Phishing attacks are becoming more common to businesses, especially those with weak security systems. However, the cybercriminals are getting smarter and they see emails as easy targets to steal information and money from users and companies.
Email-based cyber attacks continue to rise throughout the years costing over $1 million to entrepreneurs on a regular basis.
Whether you're a business owner or a member of an organization, it's important to know effective ways on how to safeguard your credentials and money from these scammers.
Email-based Phishing Attacks Are Costly
At present, security experts are devising their methods to drive away cybercriminals from infiltrating a vulnerable network. One of the easiest means for the hackers to enter a system is via an email.
According to cybersecurity firm Barracuda Networks, email attacks incurred a total of $1,033,066 for the past 12 months.
For huge businesses and enterprises, the financial damage was even higher at $1,264,315.
Aside from the monetary damages that the hackers cause to the businesses, the productivity of the company is also affected by this disaster.
Additionally, the companies also suffer from reputational damage, as well as data loss.
Phishing Attacks in Emails in Two Ways
According to a report by ZDNET on Friday, Feb. 10, there are several ways a cybercriminal can launch a phishing campaign to an individual or an organization.
Firstly, a scammer can deploy malware or ransomware to infect the system of the victim. The second method involves stealing the credential and other confidential details of a person or a company.
Usually, huge firms often encounter scammers asking for ransom demands. When they fail to comply with the demands of the hacker, their company data will be leaked or published online. The cost of this exchange can exceed millions of dollars, not to mention the other demand of the attacker.
"Email-based attacks can be the initial access point for a wide range of cyber threats, including ransomware, information stealers, spyware, crypto mining, other malware, and more," Barracuda's SVP of engineering and product management for email production, Don Maclennan said.
He added that this year and for the years to come, companies should spread awareness about the risks of these email-based phishing attacks to their employees.
In doing so, people can be equipped with knowledge on how to protect themselves and the company against these attacks.
Related Article: Reddit Confirms Phishing Attack Took Place Last Feb. 5
How to Protect Yourself Against Phishing Campaigns
One of the most effective ways to safeguard yourself or a network against these attacks is by installing a reliable antivirus software. You can also explore how to use MFA (multi-factor authentication) or 2FA (two-factor authentication) to add an extra layer of security protection.
It's also recommended to conduct an awareness program about these security nuisances. Informing employees why and how these attacks happen can prepare them from an impending series of cyberattacks.
Meanwhile, Analytics Insight reports that phishing scams can now be easier to launch with the widespread use of ChatGPT.
