VEC Attacks on the Rise: Why They’re Outsmarting Businesses and BEC Scams
Vendor email compromise attacks are now more popular than a cat video on the internet, with EMEA engagement rates soaring 90% higher than business email compromise. Employees confuse fake vendor emails with the real deal, making VEC the email scam equivalent of a sneaky chameleon. Keep your inbox safe, folks!
Hot Take:
Vendor email compromise (VEC) is the latest trend in the “Let’s Annoy Cybersecurity Teams” playlist, and it’s already topping the charts in EMEA. While BEC attackers are playing dress-up as the boss, VEC attackers are coming in with a whole entourage of fake vendors. It’s like the Oscars of email scams, and everyone wants a piece of the golden statue of gullibility. The moral of the story? Trust no one – especially not those overly friendly emails from “vendors” who suddenly want to shower you with invoices.
Key Points:
- VEC attacks are outperforming BEC attacks in EMEA, with a second-step engagement rate of 47.3%.
- EMEA has the lowest reporting rate for VEC at 0.2%, yet the highest for BEC at 4.2%.
- VEC impersonates external third parties like vendors, while BEC impersonates internal figures like CEOs.
- VEC’s financial impact is significant, with $300 million targeted in a year.
- Larger organizations are more susceptible to VEC due to their extensive vendor networks.