The 2023 collapse of Silicon Valley Bank (SVB) in the US wreaked havoc on the banking sector and increased the fear (and risk) of business email compromise (BEC) attacks.
The size of BEC threats isn’t new. Expel’s 2024 Annual Threat Report confirmed the same trends we saw in 2023–the top threat targeting our customers both years was BEC scams. It rose from 55% of all incidents in 2022 to 64% of all incidents in 2023, with no signs of slowing down.
The SVB fallout opened the door on a ripe opportunity for bad actors to target victims with payment counterparty fraud, often beginning with BEC attacks.
Expel experts Chris Waynforth, Silvia Rodriguez, and Astha Adhikari discussed:
- Types of BEC scams specific to this situation
- Tips to better protect your organisation from BEC
- How Expel can help your organisation adopt a strategic approach to prevent and reduce BEC attacks
