What Is Phishing A Phishing Attack?
Phishing is internet fraud in which internet scammers and hackers would use e-mail lures posting as individual entities to hook their victims (fish) for financial and personal data. Originally coined in 1996, phishing is one of the most common ways for hackers to get information regarding their targets.
Why Phishing Attacks Work
Phishing attacks work because they are simple and every business has an email address.
Here are some of the top reasons why phishing attacks still work:
- Every business and employee in that business has an email address that makes them vulnerable.
- When people are going through their email, they are usually not looking for fake phishing emails.
- Lastly, the fake emails are getting better at looking real.
Why Phishing Is a Problem For Businesses
A successful phishing attack on a corporation may lead to millions in damages. On average, a breach of a company’s data of 10,000+ customers may end up costing $3.7 million in damages. While theft is the obvious outright risk, there is more damage experienced with a successful phishing attack.
Also, phishing is a major problem for entrepreneurs across the world. With 97% of people unable to identify a phishing email, more are becoming victims.
Some of the risks include:
- Potential lawsuits from clients whose details are leaked or breached.
- Damage to the company’s brand and reputation
- The loss of potential revenue and broken sites.
- Business disruption and potential fines.
Check out this graphic with all of the Phishing attack facts.
About the Author:
Benjamin works at Inspired eLearning to help with online security training for small business owners to keep them safe. He is passionate about helping entrepreneurs grow their companies while keeping them protected from online attacks.