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. Keep an eye on statements and stop the steal before it’s too late.

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

Entrepreneurship7 months ago

Navy Veteran Davis Chris Takes the Music Industry by storm

In life, you need to break down anything that might be holding you back and change course if need be...

Entrepreneurship8 months ago

5 Disruptive Leaders Paving the Way in 2021

Where there is uncertainty, lies a whirlwind of opportunity. 2020 was the year that had entrepreneurs learn a great deal...

Politics1 year ago

Brock Pierce Wants To Disrupt The Two Party System And Be Your Next President

We don’t usually cover politics much here at Disrupt, but when Crypto billionaire and friend of the show, Brock Pierce...

Business1 year ago

John Mcafee – Predictions For The Future

John McAfee is a world-famous tech CEO, computer scientist, civil disobedience activist, privacy advocate, and pioneer of the commercial anti-virus...

Finance1 year ago

Gaby Wall Street – Teaching Latinas to Thrive During The Crisis

It’s no secret we are facing one of the most challenging financial times of the last few decades as we...

Entrepreneurship1 year ago

Tony Delgado – The #1 Entrepreneurship Movement In Puerto Rico

Puerto Rican online market is in constant progress. With many entrepreneurs who are coming here to start a business, it...

Entrepreneurship2 years ago

Elena Cardone – The 10X Ladies Conference Is Declaring 2020 The Decade For Women

The next ten years are meant for women to continue growing their potential and succeeding in multiple areas, including business....

Marketing2 years ago

How Josh Elizetxe Built Snow Into a $40 Million Dollar Business

There is nothing quite like an entrepreneur’s determination when starting a business. That’s my original quote by the way (pun...

Entrepreneurship2 years ago

How Jason Capital Became A Self Made Millionaire By 24

Have you ever wanted to earn the respect of everyone who ever looked down on you at some point in...

Entrepreneurship2 years ago

Sam Bakhtiar On His Way To A Quarter Billion

Dr. Saman Bakhtiar, who prefers being referred as Sam, lives in an 8200 square foot $5.2 million house, Sam is...

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.