The Global Business Email Compromise (BEC) Market size is expected to reach $3.3 billion by 2028, rising at a market growth of 19.0% CAGR during the forecast period and keyloggers are at the helm.
According to Yahoo, "A sort of scam known as business email compromise (BEC) targets businesses that use wire transfers and have foreign suppliers. Keyloggers or phishing attacks are used to impersonate or hack corporate or publicly accessible email accounts of executives or high-level workers engaged in finance or wire transfer payments in order to conduct fraudulent transfers, costing hundreds of thousands of dollars in damages. BEC scams frequently start with an attacker taking control of a business executive’s email account or any other email that is publicly accessible. This is typically accomplished through the use of keylogger software, phishing techniques, or forged emails that deceive the victim into divulging account information." Keyloggers are leveraged in the very first stages of a breach, to capture account credentials and other useful information needed to advance into a company network and for account takeover. If a keylogger has the potential to cause this kind of damage to business, imagine what they are doing to consumers. According to Javelin Research, total identity fraud losses have reached $52 billion in the USA primarily due to: Credit card and loan fraud, hijacked tax refunds, phony unemployment claims, account takeovers and Large data breaches.
Organizations are being urged to implement email encryption solutions in order to effectively secure their email infrastructures. EndpoinLock™ Keystroke Encryption can block keyloggers from stealing keystrokes used to steal credentials and advance a breach. Studies show that over 97% of malware is polymorphic and can change its form once detected by antivirus and other email threat solutions. EndpointLock can protect from even the keyloggers that cannot be detected by these methods.