How to Protect Your Business From Phishing Attacks

Phishing is a form of cyber attack where the attacker attempts to deceive or trick the victim into disclosing their personal data, downloading malware, or making payment without their knowledge. Distributed attackers tend to send emails, web pages, text messages or social media messages that look like they’re from someone you know or are affiliated with. Companies can minimize the chances of phishing by educating employees, implementing robust email security, implementing multi-factor authentication, maintaining updated software, and implementing a clear email reporting policy. A robust phishing protection strategy includes technology, employee awareness and regular security audits to minimize damage if a phishing attack is successful and to prevent the attack from happening in the first place.

Phishing attacks are still among the most prevalent cybersecurity dangers to companies. They don’t necessarily require high-end hacking skills. Instead, users’ behavior is the most common target. Security breaches can be achieved by a convincing email, a pressing request or a fake login page.By sending a convincing email, a pressing request or a fake login page, they can gain access to business accounts and sensitive data.

The positive side is that businesses can take action to minimize their exposure. With a little bit of training, security measures, and a little bit of common sense, phishing can be much more difficult to pull off.

What Is A Phishing Attack?

Phishing takes place when a scammer pretends to be a trusted entity (such as a person, business or service) and tricks someone into taking an unsafe step. The aim could be to acquire passwords, payment details, consumer information or access to company systems.

Phishing is often done via email, but can also be done via text messages, phone calls, social media and fake websites. There are attacks which are wide and are sent to many people. Some are more detailed and have been created for a specific employee or business.

There are some common types of phishing, such as:

Phishing: A false email that tricks the recipient into clicking a link or opening an attachment, or into entering information.
Spear phishing: A targeted attack targeted at a specific employee, department or business.
Business email compromise: Attacker pretends to be an executive, supplier, or business partner and asks for payment or other information.
Smishing: Phishing done via SMS or other text message.
Vishing: Scam phone calls designed to trick someone into disclosing information or take action.
Credential phishing: Simulated logon pages that steal logon information.

Phishing attacks do not discriminate in terms of size of the business. Small businesses might be appealing due to their limited cybersecurity resources, and big businesses could provide entry into precious customer and financial data.

Why Phishing Is A Serious Business Risk

Once a phishing attack is successful, it could cause more than a minor inconvenience. When an employee provides an attacker with their username and password, the attacker could access files, financial systems, cloud applications or email.

Impact may involve monetary losses, data breaches, disruption, and reputation loss. It is also possible to use a damaged e-mail account as a means of attack against other employees or customers.

An employee who accesses their work email account could view past discussions and send a convincing message to the finance department, for example. The message may look like it is from a company executive and ask for an immediate payment.

Phishing can also be a precursor to a larger cyber attack. If the attachment or suspicious link is malicious, it can either install malware or allow an attacker to gain access to a business network.

This is why, phishing protection cannot be looked upon as an IT problem entirely. All staff who are using Company email, messaging or online business applications are part of the cybersecurity team.

Train Employees To Recognize Phishing

One of the biggest components of phishing prevention is employee awareness. While security software can stop many threats, it cannot stop all of them. Staff should be able to identify signs and what to do if it appears suspicious.

Training should be based on practice and not jargon. When a message conveys urgency or fear it is important that employees know how to slow.

Symptoms of a problem include:

Requests for a password, payment information, or confidential information when not expected
Messages that cause unusual urgency
Links that connect to unfamiliar or misspelled domain names.
Unexpected attachments
Requests to bypass normal company procedures
Unusual grammar or word order
Messages appearing to be sent from a manager but using an address not previously used.
If an employee has not caused a login, the login alerts will be reported.
New requests for gift cards, wire transfer, or payment information changes

Also, employees need to be aware that some phishing emails are professionally-looking. The attackers can simply design their messages to be as similar as possible to the company’s communications, and include the company’s branding.

It is better to train them regularly than once a year. Simple reminders about security, mock phishing drills, and regular reminders will help reinforce learning.

Use Technology To Strengthen Phishing Protection

Technical security controls provide support for employee awareness. There are a number of layers of protection that should be taken by a business as no single tool will stop all phishing attacks.

