Business phishing scams are a growing threat in today’s digital landscape. These scams are designed to target businesses, their employees, and customers. The goal is to steal your sensitive information, such as login credentials, financial data, or proprietary information. In this blog post, we will explore the nature of business phishing scams and provide a real-life example. We will also offer tips for avoiding costly phishing scams for your business and its employees.
What are business phishing scams?
Business phishing scams are targeted attacks that aim to steal sensitive information from businesses and their employees. These scams are typically carried out via email or other electronic communications. They appear to be from a legitimate source, such as your bank, supplier, or a customer. These emails or text messages often contain links or attachments. When clicked, these links can download malware, or redirect the user to a fake login page designed to steal login credentials.
Real-life example of a phishing attack
One example of a most recent business phishing scam is the March 9, 2023 cyberattack on the Wilkes-Barre CTC school. This attack not only focused on one school, but seven others in the district. While currently under investigation, it may have been carried out via a phishing email sent to an employee. The email would contain a link that led to a fake login page, where they entered their email credentials. The attackers were able to use these obtained credentials to access the CTC’s on premise servers.
CTC’s phishing attack is one of many that happen every day. According to Security Magazine, there are over 2,200 cyberattacks each day, translating to nearly one cyberattack every 11 seconds. Due to the phishing attack, the CTC had to close while under investigation. Luckily, the school had preventative software in place and utilized the cloud to prevent further damage.
But many other businesses aren’t as lucky. Research conducted by the National Cyber Security Alliance found that 60% of small and mid-sized businesses that suffer a cyberattack go out of business within six months.
Tips for avoiding costly phishing scams for a business and its employees
Business phishing scams can be difficult to detect. Here are a number of steps that businesses and their employees can take to reduce their risk of falling victim to them:
1. Provide regular training and education to employees on how to identify and report phishing scams. Training can include simulated phishing exercises and reminders about best practices for email and electronic communications. TREYSTA offers Security Awareness Training. For more information, please reach out!
2. Implement multi-factor authentication (MFA) for all business accounts. MFA provides an additional layer of security that can prevent attackers from accessing accounts even if they have stolen login credentials.
3. Use email filters and firewalls to block suspicious emails and attachments. This can help prevent phishing emails from reaching employees’ inboxes.
4. Encourage employees to report suspicious emails or communications to the IT help desk immediately. By doing so this can prevent the spread of malware or prevent attackers from gaining access to systems.
5. Consider using security tools such as Webroot’s anti-virus software, firewalls, and leverage Datto to monitor and protect against phishing attacks.
6. Purchase Cyber Insurance to protect your business from the financial and reputational damage caused by cyber incidents.
Conclusion
Business phishing scams are a serious threat that can have costly consequences for businesses and their employees. In fact, 43% of all cyberattacks are aimed at small businesses. According to a 2022 report by the Ponemon Institute, the average cost of a cyberattack on a small business was $200,000. This includes costs associated with recovery, such as IT and cybersecurity services, legal fees, and lost business revenue. The report also found that the average time it takes for a small business to recover from a cyberattack is 146 days.
By following the tips outlined above, your business can reduce their risk of falling victim to these scams. Keep your sensitive information protected by staying alert to phishing scams and other cyberattacks.
Remember to stay vigilant when it comes to emails and electronic communications. Take steps to verify the legitimacy of any requests before providing any personal or business details. By working together to combat phishing scams, businesses can help protect themselves and their employees from this growing threat.
How TREYSTA can help
Partnering with a trusted IT company like TREYSTA can be an effective way to reduce the risks of a phishing attack on your business. We have the expertise in identifying and preventing cyber threats. Contact us today to learn how TREYSTA can help protect your systems and data from the ever growing threat of cyberattacks.
We work with all small-to-medium-sized businesses and organizations from Frederick, MD to Harrisburg, PA. Our team of IT professionals deliver results that will take away the worry of everything “technology”.
With offices in Gettysburg and York, our team is located nearby and ready to assist you with IT support and solutions. Don’t let IT issues cause you stress. Speak with one of our local IT service professionals today!
By partnering with TREYSTA, businesses like yours can better protect themselves from the costly consequences of a phishing attack.
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