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Email fraud becoming a top priority for businesses

(Image credit: Image Credit: wk1003mike / Shutterstock)

Phishing is a huge problem for businesses, IT decision makers and C-level is disconnected on the issue, and the ones to suffer most are the employees. 

This is according to a new report by cybersecurity experts Proofpoint, which found that 82 per cent of C-level execs fear email fraud attacks. At the same time, a third of IT decision makers are saying protecting from email fraud is more difficult because they lack C-level support.

Three quarters (75 per cent) of companies have suffered at least one such attack in the last year and, in 24 per cent of cases, it ended in employment termination.

“Email fraud is highly pervasive and deceptively simple; hackers don’t need to include attachments or URLs, emails are distributed in fewer volumes, and typically impersonate people in authority for maximum impact,” said Robert Holmes, vice president of email security products for Proofpoint.

“These and other factors make email fraud, also known as business email compromise (BEC), extremely difficult to detect and stop with traditional security tools. Our research underscores that organisations and boardrooms have a duty to equip the entire workforce with the necessary solutions and training to protect everyone against this growing threat.”

Almost three quarters (59 per cent) of IT decision makers believe email fraud will be the biggest cybersecurity risk in 2018. Businesses mostly suffered downtime and disruption, with 33 per cent experiencing a loss of funds.

The full report can be found on this link (opens in new tab).

Image Credit: wk1003mike / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.