Understanding the real risks of email phishing attacks to Businesses and what to look for in your email security provider in 2024.
In our latest post, we explore the very real risks associated with email phishing attacks in 2024 and provide valuable insights on what you should look for in your email security client. By understanding the evolving threat landscape, and the key features of effective email security solutions, you can take proactive steps to protect your business from falling victim to these insidious attacks.
Email: The Persistent Weak Link in Cybersecurity
Cybersecurity is witnessing an unprecedented upheaval, and email security remains a key focus for businesses in 2024. While technological advancements have undoubtedly enhanced our ability to communicate and collaborate, they have also opened new avenues for cybercriminals to exploit. The emergence of sophisticated AI tools like ChatGPT has further escalated the risks, with vishing, smishing, and phishing attacks surging by an alarming 1,265% since its launch in November 2022 (Source: ENEA).
The stark reality is that email continues to be the primary attack vector for cybercrime, with a staggering 90% of data breaches originating from phishing attacks aimed at employees. Credential phishing, in particular, has seen a 67% increase in volume compared to the previous year, highlighting the relentless efforts of threat actors to compromise business security (Cofense). These facts underscore the non-negotiable need to review, implement, and ensure robust email security protocols to safeguard your organisation from potentially devastating attacks.
The Ever-Changing Landscape of Cybercrime and Email Security
The phishing landscape is rapidly changing, with cybercriminals using novel and previously unknown attack vectors. Image-based and QR code phishing attacks are on the rise, with 76% of organisations compromised by these methods in the last 12 months (Ironscales). Moreover, AI and machine learning in attacking and defending email systems are becoming more prevalent, adding another layer of complexity to the cybersecurity landscape. Advanced phishing tactics, such as AI-driven attacks, are becoming increasingly sophisticated, deceiving even highly experienced users.
Pulse360 Secure ESaaS offers enterprise-grade protection against these evolving threats, with advanced features like controlled inspection environment and account takeover protection (ATP). Our managed solution seamlessly integrates with your existing IT security management systems, providing comprehensive protection for your organisation.
The Dire Consequences of Phishing Attacks for Businesses
The consequences of phishing attacks in 2024 are more severe than ever. Business Email Compromise (BEC) attacks result in staggering financial losses, exceeding $500 billion annually, as sophisticated phishing schemes trick employees into transferring funds or disclosing sensitive information (Cofense). The direct financial impact is substantial, with the average ransomware attack cost in 2023 reaching $4.54 million and recovery costs alone averaging $1.82 million. Beyond the immediate financial losses, organisations face damage to their reputation, loss of customers, and potential regulatory fines.
While the financial services sector remains the most targeted by phishing and malspam email attacks, specific industries are particularly vulnerable, notably IT, education, construction, healthcare, and government. Indeed, the construction industry was the most impacted by ransomware attacks in 2023, while 44% of healthcare organisations reported incurring recovery costs due to email security breaches (Egress).
Choosing the Right Email Security Client for Your Business with Pulse360 Secure (ESaaS)
In the face of increasingly sophisticated phishing campaigns, selecting an email security client that effectively protects your business should be a top priority in 2024. Traditional Secure Email Gateways (SEGs) are struggling to keep pace with the evolving threat landscape, emphasising the need for advanced email filtering and endpoint protection solutions. In fact, 87% of cybersecurity leaders are considering replacing their SEG or have already done so (Egress).
When evaluating email security providers, look for features that go beyond basic protection. Here are the key protections to look for in your email security client:
Controlled Inspection Environment. A robust email security client should offer the ability to inspect emails and attachments within a controlled environment, providing an extra layer of security for every inbound email, attachment, and link. This ensures potential threats are identified and neutralised before they reach your employees’ inboxes.
Enhances Your IT Security Systems. Effective email security should also seamlessly integrate with and enhance your existing IT security management systems. Look for providers that offer both managed and self-service options, allowing you to choose the level of support that best fits your internal resources and availability. A managed service can be particularly beneficial, enabling your IT staff to focus on other business-critical security tasks.
Account Takeover Protection (ATP). Account takeover protection is another key feature to consider in your email security client. This extra protection layer maintains the security, privacy, and integrity of your email accounts to minimise the risk of unauthorised access and prevent attackers from using compromised accounts to launch further phishing campaigns.
Flexible Plans and Pricing. Flexibility in plans and pricing is also important as it allows you to easily add or remove users as your business needs change. With the rise of remote work and the increasing reliance on contractors and freelancers, the ability to extend email security coverage to all team members is more important than ever.
Investing in a robust email security solution like Pulse360 Secure ESaaS bolsters your protection against the ever-present threat of phishing attacks. Our solution offers industry-leading email security at a fraction of the cost, typically 75% cheaper than competitors, making it an ideal choice for businesses looking to maximise their cybersecurity ROI.
Safeguarding Your Business with Pulse360 Secure Email Security as a Service (ESaaS)
Email phishing remains a persistent threat to business security and integrity in 2024. The ever-evolving tactics employed by cybercriminals mean organisations need to continually invest in robust email security solutions that keep pace with the changing threat landscape.
With Pulse360 Secure ESaaS, you can significantly reduce your monthly email security costs per inbox while benefiting from enterprise-grade protection. Don’t wait until it’s too late: act now and safeguard your business from the devastating consequences of phishing attacks in 2024 and beyond. Contact us today to learn more about how Pulse360 Secure ESaaS can protect your business from email-based threats.
Discover the full range of benefits offered by the Pulse360 product suite and take the first step towards securing your organisation’s email communications. Don’t wait until it’s too late: act now and safeguard your business from the devastating consequences of phishing attacks in 2024 and beyond.
Contact us today to learn more about how Pulse360 Secure ESaaS can protect your business from email-based threats.
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Sources
Cofense 2024 Annual State of Email Security Report
ENEA Mobile Network Security
Egress 2024 Email Security Risk Report
Proofpoint 2024 State of the Phish: A Year of Change
LastPass Combatting Social Engineering in 2024
Ironscales Image-Based and QR Code Phishing Attacks
