Cybercriminals have found phishing attacks to be an effective means of targeting businesses and gaining access to their IT systems. They create malicious links and send them to unsuspecting employees. If these employees click the phishing links, the cybercriminal will be able to enter the company network, steal sensitive data, and disrupt business operations.
Business owners should develop adequate strategies to fight this growing threat and protect their organization from other cyber threats. Part of these strategies should be to install phishing protection software to flag suspicious emails, so employees will think twice before opening them.
Understanding Phishing Attacks
Phishing attacks are effective because the perpetrators pretend to be trusted entities and send messages that are likely to entice an unsuspecting employee. They use social engineering tactics and can be patient when baiting their target. This is why people should refrain from posting information about their work and personal life on the internet.
Cybercriminals can find people’s work emails online and send a message that the recipient will believe comes from a coworker or an honest member of society. These messages usually contain a malicious link or attachment that if clicked, would give the bad actor access to their computer.
This unauthorized access gives them free rein to do whatever they want within the IT system of the affected company. Sometimes, businesses are integrated with third-party companies through APIs and hackers can also gain access to those third parties if their phishing attack is successful.
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Risks and Consequences
Phishing attacks cause data breaches which are serious privacy violations. Businesses that hold large amounts of consumer data could have that data leaked to the public. This can ruin the lives and finances of the affected consumers, causing them to sue the offending company. Moreover, government bodies have laws and guidelines that regulate how businesses can store and handle consumer data.
If a company does not comply with these regulations or makes a common cybersecurity mistake and suffers a phishing attack as a result, they can be fined, restricted from operating, or have other sanctions imposed on them. Their reputation can also take a hit because consumers will be reluctant to give their data to a company that has a history of cyber attacks.
The public might not always find out when a business suffers a phishing attack, but that attack may disrupt their operations and reduce their ability to cater to their customers. For example, a hacker might plant ransomware in a business’s IT infrastructure through a phishing message and hold said business to ransom. The affected company will be unable to function properly until they pay off the hacker, or are able to eliminate the ransomware in their system.
Endnote
These kinds of issues can be prevented if a company uses reliable phishing protection software and teaches its employees to be wary of the different ways cybercriminals carry out phishing attacks. Cybersecurity is crucial for every business because it helps them preserve the integrity of their data and keeps it out of the reach of hackers and other malicious actors.
