Phishing scams have evolved significantly over the years and continue to pose a major threat to businesses of all sizes. As a business owner, I need to be vigilant and implement comprehensive security measures to protect my company from these sophisticated social engineering attacks.
Common Phishing Tactics Used Against Businesses
Phishers employ various tactics to try to trick employees into handing over sensitive information or performing wire transfers. Some of the most common methods include:
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Spear phishing – Fraudsters send emails that appear to come from a high-level executive within the company, urging the recipient to take urgent action like wiring funds or disclosing passwords. These emails often spoof the executive’s email address and signature to seem legitimate.
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Business email compromise – Criminals compromise or spoof an email account of a vendor, contractor, or other external partner to request invoice payments or sensitive data from employees.
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Watering hole attacks – Malicious links are embedded into websites commonly visited by people within a specific industry or organization. When employees click the link, malware infects their computer and spreads throughout the network.
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Fake supplier invoices – Scammers send fake or altered invoices with modified banking details hoping that staff in accounts payable will wire money without verifying the changes.
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Credential harvesting – Deceptive links trick users into entering their usernames and passwords on convincing but fraudulent login pages, handing over their credentials to cybercriminals.
How I Can Protect My Business from Phishing
Here are some key ways I can help secure my company against modern phishing scams:
Educate Employees on Phishing Risks
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Conduct mandatory cybersecurity awareness training for all employees to teach them how to identify and report phishing attempts. Update training regularly.
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Send simulated phishing emails to test staff readiness and see who needs remedial education on phishing red flags. Track click rates.
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Ensure everyone knows how to hover over links to check URLs and inspect email headers for spoofing.
Implement Technological Safeguards
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Use antivirus software and firewalls to filter malicious emails and block known phishing sites.
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Employ multifactor authentication to secure logins and verify identities.
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Back up data regularly and keep patches up to date to mitigate malware infections.
Enforce Policies for Handling Sensitive Actions
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Require invoices and other payment requests to be verified in-person or over the phone before any money transfers.
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Make financial transactions and data sharing subject to strong oversight procedures like approvals from multiple authorized individuals.
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Ban external party emails from eliciting confidential information or payments without independent verification.
Monitor for Suspicious Activity
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Watch for any abnormal financial transfers or requests to change account details from vendors. Verify any changes directly with the vendor over the phone.
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Review email logs to identify staff receiving unusual increase in external emails requesting confidential data or payments.
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Set up alerts for logins from unusual locations or devices to catch compromised accounts early.
Remaining Vigilant Against Evolving Threats
Phishers are constantly developing new techniques, making phishing education and protective measures a regular business necessity. By implementing robust training, policies and security tools, I can help safeguard my company against even sophisticated phishing ploys. But I must remain alert to new phishing tactics and update my defenses accordingly. With proper vigilance, my business can stay resilient against these ubiquitous impersonation scams.
