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Why Phishing Attacks are Such a Huge Risk for Your Business

Why Phishing Attacks are Such a Huge Risk for Your Business

As one of the biggest cybersecurity considerations the modern business has to make, how to combat phishing has to be at the top of any business’ cybersecurity strategy. Let’s take a look at phishing and why it’s such a big problem for today’s business. 

You’ve Probably Been Phished

When trying to explain what phishing is to someone who has no idea about it, we typically start with the namesake. Phishing is the same as fishing. A hacker will bait a hook and users will bite on it. It’s that simple. Instead of worms or minnows, a phishing attempt needs some bait that will fool an unsuspecting computer user into providing information that will allow a hacker to access secured networks and steal or corrupt data. 

To say that this method is effective would be an understatement. First of all, the massive breadth of attacks—there are literally millions of these attacks per day—results in high levels (and low percentages) of successful attacks. In fact, 88 percent of organizations that were polled claimed to experience at least one phishing attack in 2019. In 2020, phishing emails were one of every 4,200 emails sent or about 73 million. The pace has actually quickened in 2021.

Successful phishing attacks result in stolen credentials, compromised networks, ransomware and other malware. They all lead to businesses losing money. 

Phishing is More Prevalent Than Ever

Phishing has been an issue for quite a while, but the COVID-19 pandemic and the corresponding jump in remote work provided the perfect opportunity for these scammers to operate. In 2020, 75 percent of worldwide organizations were targeted by phishing attacks, while 74 percent of U.S. businesses were successfully attacked in some way. This often led to massive losses, some $3.92 million on average. That’s an average and takes into account loss of productivity from downtime, data theft, deterioration of consumer confidence, and other factors.

It is therefore important that you do what you can to train your staff about how to recognize and thwart phishing attempts before they have a chance to have a negative effect on your business.

Flexible Solutions can help you put together a training strategy, as well as put together tools to help you keep your network and data safe. Call us at 02 6969 0333 to learn more.

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