Safeguarding your company from cyber threats is crucial. One of the most common and dangerous attacks you may face is phishing. In this blog, we’ll break down what phishing is, highlight the most common phishing scams happening today, and discuss the consequences of falling victim to these attacks. Most importantly, we’ll provide actionable steps to defend your business.

What are phishing attacks?

Phishing attacks are attempts by cybercriminals to deceive individuals into providing sensitive information, such as passwords, credit card details, or business credentials. These attacks typically occur through emails, text messages, or websites that look legitimate but are designed to steal your information.

Phishing isn’t just a consumer problem—businesses, especially small to mid-size ones, are increasingly being targeted. Why? Because smaller companies may have fewer security measures, making them easier targets for hackers.

5 Common phishing attacks to watch out for

Here are some of the most common phishing schemes businesses are seeing right now:

1. Email Phishing: The most common form, email phishing, involves hackers sending emails that appear to come from a legitimate company or person (like your bank or a trusted vendor). These emails often contain malicious links or attachments designed to capture your information.

2. Spear Phishing: Spear phishing is a more targeted version of email phishing. Hackers research your business or employees and craft emails that seem specific and personal, making them harder to detect as fake.

3. Business Email Compromise (BEC): BEC attacks involve hackers gaining access to a business email account and using it to trick other employees or business partners into sending money or sensitive information. These are particularly dangerous because the request looks like it’s coming from a trusted source within your company.

4. Smishing and Vishing: Smishing (SMS phishing) and vishing (voice phishing) are newer methods. Smishing uses text messages to prompt recipients to click malicious links or provide personal information. Vishing involves phone calls where attackers impersonate credible sources (such as IT support or vendors) to steal information.

5. Clone Phishing: In this method, hackers copy a legitimate, previously delivered email containing a trusted link or attachment. They replace the original content with malicious content but keep the legitimate look of the email, making it harder for recipients to detect the scam.

How to defend your business against phishing attacks

• Educate Your Employees: Regularly train your staff to spot phishing attacks. Please encourage them to think before clicking links or downloading attachments from unknown or unexpected sources.

• Use Strong Security Tools: Implement email filtering, anti-virus software, and firewalls to block malicious emails and websites before they reach your employees.

• Implement Multi-Factor Authentication (MFA): MFA adds an extra layer of security by requiring users to verify their identity with more than just a password.

• Monitor and Update Systems: Keep your security software updated and monitor your systems for suspicious activity.

• Verify Requests for Sensitive Information: Train employees to verify any request for sensitive information, especially financial transactions, by contacting the person or vendor directly using known contact details, not the information in the suspicious message.

Who to contact for help defending against phishing attacks

If you’re a small business operator and don’t know how to take the necessary precautions, consider contacting cybersecurity experts. Here are some options:

• Local IT Security Firms: They specialize in setting up defenses and training your team.

• Managed Service Providers (MSPs): MSPs remotely manage your business’s IT infrastructure and security systems. An MSP will monitor your systems, respond to threats, and keep your cybersecurity measures current. One example is Datto, which provides small businesses backup, disaster recovery, and cybersecurity solutions.

• Cybersecurity Software Providers: Tools like Norton, McAfee, or Bitdefender offer dedicated business solutions and support packages.

• Government Resources: The Cybersecurity and Infrastructure Security Agency (CISA) provides resources for small businesses to secure their networks.

What to do if you fall victim to a phishing attack

If your business has already fallen victim to a phishing attack, take these immediate steps:

• Disconnect the Affected System: Disconnect any compromised devices from your network to prevent further damage.

• Change All Passwords: Immediately change passwords for all accounts that may be affected, especially financial or business accounts.

• Contact Your IT Department or Security Expert: If you have internal or contracted IT support, alert them as soon as possible so they can assess and mitigate the damage.

• Report the Incident:

  • Contact the FBI’s Internet Crime Complaint Center (IC3).

  • File a report with CISA or your local cybercrime unit.

  • Notify any affected clients or customers if their data may have been exposed.

• Review and Improve Security Protocols: Review your security protocols with a cybersecurity expert to prevent future attacks after addressing the immediate threat.

Consequences of falling victim to phishing attacks

The consequences of successful phishing attacks can be devastating for small and mid-size businesses:

• Financial Losses: Many phishing scams lead to unauthorized financial transactions. Hackers can gain access to business accounts, steal funds, or trick employees into transferring money to fraudulent accounts.

• Data Breaches: A successful phishing attack can lead to the theft of sensitive customer or business data. This could expose your clients’ personal information and damage your reputation.

• Operational Disruptions: Phishing attacks can result in malware or ransomware infecting your business systems, potentially halting your operations until you pay a ransom or repair the damage.

• Legal Consequences: Depending on the industry you're in, a data breach could lead to legal penalties if it’s found that you didn’t take adequate steps to protect your customers’ information.

The bottom line

Phishing attacks are a growing threat to businesses of all sizes, but by staying informed and taking preventive measures, you can defend your company from these damaging cyberattacks. Prioritizing employee education, investing in solid security tools, and maintaining vigilant monitoring will go a long way in protecting your business.