Tighter security saves businesses money
Wednesday, December 17, 2008
Businesses that react to phishing attacks rather than plan for them are losing money and valuable time in the process.
A new report released yesterday from Cyveillance titled The Cost of Phishing: Understanding the True Cost Dynamics Behind Phishing Attacks, states businesses can lose upwards of $1 million from fraudulent attacks from phishers.
Cyveillance identifies two types of cost that can affect businesses: hard and soft. A hard cost relates to a compromised credit card or employee time spent dealing with the fraudulent transactions. A soft cost involves the damaged reputation of the business and the loss of customer trust.
The report also stated out of five million spam emails sent by cybercriminals, only approximately 2,500 would be successful in tricking users. Though the number may appear small, the cost per hour of personnel working to fix the problem was stated to be $400.
Businesses should incorporate a comprehensive plan for phishing attacks, according to Cyveillance. The plan should include open communication with employees and be implemented in a way not to disturb regular business.
SMBs can incorporate tighter email security, as well as email archiving to ensure its employees can battle an attack while still continue with the day's workload.
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