Phishing scams remain among the most widespread and successful types of cyberattacks, so being aware of their danger to your business is crucial.
Your business could be the next victim if you don't understand how cybercriminals leverage phishing scams.
Let’s look at the intent behind phishing emails, the various phishing attacks, and, most importantly, how you can secure your business.
Cybercriminals use phishing emails to lure unsuspecting victims into taking actions that will affect business operations, such as sending money, sharing passwords, downloading malware, or revealing sensitive data. The primary intent behind a phishing attack is to steal your money, data, or both.
Financial theft: The most common aim of a phishing attempt is to steal your money. Scammers use various tactics, such as business email compromise (BEC), to carry out fraudulent fund transfers or ransomware attacks to extort money.
Data theft: Tor cybercriminals, your data, such as usernames and passwords, identity information (e.g., social security numbers), and financial data (e.g., credit card numbers or bank account information), is as good as gold.
They can use your login credentials to commit financial thefts or inject malware. Your sensitive data can also be sold on the dark web for profit.
Phishing attacks are constantly evolving and can target businesses of all sizes. While phishing emails are a standard method cybercriminals use, they also use texts, voice calls, and social media messaging.
Here are the different kinds of phishing traps that you should watch out for:
Scammers send highly personalized emails targeting individuals or businesses to convince them to share sensitive information such as login credentials or credit card information.
Spear phishing emails are also used for spreading infected malware.
A type of spear phishing, whale phishing or whaling is a scam targeting high-level executives where the perpetrators impersonate trusted sources or websites to steal information or money.
An increasingly popular form of cyberattack, smishing uses text messages claiming to be from trusted sources to convince victims to share sensitive information or send money.
Cybercriminals use vishing, or voice phishing, to call victims while impersonating somebody from the IRS, a bank, or the victim’s office.
The primary intent of voice phishing is to convince the victim to share sensitive personal information.
A BEC is a spear phishing attack that uses a seemingly legitimate email address to trick the recipient, who is often a senior-level executive.
The most common aim of a BEC scam is to convince an employee to send money to the cybercriminal while making them believe they are performing a legitimate, authorized business transaction.
Also known as social media phishing, this scam primarily targets social media users. Cybercriminals with fake customer service accounts trick disgruntled customers into revealing their sensitive information, including bank details.
Scammers often target financial institutions and e-commerce businesses.
Also known as brand spoofing, brand impersonation is a phishing scam carried out using emails, texts, voice calls, and social media messages.
Cybercriminals impersonate a popular business to trick its customers into revealing sensitive information. While brand impersonation is targeted mainly at the customers, the incident can tarnish the brand image.
Emails are crucial for the success of your business, but implementing email best practices and safety standards on your own can be challenging.
That’s where a Managed IT Service provider comes in. We have the resources and tools to protect your business from cyberattacks, helping you focus on your everyday business activities without worry.
Get started with a free IT Consultation!
We are a full-service management consulting and CPA firm covering all aspects of audit, compliance, risk management, accounting, finance, tax, IT risk, and more. Just let us know what you need help with and an expert will be in touch!
Request Your Consultation
