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The Dangers of Phising Emails to Businesses

Email is an essential part of how businesses communicate in the current world. It’s simple to use, convenient and delivers your message straight away. You can instantly communicate with people all over the world via email.

However, email comes with a downside – the risk of a cyber-attack via a phishing email. The number one threat to businesses, small and large comes via phishing emails. One click on link or attachment by an unsuspecting employee could have serious, harmful consequences. 

Below are some ways in which a phishing email can cause huge damage to a business.

  1. Data Loss – this can be the most damaging loss of all. Files may become damaged, corrupted, or completely lost. This can have a huge impact on the business operations, which could grind to a halt. Cyber criminals may also gain access to sensitive information from employees, customers and suppliers and use this information to perform additional attacks or sell the details on to other cyber criminals.
  2. Damage to Company Reputation – when combined with the loss of data, especially customer’s sensitive information, the damage to a business’ reputation will be far reaching and may result in loss of customers and sales. In extreme cases, businesses may never recover.  
  3. Financial Loss – there are several ways in which cyber criminals can steal money from businesses. They can pose as suppliers or higher ups within large organisations and request you pay an invoice urgently. They can gain access to bank account details and steal money directly. Stolen credit card details can lead to fraudulent transactions. The most damaging financial loss could come from data loss and damage to company reputation.
  4. Reduced Productivity – a combination of data loss, reputational damage and financial loss will have a huge impact on productivity. Businesses will need to dedicate employees and a huge amount of time and effort into recovering from an attack. Other employees may not be able to work during this period. This will lead to additional financial losses.

As you can see, the potential damage done to businesses is huge. It can take years to recover fully from an attack and in rare cases, can lead to businesses closing. Consequently, it is extremely important for businesses to have comprehensive email and cybersecurity systems in place to help minimise and prevent these potentially devastating attacks.

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