Severe Consequences of Phishing for Companies
Today, most companies run their business via email, even if they do not work in e-commerce and similar industries. That’s why our use of email is a natural part of functioning in the private sector. Companies can promote their products and services, send offers and inform their customers via emails. Since these types of emails also cover matters such as payment, purchasing, credit card information, commercial data, and such personal data may also be included. This information can harm you if it falls into the hands of hackers. As we mentioned earlier, email accounts are most frequently targeted in phishing attacks. You must protect your email account properly. For this reason, in this article, we will discuss the severe consequences of phishing on companies.
Hackers often target internal confidential information via spam. Spam emails are frequently used in phishing attacks that have increased in complexity and number in recent years. Also, phishing attacks are known as one of the main causes of cybersecurity attacks and data breaches. Almost half of the cyber campaigns originate from phishing.
In phishing attacks, hackers convince users that the message they receive is beneficial for them. They use fake emails for this. In phishing emails, hackers either request users’ bank account information or ask them to click on a dangerous email attachment. The messages mostly have urgency themes. So what happens to us when we are deceived by these messages?
Severe Consequences of Phishing for Companies
If the employees believe phishing messages, many kinds of monetary and moral damage await companies. We have seen in the past that companies lost money and reputation and were subject to legal fines because of phishing attacks. Many technology giants like Facebook, Twitter, Google, and others lost millions of dollars due to these cyberattacks. But money loss is not the only result of such attacks. The most important point of hackers in phishing attacks is to steal data.
Here are the Severe Consequences of Phishing for Companies:
In most countries, laws, and regulations on cybersecurity work on protecting consumer information. You may be subject to severe monetary sanctions if the information of users and/or employees of the company is disclosed due to a phishing attack or any type of data breach. As we have seen in the past, even well-known companies had to pay millions of dollars in such a situation.
Intellectual Property Violations
One of the worst things that can happen to a company in phishing attacks is intellectual property loss. In such scams and phishing campaigns, hackers gain the company access to too much confidential information. The information they capture usually includes customer information, research results, annual analysis, technological tools, patents, or intellectual property data such as design. Hackers who get this confidential information can sell it on the dark web or, worse, send it to your competitor. This can seriously affect your company and your plans.
Reputation and customer loss
It is essential that your customers trust you so that your company can continue its business. Only in this way can you ensure that your customers hand over their personal information to you. However, if you lose your customers’ data due to a phishing attack, you will damage this trust. In any phishing attack, all data belonging to your company and your customers are at risk. As this means that you cannot protect yourself, your customers, partners, and even employees may lose their trust in you. The value of your brand will also decrease.
Since hackers first target user information in phishing attacks, such events may disturb consumers. Therefore, they can turn to the brands they trust more. So you can lose a large number of customers as a result of phishing attacks and data breaches. After all, you could even lose your income as no one would choose you to entrust their business.
Severe Consequences of Phishing for Companies: What Can We Do Against Attacks?
If you want to avoid these severe consequences, you should support your company and your employees with the most up-to-date cybersecurity tools.
Our Email Gap Analysis tool, perfectly prepared for this task, is only one of these tools. Our tool tests how ready your systems are for suspicious emails, taking into account future online threats. By leveraging artificial intelligence, it can provide predictive security to protect your emails. That way, it can protect you from fraudulent emails before you even come across them.
Another tool you can use to prepare in advance for data breaches that may target your company is Threat Intelligence. Our tool collects and analyzes information about situations that may threaten your company’s cybersecurity and pose a risk. This way, it protects your customers’ or employees’ credit card information, social security numbers, credentials, and all other sensitive information from hackers. It prevents data leaks and specifically protects your brand’s reputation.