©2022 Cloudflare Area 1 Security | www.cloudflare.com How to Stop Business Email Compromise Threats W H ITE PA PE R Advanced techniques for fighting financial phishing fraud2 ©2022 Cloudflare Area 1 Security | www.cloudflare.com Overview HOW TO STOP BEC Exploiting an existing relationship between a victim and organization, Business Email Compromise (BEC) attacks are a specific form of financially motivated phishing attacks. In our third annual update on the state and evolution of BECs, we find that BECs have remained the most costly cyber attack, resulting in millions in damages, and surpassing reported costs from ransomware attacks. By now, BEC has become a fairly well-recognized term in many industries so we will omit a detailed breakdown of BEC types in this report. (For

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