Strong email security is key. Email filtering systems can detect suspicious emails from the sender, links or attachments that are potentially malicious and unusual message patterns that may occur before the message ends up in an employee’s inbox.

Other essential steps for businesses include implementing multi-factor authentication (MFA) on key accounts. In addition to the password, MFA will ask users for another form of identity. If an attacker is able to steal a password via a phishing scam, MFA can make it harder to access the account.

Organizations should avoid using phishing techniques to verify identification, especially when accessing sensitive systems or administrator accounts where possible.

Other key security features are:

Update operating systems, browsers, applications and security tools.
Ensure trusted endpoint protection and malware detection.
Use access controls according to employees’ duties.
Assign access to employees on a need-to-know basis.
Follow good password management strategies.
Keep an eye on any suspicious logon.
Regularly back up critical business data.
Use more stringent security measures on administrative accounts.
Set up email authentication policies (SPF, DKIM, DMARC).

There are some specific forms of domain impersonation that can be mitigated with email authentication, and it can make it more difficult for an attacker to send out an email that appears to be coming from a company’s legitimate domain.

It is also important for businesses to consider web filtering and DNS security tools which are able to block known malicious websites. These controls can offer extra security if an employee clicks on a malicious link by mistake.

Create Clear Procedures For Suspicious Messages

Technology and training are still critical but there’s also a need for a straightforward way for staff to deal with suspicious communications.

A business should have a guideline for what employees are expected to do when they receive an email, text message or phone call that is questionable. The process should be easy to follow, and not leave the employees to making complex technical decisions.

For instance, staff may be asked to:

Stop and do not click on links or attachments.
Avoid answering with passwords, financial information or other confidential information.
Double check odd requests via alternative means.
Report to designated IT / security person.
If they have already clicked something suspicious, report it right away!

For financial requests, it’s important to verify it independently. A request by an executive to transfer funds or a request by a supplier to update bank details should be reconfirmed by the employee by using a trusted phone number or channel of communication.

Businesses also need to have a clear plan for suspected account compromise. This can range from resetting credentials, revoking current sessions, reviewing login activity, scanning devices, and/or checking if sensitive information was accessed.

Having a written incident response plan can minimize confusion when an incident occurs. It makes it easier for people to act properly if they have already been informed of the proper response and person to contact.

Review And Improve Your Security Strategy

Prevention of phishing should be a continuous effort. Likewise, attackers continually adapt their tactics, with which businesses should be aware and adjust their defenses and employee training as needed.

Simulated phishing campaigns can be used to gauge employee awareness. These exercises should be set up as a training, not punishment, exercise. The purpose is to determine the support needed by staff.

Additionally, businesses should go through their security controls on a regular basis. Useful questions include:

Do critical accounts have MFA and other robust authentication measures?
Are former employees’ accounts deleted in a timely manner?
Is the administrators access to these accounts secure?
Do the security measures in email settings keep you secure?
Do employees have an easy way to report suspicious messages?
Are important systems and applications patched?
Does the backup occur regularly and is it tested?
Is there an incident response plan in place for the business?
Are current security awareness training being provided to employees?

Additionally, it’s important to look at near misses as well. When an employee reports a convincing phishing email, the security team can use the incident to enhance filters and to educate the entire organization.

It’s not a workplace where staff members don’t want to open emails. It is important to create a culture where individuals know how to confirm odd requests and notify of potential threats promptly.

Final Thoughts

Phishing attacks work because they go after the humans rather than technology. Just because a business has great cybersecurity tools doesn’t mean their employees are just as equipped to flag suspicious emails.

The best way is to take a layered approach. Regularly train employees, implement multi-factor authentication, enhance email security, restrict usage by employees, maintain up to date systems and establish reporting protocols. Also, make it easy for employees to report errors promptly, allowing the security team to take action before a minor incident escalates into a big breach.

No single solution can completely protect against phishing. But if a business has a strong sense of employee awareness and technical controls, the chances of a successful attack are greatly diminished.

Preventing phishing is not a one-off effort. This is a continuous effort in running a safe business. To keep company systems, employees, customers and valuable business information safe, regular training, security checks and swift incident response may be required.