Phishing is one of the most common types of cybercrime, with around 3.4 billion phishing emails being sent every day. For many businesses, being targeted by this type of cybercrime is merely a matter of when, rather than if, and if the thieves are successful, the consequences can be devastating for your business.
In the early days, phishing attacks were relatively simple. Attackers would send out generic emails with malicious links or attachments, trying to fool unsuspecting users into revealing sensitive information, such as login credentials or credit card numbers. These early phishing attempts were often easy to spot due to poor grammar, unusual email addresses, and suspicious content.
However, as technology and security awareness has improved, so too have the sophistication and variety of phishing attacks. Modern phishing campaigns are often highly targeted, making them harder to detect and more dangerous to both individuals and businesses. Let’s take a look at some of the key developments in phishing over the past few years.
Spear Phishing
Spear phishing is one of the most dangerous forms of phishing because it targets specific individuals or organisations. Unlike traditional phishing, which casts a wide net, spear phishing involves attackers researching their targets to create personalised emails that appear more legitimate.
For example, a hacker might pose as a trusted colleague, supplier, or even an executive within the company. The email might reference internal projects or recent communications to make it appear genuine, tricking the recipient into clicking a link or downloading an attachment that compromises the organisation’s security. These highly tailored attacks are often used to steal sensitive data or initiate fraudulent transactions.
Smishing and Vishing: Phishing via Phone and Text
As businesses and individuals become more adept at spotting phishing emails, attackers have diversified their tactics, branching into smishing (SMS phishing) and vishing (voice phishing). These methods leverage the trust people tend to place in mobile communications.
- Smishing involves sending malicious links or fake alerts via text messages. These might appear to come from a bank, delivery service, or even a government agency, urging the recipient to take immediate action, such as confirming account details or tracking a package. Given that many people have their phones with them at all times, smishing can be highly effective.
- Vishing, on the other hand, uses phone calls. Attackers often pretend to be tech support, government officials, or financial institutions, convincing victims to hand over sensitive information, such as passwords or credit card numbers, over the phone.
Both of these methods exploit the urgency and personal nature of phone communication, making them difficult for untrained employees to recognise as fraudulent.
Checkout our ‘Phishing Fears‘ course to learn more.
Business Email Compromise (BEC)
One of the most financially damaging forms of phishing is Business Email Compromise (BEC). In BEC attacks, criminals impersonate senior executives or trusted partners, sending urgent emails requesting payments, fund transfers, or confidential information. These attacks have become increasingly common, with companies of all sizes falling victim.
A typical BEC scam might involve a fraudulent email appearing to be from the CEO, asking the finance department to quickly wire money to a specific account for a business deal. The scam succeeds because it often leverages the trust within a company and exploits the speed at which businesses operate.
Clone Phishing
Another increasingly popular phishing tactic is clone phishing, where attackers create an almost identical copy of a legitimate email that the victim has previously received. The cloned email might appear to be from a trusted source, such as a colleague or vendor, and typically contains a modified version of the original attachment or link. By subtly changing the content, the attacker tricks the victim into clicking a malicious link that looks legitimate.
Clone phishing is particularly dangerous because the victim may have interacted with the original email, making them less suspicious of the clone.
How to Protect Your Business from Phishing
With phishing attacks evolving and becoming more sophisticated, it’s crucial for businesses to take proactive steps to protect themselves. Here are some key measures:
- Cybersecurity Training for Employees
Phishing attacks often rely on human error. Training employees to recognise phishing attempts, whether by email, phone, or text, is one of the most effective defences. Cybersecurity awareness programmes, such as those offered by Bob’s Business, can equip staff with the knowledge they need to spot and report suspicious activity before it becomes a problem. Simulated phishing training helps your staff identify phishing emails and know how to deal with phishing threats when they come in, with courses that can be tailored to your company’s specific weaknesses and needs.
- Multi-Factor Authentication (MFA)
Enabling MFA adds an extra layer of security to your business accounts. Even if a hacker obtains a username and password, they won’t be able to access the account without the second form of verification.
- Regular Software Updates
Ensure that your systems and software are always up to date. Patches and updates often contain fixes for security vulnerabilities that attackers could exploit.
- Email Filtering and Anti-Phishing Tools
Implement robust email filtering solutions to help prevent phishing emails from reaching your inbox in the first place. Many of these systems use machine learning to identify suspicious content based on known phishing techniques.
- Simulated Phishing Attacks
Simulating phishing attacks within your organisation can help employees learn to spot phishing attempts in a low-risk environment. By exposing them to real-world scenarios, you can measure their responses and identify areas for improvement in your security protocols.
- Secure Communication Protocols
Encourage employees to verify requests for sensitive information or payments, especially if the request seems urgent or unusual. A quick phone call or in-person conversation can prevent a costly mistake.
The Future of Phishing and Cybersecurity
As technology evolves, phishing techniques will also continue to evolve. Businesses need to stay ahead of the curve by investing in comprehensive cybersecurity solutions and ensuring their teams are well-trained to spot and respond to phishing threats. Cybercriminals are always looking for new ways to exploit vulnerabilities, but with the right training and tools, businesses can stay protected.
At Bob’s Business, we offer cutting-edge cybersecurity training designed to keep your employees one step ahead of the hackers. Don’t wait for your business to become a statistic—contact us today to find out how we can help safeguard your organisation from phishing attacks.