Phishing for Identity
Phishing attacks are on the rise, and they are unfortunately more sophisticated than ever.
In the past, identity theft could be seen as a common subject in blockbusters or police drama TV series. Today, however, Phishing is a reality that could affect anyone.
So why are these types of attacks on the rise? After all, Phishing is not exactly a new concept. The reason: They are extremely profitable for the attackers.
The average cost of a Phishing attack for mid-size companies is $1.6 million.
A Phishing attack can be a death blow for businesses that don’t take the necessary precautions. Not only is the top-line affected, but the brands image and trust can be obliterated if news of a data breach reaches the public. For example:
- 1/3 customers say they would stop dealing with a business following a cyber-security breach, even if they do not suffer a material loss.
- After a company is breached, 60% of customers will think about moving, and 30% actually do.
What is Phishing?
Let’s jump back to the beginning and answer the obvious question: What is a Phishing attack?
A Phishing attack or scam, is when an attacker sends an email pretending to be someone (ex. the CEO of an organization) or something he’s not (ex. Google). The goal is to extract sensitive information out of the target.
Essentially, the attacker attempts to create fear, curiosity, or a sense of urgency. When the target is prompted to open an attachment or fill in their sensitive information (i.e. username, password, or credit card number) they are then likely to give in.
In LoginRadius’ new E-book, we dive into the effects a Phishing attack can have on a company. We also look into the common Phishing methods and the ways in which to protect against them, including:
- Credential Theft
- Exploit Kits
- Malicious Attachments