- Email-related fraud incidents surged by 24% in 2023, with predictions of a 72% increase in 2024, underscoring the growing risk to businesses.
- Key sectors such as manufacturing, finance, and law are prime targets for email fraud, facing significant financial and reputational damage.
- Ranked as the #1 email security solution for two consecutive years, Mimecast’s use of AI, anti-fraud tools, and real-time threat detection significantly reduces email fraud incidents for businesses.
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Why Mimecast Leads the Fight Against Email Fraud in 2024
At-Bay’s report reveals a sharp 24% increase in incidents, with reported losses of over $5 million
By The Mimecast Cyber Insights Blog Team
Key Points
Email fraud isn’t just an IT issue — it’s a direct threat to your bottom line. According to At-Bay's latest research, 2024 InsurSec Rankings: Email Security and Financial Fraud Report, email-related incidents surged by 24% in 2023. This reveals a troubling trend showing no sign of slowing as financial fraud continues to dominate the cyber threat landscape.
Businesses today face massive financial repercussions, with the average stolen funds per email fraud incident reaching $219,000 and losses sometimes ballooning to $5 million. Amid this storm, Mimecast has emerged as a beacon of security. Ranked the #1 email security solution by At-Bay for two consecutive years, Mimecast is helping organizations fend off risks, reduce incidents, and secure critical operations.
Read on to explore the state of email security, the industries most at risk, and why Mimecast remains the industry’s top choice for businesses looking to protect their communications and financial future.
Fraud Predicted to Rise to an Alarming 72%
The rising email-related threats in 2023 heralded a critical need for businesses to bolster defenses. At-Bay’s report reveals a sharp 24% increase in incidents, underscoring how pervasive email fraud has become. Worryingly, financial fraud accounted for three out of five email crimes last year. This has been predicted to rise to an alarming 72% in 2024.
Businesses lost an average of $219,000 to fraud through email attacks, with companies reporting losses exceeding $5 million. These incidents don’t just present monetary losses but can also erode customer trust, tarnish reputations, and paralyze operations.
Top Industries at Risk
Certain sectors are at the forefront of these email-related crimes. According to At-Bay’s findings, top-targeted industries in 2023 and 2024 include:
- Manufacturing: Fraudsters exploit supply chain complexities to infiltrate communication channels.
- Finance: Threat actors target finance professionals for vendor impersonation, financial fraud, and stolen credentials.
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