The Threat of Phishing

May 30th, 2019 by admin in ilicomm News No Comments »
The Threat of Phishing ilicomm Technology Solutions

According to the 2019 Cyber Security government survey by the Department for Digital, Culture, Media, and Sport, the most common cyber attack that businesses face is fraudulent communications that appear to come from a reputable source, usually through email; known as Phishing.

So What is Phishing?

An example of a phishing email, disguised as an official email from a (fictional) bank. The sender is attempting to trick the recipient into revealing confidential information by “confirming” it at the phisher’s website. Note the misspelling of the words received and discrepancy as received and discrepancy, respectively. It is also worth noting that, although the URL of the bank’s webpage appears to be legitimate, the hyperlink would actually be pointed at the phisher’s webpage.

Phishing is the fraudulent attempt to obtain sensitive information such as usernames, passwords and credit card details by disguising oneself as a trustworthy entity in an electronic communication. Typically carried out by email spoofing or instant messaging, it often directs users to enter personal information at a fake website which matches the look and feel of the legitimate site.

Users are often lured by communications purporting to be from trusted parties such as social web sites, auction sites, banks, online payment processors or IT administrators. Source: Wikipedia

How phishing can affect your business

Company Reputation

Reputations are precious and can take a long time to build. Announcing a data breach immediately hits a company’s reputation and can take years to fade from memory.

Loss of Custom

News of data breaches travels fast and tends to make customers nervous, leading to lack of trust.

Loss of Custom

News of data breaches travels fast and tends to make customers nervous, leading to lack of trust.

Regulatory Fines

Under GDPR, the penalties can total €20 million or 4% of a company’s annual global turnover – whichever is higher.

Business Disruption

Phishing attacks can have a profound effect on disrupting business’ day-to-day operations, leading to large financial losses over a period of time.

What to look out for

Phishing attempts are only successful with user interaction. An unopened phishing email is harmless and will only be destructive if the user replies with information or clicks on malicious links for example. Here is a great example provided by HMRC to help highlight related phishing scams relating to HMRC via an email threat.

The Threat of Phishing ilicomm Technology Solutions

ilicomm has over 25 years of delivering cost-effective information security and regulatory compliance solutions. Contact us to discover how we can ensure your business’s security is at its most efficient and cost-effective. Remember, the best way to help prevent phishing attacks is to train your employees and make them aware of the pitfalls and common tactics of phishing attacks.

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