As part of its key findings, the Gartner Market Guide notes that, “Impersonation and account takeover attacks via business email compromise (BEC) are increasing and causing direct financial loss, as users place too much trust in the identities associated with email, which is inherently vulnerable to deception and social engineering.” Indeed, according to the Federal Bureau of Investigation, U.S. firms lost a total of $43 billion to BEC between June 2016 and December 2021.
To effectively combat the massive increase in advanced Business Email Compromise (BEC) attacks, a new approach to email security is needed as traditional solutions that rely on rules and scanning of links and attachments are increasingly bypassed. This new approach should be able to continuously learn from real-world attacks and incorporate regular phishing simulation and awareness training to effectively prevent socially engineered attacks with malicious intent.
The Gartner Market Guide recommends that security and risk management leaders should:
- Use email security solutions that include anti-phishing technology for targeted BEC protection that use AI to detect communication patterns and conversation-style anomalies.
- Include API-based ICES solutions when evaluating email security solutions. The simplicity of evaluation and additional visibility into internal traffic and other communication channels can reduce risk, as these solutions create communication graphs and baseline user activity to detect suspicious behavior.
- Invest in solutions that can use their API integrations into collaboration platforms to filter malicious content or suspicious interactions.
- Reinforce training with context-aware banners and in-line prompts to help educate users.
“Successful Business Email Compromise (BEC) attacks not only result in significant financial losses for organizations, but also add to the burden of enterprise security teams. These teams are required to conduct manual investigations into the BEC attacks that manage to evade conventional security measures,” Eyal Benishti, CEO at IRONSCALES. “As BEC and other advanced phishing attacks intensify, we remain committed to protecting customers and partners through the most powerfully simple email security solution that uses a combination of AI and human insights.”
More than 10,000 global customers depend on IRONSCALES to combat the advanced phishing attacks with the industry’s only solution that combines AI and human insights.
To download the full 2023 Gartner Market Guide for Email Security, please visit: www.ironscales.com/gartner.
(1) Gartner Market Guide for Email Security, Ravisha Chugh, Peter Firstbrook, Franz Hinner, 13 February 2023
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IRONSCALES is the leading cloud email security platform for the enterprise that uses machine learning and AI to stop advanced phishing attacks that bypass traditional security solutions. Its award-winning self-learning platform continuously detects and remediates advanced threats like Business Email Compromise (BEC), credential harvesting, Account Takeover (ATO) and more. As the most powerfully simple email security platform, IRONSCALES helps enterprises reduce risk, boost security team efficiency, and build a culture of cybersecurity awareness. IRONSCALES is headquartered in Atlanta, Georgia and is proud to support more than 10,000 customers globally. Visit http://www.ironscales.com or @IRONSCALES to learn more.