Email Fraud Increases

Phishing attacks on businesses, where fake emails are used to direct unsuspecting users to malware or fraudulent websites, are on the rise. According to MailGuard, there has been an increase of 46% in phishing attacks since 2017.

“The total number of phishing attacks detected by survey respondents in Q1 2018 was 263,538; up from 180,577 in Q4 2017.” – MailGuard.

MailGuard further quotes the FBI stating an increase in phishing attacks since 2015 of an astonishing 2,370%. This incredible figure is backed up by data from the Anti Phishing Work Group (APWG).

The global cost of this kind of cybercrime is now in the billions of dollars. As the scams become more sophisticated, and the use of email for business activities continues to grow as the facsimile and other outdated technologies decline, it is more important than ever to ensure your business is protected.

The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) states that 43% of cybercrime targets smaller businesses. The dangerous idea of being “too small to be worth targeting” can make some businesses particularly vulnerable to this kind of attack. The scary truth is, according to Kate Carnell of the ASBFEO, 22% of small businesses which suffered from this kind of attack were so affected they could not operate.

“60% of small businesses that experience a significant cyber breach go out of business within the following six months.” - Kate Carnell (ASBFEO)

Protecting your business from these attacks is a complex matter. It is no longer possible to rely only on hope and good fortune. And with the use of phishing emails to trap unsuspecting users, simply running antivirus can no longer guaranty your protection.

Phishing emails target the users, not just the business. Every user you have is likely to be targeted at some point, and it only takes one incident for an attack to occur. The emails will look like genuine contacts from suppliers or utilities, or financial institutions. They will direct the user to a link which opens a fake login page, and once the user “logs in”, the scammer has all they need to achieve their goal.

They will obtain credentials for email accounts, bank accounts, or other online services, and with those fraudulent or extortionist activities can be carried out against the target.

“The explosive growth of email-based fraud requires a multi layered approach to security that includes virus scanning software, staff training and cloud-based email filtering. There’s never been a better time to take on the challenge of breach-proofing your company.” – MailGuard

If you are concerned with your current level of security or wish to ensure you are fully protected against the rising levels of phishing scams and other cybercrime, call us. MicrotechDPS are here to help and can provide you with all the tools and expertise you need in this era of digital evolution.

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