Cyberattacks are prevalent across a wide spectrum of business landscapes worldwide. No sector has been left unaffected by the malicious threat attacks that are diminishing the global business value for many organizations of varying sizes and commands. Today, the annual cost of cybercrime is expected to reach USD 9.5 trillion in 2024 (USA Today Reports). This lays massive emphasis on the way organizations must plan their cybersecurity strategy.

“75% surge in cloud intrusions and 2 minutes 7 seconds has been the fastest recorded eCrime breakout time”

Reports CrowdStrike.com

Addressing the pressing need for a robust cybersecurity plan, organizations of all sizes must invest in the right talent pool and strategic policy framework that exudes all-inclusive security. Looking at the stringent scenario concerning business security, it is important to understand what are the most vicious cyberattacks that are making their way into the system. The top ranking is undoubtedly the phishing attacks. Allows us to take a closer look at the core meaning, intent, and ways to guard against these attacks.

Understanding Phishing:

Phishing is a fail-proof technique and smart attempt to acquire sensitive data, such as bank account numbers, and other details; through a fraudulent solicitation in email or on a website. In this act, the perpetrator masquerades as a legitimate business or reputable individual.

Recent Phishing Statistics:

• Statista- Q1 2024 noticed 37.6% of phishing attacks worldwide, majorly targeting social media
• org- Q1 2024 observed 963,994 phishing attacks
• Statista- Web-based software services and webmail followed, with around 21% of registered phishing attacks
• com- Over 90% of cyberattacks begin with phishing
• Statista- Financial institutions accounted for 9.8% of these attacks
• net- Without adequate training, 32.4% of employees are susceptible to falling for phishing scams

How do Phishing Attacks Impact Businesses?

Not one, many instances can be cited when thinking of elaborating the ill effects of phishing attacks on a business organization. Read on.

• Financial losses

This involves sending fake invoices and stealing credentials to trick innocent individuals

• Intellectual property losses

Breached data include intellectual property; which can be damaging to a business

• Irreplaceable reputational damage

Data breaches lead to negative press; leading to a downfall in the company’s stock prices, and customer dissatisfaction

• Operational disruption

It makes employees, partners, and consumers distrustful of the business; which eventually leads to the disruption of operations

• Legal consequences

Businesses non-compliant due to phishing attacks may face severe penalties and legal consequences

10 Types of Phishing Attacks:

1. EMAIL PHISHING- Deceptive emails, messages, ads, or sites sent to online accounts to steal information
2. SPEAR PHISHING- Targets a specific individual, group, or organization via downloading malware, or divulging sensitive data
3. WHALING- Social engineering attacks targeting high-profile individuals in an organization such as CTOs, CFOs, CEOs, etc
4. SMISHING (SMS PHISHING)- Uses deceptive text messages to trick people into sharing sensitive information
5. VISHING (VOICE PHISHING)- Attackers use the phone to trick people into identity theft, monetary gains, or account takeover
6. ANGLER PHISHING (SOCIAL MEDIA PHISHING)- A new type of phishing attack that targets social media users by disguising themselves as a customer service agent on social media
7. CLONE PHISHING- A scammer adopts a person or brand’s identity to deceive a broad range of targets using replicated websites
8. HTTPS PHISHING- Attackers impersonate a trusted website that uses the HTTPS protocol to deceive victims
9. EVIL TWIN PHISHING (WI-FI PHISHING)- A spoofing attack that involves threat actors setting up a fake Wi-Fi access point hoping that users will connect to it instead of the legitimate one
10. BUSINESS EMAIL COMPROMISE (BEC)- Popularly known as Phishing Email fraud; threat actors gain access to a business email account and impersonate the owner to trick individuals

Ways to Identify Phishing Emails:

• Cross-check the sender’s address
• Spot errors in spelling and grammar used
• Avid suspicious links and attachments
• Verify email signatures
• Check generic greeting patterns
• Request for personal information
• Use email security tools
• Verify links before clicking
• Analyze email tone and style
• Too good to be true offers
• Be wary of the pop-ups

How to Guard Against Phishing Attacks?

• Know what a phishing scam looks like
• Get free anti-phishing add-ons
• Do not ignore update messages
• Upskill your employees with top cybersecurity certifications
• Be cautious while accessing emails or links
• Implement anti-phishing tools
• Hire specialized cybersecurity specialists
• Rotate passwords regularly
• Do not share information on an unsecured website

Addressing these massively malicious cybersecurity scam attacks, you are sure to hire the most specialized cybersecurity experts who can guarantee your safeguards against these threats. As a cybersecurity aspirant keen on building a lasting career, it is highly advised to be at one of the most contemporary and globally trusted cybersecurity courses worldwide. Make your way into the most fascinating career streams of all time today!