Despite its advantages as a communication tool, most emails people receive are useless and unnecessary. 85% of all emails are considered spam. Some spam is merely annoying, but other spam messages are dangerous. At least 3 billion phishing emails show up in inboxes every day. Phishing emails are fraudulent messages meant to steal people’s personal information. They often act as the first step of a sophisticated cyberattack. How safe are your emails? Not very.
Private individuals are common victims of cybercrime, but large companies are not exempt from the problem either. When a ransomware cyberattack locked down Colonial Pipeline’s digital equipment, the criminals crippled the supply line and triggered a massive gas panic. Integrated ransomware once halted a 5th of JBS’s meat production, disrupting the market.
Small Business is a Big Target
If even large corporations are susceptible to cybercrime, what chances do small businesses have of avoiding it? More than 60% of small businesses close their doors permanently in the months after a successful phishing attack. The most costly part of the attack is not the initial hit. Small businesses take up to 6 weeks to recover from ransomware. In the meantime, as many as 70% of consumers will stop shopping at a business that failed to protect their data. Losing business is far more costly than most ransoms.
How to Secure Your Email
What can businesses do to keep themselves safe? The first step is to establish an employee training program. 85% of scams rely on human error to be successful. While regular training is not foolproof, it could drastically lower the number of employees who click phishing links. Second, verify all invoices and payments. Over half of phishing attacks involve credential harvesting, and this can lead to invoice fraud. Third, keep a human eye out for discrepancies. Humans may not catch every problem, but 25% of phishing emails can bypass default security. Email security is worth the investment, but humans must stay vigilant. Cybersecurity plans cost less now than closing down a business does later.
Courtesy of Avanan