The Basics of Business Phishing
Business phishing is a type of cyber attack that uses email to try and trick you or your employees into revealing sensitive information or downloading malware. The attacker usually poses as a trusted entity, such as a financial institution or online service, in order to gain your trust. Once you or your employees have provided their login credentials or clicked on a malicious link, the attacker can gain access to your account or infect their device with malware. Business phishing attacks can have serious consequences for both the individual victims and the organizations they work for.
Common Tactics Used in a Phishing Attack
Cybercriminals will often send out phishing emails that appear to be from a legitimate source, such as a financial institution or well-known company that you frequently do business with. They often use authentic-looking logos and branding from legitimate companies. The email will typically contain a link that directs you to a fake website that is designed to look like the real thing.
Once on the fake website, you are often asked to input sensitive information, such as your login credentials or credit card numbers. This information is then used by the cybercriminals to commit fraud or identity theft.
Cybercriminals may also use phishing emails to install malware on your computer systems. The email may contain an attachment that, when opened, will download and install the malware. This can allow the cybercriminals to gain access to your systems and steal sensitive information or carry out a ransomware attack.
Risks Associated with a Phishing Attack on Your Business
A phishing attack can wreak havoc on your business. Here are five risks to be aware of:
- Financial loss: A phishing attack can result in direct financial loss if, for example, an employee falls for a fake invoicing scam and wires money to the attacker’s account.
- Loss of sensitive data: If attackers gain access to your company’s network, they may be able to steal sensitive data such as customer information or trade secrets.
- Reputational damage: A successful phishing attack can damage your company’s reputation if, for example, customers’ personal information is leaked.
- Regulatory penalties: If your company is subject to data privacy regulations, a phishing attack may result in hefty fines.
- Productivity loss: A phishing attack can disrupt your business operations and lead to productivity loss as employees spend time dealing with the fallout.