According to security experts, such attacks can often lead to significant reputational damage, financial loss, and disruption of business operations. "Additionally, this highlights the critical importance of developing and implementing a robust, multi-layered phishing defense strategy that includes regular employee training and education, and implementation of advanced threat detection and prevention technologies. emphasizes," concludes Malik. The KnowBe4 report comes months after Secureworks released new data suggesting the number of business email compromise (BEC) incidents doubled last year.