Business Email Compromise (BEC) attacks will overtake Ransomware and Advanced Persistent Threat (APT) attacks.
BEC generally happens when email accounts of key executives are compromised and involves payments made to fraudulent bank accounts. In Singapore alone, about S$19 million has been lost through BECs between January and September 2016. When compared to the same period last year, there has been an increase of 20% in the number of such cases. Police investigations revealed that the scam usually involves businesses with overseas dealings, with email as the main form of communication in the dealings. As a BEC is relatively easier to execute and evade cyber defense tools better than other popular attack vectors, such as ransomware and APTs, it can potentially be the main cyber threat in Asia.
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