fbpx
Connect with us

Entrepreneurship

It’s Phishing Season: How to Keep Your Company Safe Online

person in black hoodie using laptop computer

Today, email is a vital method of communication. Ironically, most of the emails people receive today aren’t intended to communicate anything. A whopping 85% of all emails are considered spam. While some spam is just an annoyance, spam is also the place where dangerous attacks hide.

Phishing emails intent on stealing the recipient’s personal information come in many disguises, all of which could appear harmless at first. At least 3 billion phishing emails are sent every day, though more could be going unreported.

A Deeper Dive Into Phishing

Phishing doesn’t stop after stealing personal information. Instead, phishing is often the opening salvo of a more concentrated cyber attack. More than half of all phishing emails contain malware designed to harm your computer in the hopes of extracting a ransom. Due to its global capabilities and difficulty to prosecute, cybercrime grows more and more lucrative every year.

Because cybercrime is so widespread, no one can rightly assume they won’t be targeted. Ransomware attacks have gotten everyone from private individuals to big businesses. The latter case is especially present in headlines. When a ransomware cyber attack locked down Colonial Pipeline’s digital equipment, the United States suffered a massive gas panic. The Kaseya ransomware attack infiltrated up to 1,500 of Kaseya’s customers. No one is too big for cybercriminals to target.

If large corporations can’t rely on their size and resources for safety, what hope do small businesses have? It can take between 2 and 6 weeks for a small business to recover from ransomware. Due to requirements that businesses notify customers of data breaches, customers know which companies failed to protect their personal information. Many take steps to protect themselves from future harm by shopping somewhere else. Losing customers this way is a massive hit for business: even 4% of abnormal customer attrition results in over $5 million lost. Everything taken together, it’s no wonder that more than 60% of small businesses close permanently in the 6 months following a successful phishing attack. 

How to Fight Back

How can companies fight back against phishing? The first thing they need to do is establish an employee training program. Over 80% of scams rely on human error to accomplish their goals. While training is not infallible, every phishing link not clicked is a crisis averted on the company’s end. Next, companies ought to verify all invoices and payments.

Over half of phishing attacks involve credential harvesting, which could allow criminals to steal from a business using invoice fraud. To prevent this you should definitely use invoice automation to exclude as much human factor during invoicing. This way you’ll be able to minimize any accounts receivable and accounts payable fraud.

Finally, invest in email security programs while keeping a human eye out for discrepancies. Right now, 43% of small businesses lack a cybersecurity plan at their own risk. Humans can’t catch every security flaw, but 25% of phishing emails can bypass default security. Advanced AI is working to keep malicious emails out of inboxes, but a few slip through cracks regardless.

Photo Courtesy of Avanan

Courtesy of Avanan

Brian Wallace is the Founder and President of NowSourcing, an industry leading content marketing agency that makes the world's ideas simple, visual, and influential. Brian has been named a Google Small Business Advisor for 2016-present and joined the SXSW Advisory Board in 2019-present.

Join Disrupt Magazine

Become A Disrupt Contributor

Most Disruptive

Meatsmith Team Snowboard Canada Meatsmith Team Snowboard Canada
Press Release6 hours ago

Beijing 2022: Grass-Fed Beef Protein Bar Meatsmith Partners With Team Snowboard Canada

Meatsmith – Official Partner Of Team Snowboard Canada For Beijing Olympics 2022 Toronto, Ontario – Meatsmith is proud to announce...

Disrupt Prime Video2 days ago

Top 3 NFT Projects under 1 ETH | NFT Disruptors Podcast

A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can...

NFT6 days ago

Polly Kole, The Beauty With Gifted Hands Tycoon Of NFT Sculptures

In a society full of stereotypes, people clinging to appearance and disregarding one’s achievements is the magnificent Polly Kole stunning...

News4 weeks ago

Spider Man; No Way Home’, Crushes Box Office Estimates Generating A Mammoth $253 Million In North America.

After only 3 days in the cinemas, the latest and last Spidey outing disrupted the international market as the highest-grossing...

Cryptocurrency1 month ago

Nike just bought a virtual shoe company that makes NFTs and sneakers ‘for the metaverse’

Nike, the sportswear mogul, recently stunned the globe as it moved into the realm of the metaverse industry and blockchain...

QR code screenshot QR code screenshot
Diversity in Tech1 month ago

BTC did 62% more in transactions than PayPal this year

MasterCard and Visa have always topped as the runaway leaders; however, Bitcoin’s Lightning Network will soon disrupt this norm. Starting...

high angle photo of person holding turned on smartphone with tall buildings background high angle photo of person holding turned on smartphone with tall buildings background
Social Media2 months ago

How to Organically Grow Your Social Media Following In 2022

Instagram On Instagram, use Reels to reach new audiences and grow – find popular sounds and use them in your...

gold-colored Bitcoin gold-colored Bitcoin
Cryptocurrency2 months ago

Julio Domenech On How Banks Can Engage In Bitcoin in 2022

As cryptocurrency continues to become a popular trend in the US, many people are looking for an opportunity to participate...

Diversity in Tech3 months ago

Microsoft Teams, Incorporating New 3D Avatars And Virtual Meeting Spaces Before Mid 2022

Microsoft Mesh has always led as the future of Microsoft Teams meetings. However, Meta, the newly launched Facebook company, is...

Health + Fitness3 months ago

Stephen Campolo – How A Former Fat Kid Transformed His Body And Is Now Helping Others Do The Same

UPDATE: During a recent interview with Yahoo! News, Stephen revealed that he will be speaking at the next Disrupt Puerto...

Trending

Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.