Cybersecurity has been a hot issue for the past ten years, particularly for businesses, as cyber assaults have become increasingly common.
An Egress survey indicates that 94% of companies have experienced a phishing attack. Of those, 96% suffered unfavourable effects. Based on the figures, these incidents can be troublesome, and businesses need to better protect themselves.
What Are Phishing Attacks?
Let’s clarify what sort of attack this is before delving into the specifics. A phishing attack is done to obtain someone’s personal, private data, usually including login passwords or credit card information.
Phishing comes in various shapes or forms, it has many types. Yet, it’s usually done by email asking the victim to visit a website. The idea is to mimic a website where the recipient needs to enter information that the attacker wants to obtain. For example, a fake page for you to get your tax returns, you’ll need to fill out your driver’s license and Social Insurance number. In some rarer cases, attacks could be designed to download malware on the victim’s computer, leading to stolen or compromised data.
One of the main reasons why the percentage of phishing attacks is so high is because the scam websites often look legitimate. You would open the link, see a legit website, and be prompted to fill in your username, password and information. An effective phishing website will be designed to redirect you to the legitimate one, meaning that you won’t notice anything suspicious. (Tip: always check the URL!)
What Are the Risks Associated With Phishing Attacks?
Any intrusive, malicious access is a challenge; the same goes for phishing. Given that the intention is to steal payment card or login data, Not only is it problematic for individuals, it could be a huge headache for corporations.
Financial Risks
One of the several risks associated with a phishing attack has financial consequences for the company. It can vary from access to financial information encrypted data for which the attacker would charge for ransom, often known as ransomware and plenty of other examples that can affect the firm financially. From 2022 to 2023, ransomware instances rise by 73%.
Broken Workflows
A company is the most optimal when working like a well-oiled machine, but a phishing attack can compromise that. Regardless of the company’s niche, it slows down or, in some cases, entirely freezes all processes until the issue is resolved. Besides disrupting the company’s operations, it can also result in financial issues.
Bad Publicity
A phishing attack can damage its reputation if your company works with clients and holds sensitive data! Clients entrust you for a secure, reliable service, and becoming a victim of a phishing attack would have serious consequences that could even potentially impact your clients.
How to Avoid Phishing Attacks?
The most important thing to know is that phishing attacks can be avoided, and there are several steps you can take to protect your company.
Expanding Education
A common and effective way to avoid the risk of a phishing attack is through proper education. No matter if it’s your employees or elderly loved ones, they need to know how to spot and avoid this kind of attack. They often come in the form of an email, so the first sign is the sender’s email. It can seem identical to one you’re familiar with but with a tiny typo. If employees notice this, they shouldn’t open links or download attachments.
Considering how popular phishing emails have been in recent years, expanding education regarding data removal services is a good idea. They can help your employees clean up their online footprint and reduce the chances of getting an email in the first place.
Another type of phishing attack may come through an offer or a notification that the person has won a prize, making them attractive to many people. Some users might even have the best adblockers installed to prevent pop-up scam links.
Cloud Application Security
CASB, or Cloud Application Security Broker, acts as a middleman between the internet and the employees’ inboxes. It constantly monitors incoming emails, analyzes them, and makes threat assessments. A good service can intercept a phishing email and minimize any damage. In a worst-case scenario, it can prevent other employees from falling victim.
Secure Web Gateway
In many ways, SWG works similarly to CASB by adding a layer of protection. These services monitor traffic and can protect from a phishing attack by identifying potential risks. Keep in mind that this kind of service will work only if an employee clicks on a suspicious link.
Conclusion
Online attacks, like phishing, are a common sight these days and can cause many problems. Therefore, taking all the necessary steps to keep your employees, company and loved ones safe from becoming a victim is important!
