Email-based attacks are one of the leading cyber risks faced by businesses today. Keep reading to learn more about the risks and impacts of email attacks and what you can do to avoid falling victim. 

Types of Email-Based Cyber Attacks

Phishing: phishing tricks employees into divulging sensitive data by posing as a legitimate contact. Phishing emails seek out personally identifiable information, financial details, and passwords – which are then used to access bank accounts or steal users’ identities. 

Malware: often hidden within phishing emails, malware infects the user’s device to gain access to sensitive company information. Malware quickly spreads throughout files and programs, and often results in data theft, network disruption, and business downtime.

Ransomware: another form of malware that can be contained within phishing emails, ransomware encrypts critical files. Affected businesses are contacted with a ransom demand in order to regain access to their data. This leads to financial loss if the ransom is paid, or data leaks if it is denied. 

Business email compromise:  BEC is an umbrella term for email-based attacks, including phishing. However, BEC attacks typically focus on tricking the victim into making a financial transfer by carefully researching their target and personalizing their message. 

The Rising Threat of Email Scams

Despite advances in security, the success rates for email-based attacks continue to rise:

• An estimated 90% of successful cyber attacks start with email phishing
• Three in four organizations worldwide have experienced successful email-based cyber attacks
• Over half of organizations with 500 – 999 employees that encountered email-based cyber attacks experienced downtime and business disruption. 
• In the past year, 61% of SMBs were victims of a cyber attack, with 39% of affected organizations reporting a loss of customer data.

Companies of all sizes have been known to fall victim to this misleadingly simple form of attack. In one of the costliest phishing incidents of all time, Facebook and Google lost $100 million between 2013 and 2015 through a series of phishing invoices. 

Preventing Email Cyber Crime

Large and small companies alike are at risk for email-based attacks. So, what can you do to protect your business?

Cybersecurity: spam filters, malware scanners, and multi-factor authentication offer critical defenses against phishing attacks. For best results, ensure security software remains up to date at all times. 

Employee awareness: ongoing training is crucial to promote a culture of security and vigilance. Ensure team members of all levels are aware of common phishing tactics and know how to escalate suspected attacks. 

Inbox protection: unfortunately, employee errors do occur, and sophisticated phishing attacks can occasionally slip through your cyber safety nets. The most effective way to safeguard your business is to completely prevent malicious emails from reaching your inbox. 

Secure Your Inbox with Electric X Avanan

Avanan is an advanced solution that protects your business from phishing, malware, account takeover, and data loss. Using advanced AI, Avanan prevents malicious attacks from ever reaching your inbox, so you can eliminate the risk of employees interacting with a phishing email.  

Electric partners with Avanan to deliver a complete cloud email and collaboration security solution, delivering a 99% reduction in phishing attacks.  

“We were receiving too many phishing emails. Avanan is stopping all of them.” – Systems Integrator, Manufacturing Industry. 

To learn more about securing your employee inboxes from cyber threats with Electric X Avanan, get in touch.