Phishing attacks have become one of the most common and costly cyber threats to businesses today. According to the 2024 Cyber Security Breaches Survey, phishing attacks accounted for 84% of reported security incidents among businesses, highlighting it as the most common method cybercriminals use to gain unauthorized access to data. Therefore, businesses must understand phishing attacks and how to tackle them. This guide will walk you through everything you need to know about phishing, from the tactic’s cybercriminals use to the technology that can be put in place to minimise the risks.

What is Phishing?

Phishing occurs when cybercriminals deceive people into disclosing sensitive information, such as passwords or credit card details. They frequently claim to be trustworthy sources, such as banks or popular websites, and use emails or texts to trick victims into taking harmful actions. 

Types of Phishing Attacks

Phishing attacks take various forms:

• Email Phishing: The most common type where attackers send fake emails that look like they are from real companies to steal information.
• Spear Phishing: A targeted attack where the hacker customises the email to make it seem more credible by using details specific to you or your company. For example, a hacker might pose as your CEO, referencing a recent company project and asking you to urgently transfer funds to a “new” account.
• Whaling: Similar to spear phishing, it is aimed at high-ranking officials, like CEOs, to trick them into revealing sensitive information.
• Smishing and Vishing: Phishing through text messages (smishing) or phone calls (vishing) that encourage people to share personal information.

Why Are Phishing Attacks Effective?

Phishing attacks work well because they exploit trust. The attackers draft their messages to look real and often create a sense of urgency, making people feel like they must act quickly. Many businesses fail to train their employees to spot these scams, making it easier for hackers to succeed.

How to Recognise Phishing Attempts?

Here are some signs that an email or message might be a phishing attempt:

• Generic Greetings: If the message starts with “Dear Customer” instead of your name, it might be a scam.
• Spelling and Grammar Mistakes: Legitimate companies usually proofread their communications so errors can be a red flag.
• Suspicious Links: If you hover over a link and the web address looks strange or different from the company’s official website, don’t click it.
• Urgent Messages: Be wary of messages that pressure you to act quickly, claiming your account will be locked or you need to verify information urgently.
• Odd Email Addresses: If the email address looks strange, has extra letters, or resembles a familiar company name with slight alterations—like adding a period or switching a letter (e.g., “micros0ft.com” instead of “microsoft.com”)—it’s likely a phishing attempt. Scammers often use these subtle changes to trick recipients into thinking the email is from a trusted source. 

How to Protect Your Business from Phishing Attacks?

• Educate Employees on the Dangers of Cyber Threats: Train your team to recognise phishing attempts. Simple training sessions can help everyone spot scams.
• Use Two-Factor Authentication (2FA): This adds an extra step when logging in, like entering a code sent to your phone, making it harder for hackers to access accounts.
• Invest in Email Security Tools: Use tools that filter out suspicious emails before they reach your inbox, reducing the chances of someone clicking on a harmful link.
• Encourage Reporting: Create a culture where employees can report suspicious emails without fear. The sooner you know about a potential attack, the better.
• Regularly Check Your Security: Conduct routine checks on your security practices to identify any weaknesses and improve your defences.

What to Do If You Become a Victim?

If you or someone in your company falls for a phishing scam, act quickly:

• Change Your Passwords: Update any compromised accounts straight away.
• Notify Your IT Team: Inform your IT department or Managed Service Provider about the incident so that they can assist in managing the problem.
• Monitor Your Accounts: Keep tabs on bank statements and accounts for any unexplained activity.
• Educate the Affected Employee: Ensure that anyone involved in the incident receives additional training to prevent future attacks.

How an MSP Can Help You?

Working with a Managed Service Provider like Mother Technologies can greatly enhance your protection against phishing attacks. At Mother, we offer ongoing monitoring and advanced security tools to help your business stay clear of any breaches. With Mother Technologies on your side, you can focus on running your business while knowing your systems and data are in good hands. Being prepared is always the best defence.