Phishing is essentially a social engineering malicious technique that’s allowing hackers to exploit millions of computers and smartphones to infiltrate thousands of databases on an ongoing basis. Let’s take a closer look at this cyber pandemic that’s simply not going away despite the improvements in cybersecurity.
What is Phishing?
Social engineering has many forms and Phishing is the most common technique being used today. This hacking technique involves the sending of malicious emails or messages that are disguised to look like legitimate ones. The main difference is that these Phishing communications have links that can execute malware or ransomware payloads to infect the victim’s computer or smartphone.
There are many Phishing variations that are being used today:
1. Basic Email Phishing
Emails are the most common means of online communication today and it’s no surprise that Email Phishing is the most common hacking variation. The hacker first registers a fake domain to mimic an authentic one and make everything seem less suspicious, after which a malicious email is crafted. Once the victim opens this email and clicks on the malicious email, the breach is successfully executed.
2. Spear Phishing
This technique is an evolution of the aforementioned Email Phishing. Here, the hacker already has some basic information about the potential victim. This information can include the name, job position, and place of employment. Having this data allows the crafting of more credible emails. For example, these emails can include password-protected documents that request user credentials.
3. Smishing (SMS Phishing)
This technique works just like the email variation, but is instead sent to smartphones and devices with a cellular connection. Here the hackers use sender numbers and profiles that mimic known vendors like postal authorities, healthcare organizations, or other recognized government bodies. The victim then clicks on the link to fall prey to the malicious payload and has a contaminated device.
4. Vishing (Voice Phishing)
Voice Phishing is another hacking method that is used to create a sense of urgency and make victims take uncalculated actions to compromise their security. This can happen during times of military conflict (for example, the ongoing Russian-Ukraine war) or when the tax season is on (for example, executives can be attached to expose personal information). Automated software is making this even more lethal.
5. Pop-Up Phishing
Pop-Up Phishing is another hacking technique that’s gaining popularity due to the increased use of online eCommerce, financial, and healthcare services. Here, the malicious actors basically exploit websites and databases to contaminate pop-ups. Once the pop-up is opened and clicked upon in the victim’s browser, the payload is quickly executed and the machine (laptop, desktop, tablet) gets contaminated.
Related: Risk Management: A Digital Security Essential
The aforementioned techniques vary in effectiveness and severity, but the common theme is to exploit a worker’s or customer’s machine and use that attack vector to get into the company’s database or network. A worrying trend.
5 Best Practices to Combat Phishing
Cybercrime is on the rise, but here are 5 proven and tested ways to fight Phishing.
1. Awareness: Cross-Organizational Data Protection Training
Just giving occasional lectures and talks is great, but workers today need a more proactive type of training – Phishing simulations. They need to be exposed to these scenarios without prior knowledge, something that can help companies access their current security posture. The findings can then be used for educational and awareness purposes. Many vendors today offer automated simulation programs.
2. Cybersecurity: Anti-Viruses and Spam Filters
Expecting corporate employees not to use their work machines to open private emails is an unrealistic expectation. That’s why you need to implement the best antivirus solutions and spam filters to keep the bad guys away. This is not a bulletproof layer by any means, but can definitely help reduce the number of casualties in organizations of all sizes from all sectors today.
3. User Management: Multi-Factor Authentication (MFA)
With over 70% of organizations now experiencing Phishing attacks, MFA is becoming a true necessity. This authentication essentially helps block unauthorized access even after a machine has been hacked. Organizations can use two or more factors to make sure that the access is being given to authorized stakeholders. These factors can include one-time passwords (OTPs), face recognition, and magic links.
4. Mindset: Principle of Least Privilege (PoLP)
Phishing lets the hackers into the ecosystem, but poor management or permissions and privileges is what complicates the situation significantly. Authorized stakeholders should have the least amount of access needed to perform their tasks. Anything more increases the attack surface and your risk levels. Root privileges should be managed closely and revoked when not required.
5. Monitoring: Track Access and Usage Patterns
Having a comprehensive cybersecurity toolkit is of little use if you are not on top of things. Not only does this help detect unauthorized access in real-time to minimize damage, but you also need this for regulatory purposes. More and more privacy laws now require quick reporting to regulatory bodies and the victims of the breaches. You’ll need a strong end-to-end monitoring solution for best results.
Related: Zero Trust Security: Explained
Phishing: A Menace You Must Be Prepared For
Phishing attacks can be minimized but not eliminated altogether. Modern work setups are too complex, with dozens of third-parties and external code in play at any given time. Remote work has also reduced the effectiveness of traditional protection.
Just take a look at some 2021 numbers and statistics:
Average loss to companies due to Phishing attacks is $14.8 million
Phishing accounted for over 8o% of all cybersecurity incidents
Almost 85% of cyber attacks involved some kind of human element
Over 90% of business hacks are initiated via emails
Cyberattacks rose by around 50% when compared to 2020 (YoY growth)
Compromised data can prove to be very costly. There’s the remediation costs for starters. Then comes the downtime and brand damage. Regulatory fines are a reality and so are civil lawsuits. Is your business prepared to handle these expenses? Do you have the monetary flex to shoulder this burden? Cyber insurance helps small and medium size businesses do just that. Don’t become a Phishing statistic.
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