Why Your Organization Can't Afford to Ignore Phishing Threats

Phishing was the most reported cybercrime, with victims losing over $12.5 billion as per the 2023 Internet Crime Report by the FBI. In highly regulated industries like healthcare and banking, the stakes are even higher due to the sensitive nature of the data involved. These deceptive schemes are not only increasing in frequency, but also in sophistication. This blog will help you explore the dangers of phishing scams and gain knowledge to protect your organization.?

What is Phishing??

Phishing is a cyberattack where attackers disguise themselves as trustworthy individuals to steal sensitive information, such as:??

• Login credentials?
• Financial information?
• Personal identification details.??

These attacks come in the form of emails, text messages, or websites that appear legitimate but are designed to steal your data.?

Types of phishing attacks?

Phishing attacks resulted in an estimated annual cost of $15 million for large organizations in 2024, at an average of over $1,500 per employee. As we can see, they have a profound financial impact on businesses.??

Here are five types of phishing attacks you need to be aware of:?

1. Email Phishing?

Most phishing attacks come via email. In attempts to deceive victims, attackers commonly utilize fake domain names that closely resemble genuine ones (e.g., yes-bank.com instead of yesbank.com).??

They also use subdomains or the organization’s name as the email username. These emails create a sense of urgency to prompt quick, unverified actions.?

Phishing emails aim to:?

• Direct users to malicious websites to install malware.?

• Get users to download infected files.?

• Trick users into submitting personal data on fake websites.?

• Ask personal data through replies.?

2. Spear Phishing?

Spear phishing targets specific individuals using personal details like name, job title, and email. This personalized approach increases the chances of success, often leading victims to perform actions like money transfers.?

3. Whaling?

Whaling targets senior executives and privileged roles. These attacks are highly personalized and subtle, often using publicly available information about the victim. Attackers often use fake tax returns to gather sensitive data for their attacks.?

4. Smishing and Vishing?

These attacks use phones instead of emails. Smishing involves fraudulent SMS messages, while vishing involves phone calls. Attackers can impersonate bank officials, asking for payment card information or personal details as part of a security verification.?

5. Angler Phishing?

Angler phishing involves creating counterfeit social media accounts that imitate reputable brands.?

Attackers exploit consumers' tendency to seek help on social media, tricking them into providing personal information or visiting malicious websites.?

How to Identify Phishing Attacks?

1. Suspicious Sender Addresses: Check for slight alterations in the sender's email address.?
2. Urgency or threatening: Phishing emails use urgent or threatening language to manipulate recipients into taking immediate action.?
3. Generic Greetings: Legitimate emails from trusted sources usually address you by name.?
4. Unexpected Attachments or Links: Be wary of uninvited attachments or links, especially if they prompt you to enter personal information.?
5. Poor Grammar and Spelling: Many phishing emails contain noticeable grammatical errors or awkward phrasing.?

How to protect your organization from phishing attacks??

Phishing is responsible for 45% of all ransomware attacks, which can cost enterprises an average of $1.5 million per incident, including downtime and remediation costs. You can reduce the risk of phishing attacks by following these steps:?

• Regularly educate your staff about the signs of phishing and the importance of cybersecurity.?

• Use simulated phishing attacks to evaluate the effectiveness of security training.?

• Enhance security by incorporating MFA as an additional layer of protection.?

• Use advanced email filtering solutions to block phishing attempts.?

• Have a robust plan in place for responding to phishing attacks to minimize damage.?

• Ensure that the most recent security patches are applied to all software and systems.?

?Final Thoughts:?

Staying proactive is essential against increasingly sophisticated phishing scams. Robust security measures and awareness can lower the risk of phishing attacks on your organization.?

At FourD CEI, we specialize in identifying and protecting against phishing scams. Our advanced cybersecurity services are designed to keep your sensitive information safe. Contact us today to learn how we can help safeguard your organization.?

Author Lavanya Devakumar