dissecting BEC attacks exclusively, the discrepancy was even starker. From June 2022 to May 2023, the United States experienced a slightly more than twofold increase, whereas Europe grappled with a tenfold surge. This elevated the average count of BEC attacks from one to ten per 1,000 mailboxes—a concerning manifestation of the attackers’ adaptability and ingenuity.

Unveiling Vulnerabilities: A Year of Heightened Peril

An illuminating facet of the study was assessing the likelihood of companies falling victim to Business Email Compromise or Vendor Email Compromise (VEC) attacks throughout the year. Here again, both continents saw a corresponding escalation in risk. The United States and Europe collectively faced an intensifying threat landscape indicative of the mounting sophistication of cybercriminal endeavors.

Seasonal Swings: The August Onslaught of BEC Attacks

However, the data unmasked an intriguing nuance—while the United States witnessed a relatively consistent trajectory of heightened attacks, Europe encountered a distinctive surge in August. This temporal anomaly was linked to cultural disparities in holiday patterns between the two regions. August represents the annual vacation peak for many Europeans, rendering employee absence and distractions more prevalent. In contrast, American vacation periods are distributed more evenly across the summer months. Seizing this opportune moment, attackers set their sights on European organizations, recognizing the increased likelihood of their targets falling prey to social engineering tactics. One European Director at a cybersecurity company provided insight into this phenomenon, stating, “Attackers can expect that many European employees will be away from their computers or distracted around this time—a perfect opportunity to target victims who are more likely to fall for a social engineering attack mistakenly.”

The study underscores a universal reality: the menace of BEC attacks is intensifying, transcending geographical boundaries. While nuances exist in attack patterns between the United States and Europe, the overarching trend is unmistakable: organizations grapple with an escalating threat. As technology advances, attackers refine their strategies, making it imperative for organizations to fortify their defenses and foster a culture of cyber vigilance. Only through concerted efforts can the tide be turned against this rising wave of cyber threats, securing the digital landscape for enterprises worldwide. Phishing and social engineering attacks are the most common methods threat actors use to harvest legitimate credentials.

SpearTip’s engineers offer phishing training as mitigation to enhance skills related to defending against these threats. The training tests the discernment of companies’ teams, educates employees regarding common phishing tactics and indicators, and identifies related security gaps in their environments. Our team creates phishing email simulations like those threat actors use and sends them throughout the organization. We provide insight and feedback to improve the cyber defenses of their team, leading to a profound decrease in the likelihood of being victimized by phishing or social engineering scams. After the training, our team provides precise and thorough strategies to harden their environments and implement ongoing awareness training.

If your company is experiencing a breach, call our Security Operations Centers at 833.997.7327 to speak directly with an engineer.