The Problems of Email Fraud and How to Properly Protect from It

Mailspike By Mailspike • August 6, 2020

Email is the most important tool every company has, and yet it's the most vulnerable one. Companies don't always ensure email safety, and they can easily become victims of things like email fraud, malware, phishing, ransomware, and more. 

Email is the most important tool every company has, and yet it's the most vulnerable one. Companies don't always ensure email safety, and they can easily become victims of things like email fraud, malware, phishing, ransomware, and more.  

The True Problem of Email Fraud

The real problem of email fraud and other similar cyber-attacks is the fact that every year they get better and more sophisticated. The better these attempts get, the more brazen hackers become. For example, last year, phishing attacks have grown by 65%, and this year is likely to end similarly when the studies are done. If that weren't enough, 76% of businesses reported having been a victim of an attack. 

It’s no wonder that many businesses get tricked by fraudsters when as much as 48% of malicious email attachments are, in fact, Office files, like most companies use all the time. 

And when these email frauds end up being successful – they cost a lot. According to the FBI, email fraud has cost businesses some $26 billion in total in the past three years. When it comes to a single midsize business, an average attack will cost them $1.6 million if it ends up being successful.

Hackers know how and where to strike to be most effective, and businesses can easily be tricked for a variety of reasons. Many of these reasons are based on human error, but the vast majority are due to the lack of proper email protection

The Benefits of Proper Email Fraud Protection

Many major cybersecurity companies offer additional protection against email fraud. The main things they offer boil down to three essential elements:

Email fraud's primary goal is to impersonate a key executive or employee and targets the rest of the company. Hackers use fake emails; they take over accounts of key figures and try to get data or money. 

Companies like Agari and Proofpoint attempt to help companies by offering specialized software solutions that prevent hackers from achieving this. They block hackers before they manage to reach you. Their software detects which emails are fraudulent, and they don't allow them to reach you or your employees. 

Now, all of this sounds great, and it's what your company needs to stay protected. However, the problem with these major cybersecurity companies is that they offer this software separately, whereas it should be part of the standard email protection software. 

AnubisNetworks knows this, which is why we incorporate email fraud defense into our standard email security package. 

The Bottom Line

There's no point in paying extra for something that has the biggest effect on your cybersecurity. As you've seen from the statistics we've given you in this article, email fraud is the biggest threat to the most significant part of the tools your company uses. That's precisely why it needs to be protected with a standard email security software. 

All you need to stay protected is proper email security software that ensures you have email fraud defense as well.

 

AnubisNetworks

 

Author: Mailspike

The Anubis Labs team is tasked with the ongoing effort to discovery new threats, track and collect intelligence about malware and botnets and figure out the best approach to let our customers have a good insight on their threat landscape.