Email is essential in business communication; however, phishing has compromised its effectiveness. With 1 in every 99 emails being a phishing attempt, each employee receives an average of 4.8 phishing emails per day in a week’s work. Since 30% of phishing emails make it past default security, businesses could be unknowingly receiving daily attacks. From 2013 to 2016, cyberattacks cost businesses over $5 billion and from 2016 to 2017, phishing attacks increased by 65%.
Since 30% of phishing emails make it past default security, businesses could be unknowingly receiving daily attacks. From 2013 to 2016, cyberattacks cost businesses over $5 billion and from 2016 to 2017, phishing attacks increased by 65%.
Phishing is the act of a cyber attacker sending emails, or other communications, that manipulate the receiver into opening an attached malicious file or clicking a link. Once the receiver interacts with the file or link, malware is automatically downloaded to their device. Or, a spoofed website collects their login credentials resulting in compromised information. With this, hackers can make purchases with fake invoices or make false bank transfers. Over half of all phishing attacks contain malware and more than 2 in 3 phishing attempts used a malicious link.
Popular attacks include credential harvesting, extortion, malware, and spear phishing. The potential costs of falling victim to phishing could range from $400 per person to $7.2 million per business.
Hackers prey on trust, sending these emails impersonating trusted brands such as Microsoft, Amazon, and banking, financing, and shipping companies. However, many legitimate emails may contain potential signs of phishing making the detection difficult. Employees click links that play on feelings of fear and urgency. Saying this, be cautious of emails reading, “warning,” “complaint filed,” “open enrollment notice,” or “grievance filed.” Protect yourself with an email security platform.
Electronic mail is a major form of instant communication businesses around the globe will continue to depend on. Although email has become the weakest link, you can read more about the ways to remain safe through these types of attacks.
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Last Updated on February 3, 2021.