Security breaches are executed through multiple tactics, but 90% of the time, they come in the form of phishing attacks.
The most common manoeuvre of phishing cybercriminals is to use famous brands and logos and pretend to be high-ranking individuals of an organization to dupe victims into opening malicious emails and links.
Thus, phishing, pronounced like fishing, is an online attack that deceives victims into sharing confidential information or sending money.
To protect your business from phishing attacks, read this article and learn about what your business can do for the best phishing protection.
Phishing Scams in Recent History
Though there has been a growing awareness of phishing threats, many companies are still getting duped into these scams.
In 2014, the Swedish Bank lost almost $1 million to digital fraudsters when bank customers opened phishing emails with Trojan malware (masquerading as anti-spam software).
That same year, Sony executives were lured into sending over sensitive data thinking that the phishing email came from Apple.
Below are just some of the largest phishing scams in history.
Common Phishing Attacks
Phishing threats have evolved, and cybercriminals have become more sophisticated.
However, regardless of the type of phishing scam, the common denominator remains: pretend to be someone else to steal things of value.
1. Smishing and vishing
SMS phishing (smishing) and voice call phishing (vishing) utilize phones to execute the attack. An example is a message, purportedly from a bank, saying that the victim's account has been compromised. The letter then instructs the victim to send over the bank account number and password. Sharing these confidential details allows the attacker to control the victim's bank account.
2. Spear phishing
In some instances, phishing attackers target a specific individual in a company because of his position---a strategy known as spear phishing.
Check the example below. Examine how the phishing attack is mainly directed to a member of the HR department and how the business email compromise (BEC) seems to be knowledgeable of the industry where the victim works. Unaware employees can get easily duped by this type of email.
3. Whaling
Cybercriminals often want the biggest catch---the whale. Whaling is more targeted as it attempts to dupe senior executives, such as CEOs and CFOs.
Phishing Protection: Company's Actions
Phishing attacks constantly threaten the survival of companies. Therefore, companies must invest in the form of phishing protection.
Awareness Training and Simulations
Because employees are often the unfortunate targets of phishing, they should learn how phishing attempts are executed by knowing the basics of phishing detection.
For example, Cyber Sierra offers employee awareness training with simulation exercises that help employees distinguish suspected phishing emails and messages and how to react to these threats accordingly.
Through training, employees learn how to recognize malicious links and attachments easily.
Anti-Phishing Software
However, phishing detection should be independent of employees.
Companies must invest in anti-phishing software that could examine emails and websites that go through the company's system. Through this, employees can be warned before opening any email or URLs. Some highly-advanced anti-phishing software can prevent a phishing email from entering the company's inbox.
5 Best Phishing Protection Solutions: How to Protect Yourself Against Phishing Attacks
Cybercriminals have become more competent, and an email's security tools are only sometimes dependable in filtering suspicious messages.
Thus, it is always essential to add extra layers of protection through targeted anti-phishing solutions.
Know how to spot a phishing attack.
Prevention remains the best medicine, and the same rule applies in cyberspace.
Cyber Sierra advises that employees know how to spot a phishing attempt to evade the company's potential financial and data loss.
According to a 2021 report, phishing attacks tend to have high success rates when targets have low awareness about common cyber threats and anti-phishing protection solutions.
Make sure that your computer's security software is updated.
Up-to-date security software ensures essential components are present to protect the computer and system from phishing-related threats like malware.
Use multi-factor authentication.
Cyber Sierra recommends multi-factor authentication---the process of undergoing two methods to validate the identity of a user. Phishing attackers will usually subvert and compromise an account to steal information.
Thus, multiple ways to authenticate the user reduce potential unauthorized access.
Think before you click, especially about clicking on pop-up ads.
When browsing, pop-up ads are common occurrences targeted for advertising. However, cybercriminals may use legitimate websites and insert malware into pop-up ads.
Often the pop-up message warns the user of a system problem and presents a downloadable tool to repair it. Downloading the app gives cybercriminals access to your computer.
Notify the IT department immediately if you suspect a phishing attack.
If a suspected phishing attempt is detected, Cyber Sierra strongly suggests notifying one's IT department as soon as possible to prevent further compromising of the computer.
IT professionals can conduct an analysis of the extent of the attack and can present advice on how similar phishing incidents can be prevented in the future.
Next Steps
No business is safe from phishing scams.
Nevertheless, consistent monitoring and acting quickly can stop phishing attempts even before they occur.
To help you achieve assured protection, we at Cyber Sierra offer the best anti-phishing tools, software, and other threat protection solutions. We are an emerging tech company based in Singapore that provides cybersecurity tools and cyber insurance. We have an extensive range of products for attaining security compliance and solutions. Check our current plans to know which service is customized to your company's needs.
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