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The fallout from a phishing attack extends beyond monetary losses. A data breach significantly affects consumer confidence, making customers wary and prompting them to seek safer alternatives. This loss of trust can lead to a decline in customer base and revenue, putting businesses at risk of losing their competitive edge. Furthermore, the breach of intellectual property is equally devastating, as valuable trade secrets, research, and technology can fall into the wrong hands, jeopardizing a company’s long-term success and innovation.
In this article, we delve into the critical consequences of phishing scams and explore the impact they have on businesses worldwide. We’ll shed light on the financial implications, the loss of customer confidence, and the potential damage to intellectual property. To safeguard against these threats, we’ll also discuss advanced email security software that can serve as a robust defense, protecting businesses from phishing attacks, malware, and other online threats. By embracing cutting-edge cybersecurity solutions, businesses can fortify their email systems and shield themselves from the ever-evolving tactics employed by cyber crooks, ensuring the safety of their sensitive data and maintaining the trust of their valued customers.
Let’s find out its severe consequences on businesses.
Reputation, damageThe foundation of your business is built on trust between you and your customers. They trust you with their information. But when a phishing scam happens, all your data, including your brand and customers, is exposed. Consequently, it tarnishes their trust in your company. It affects the perception of your brand in the eyes of your customers, partners, and even employees. Hence, your brand value decreases, and so does your revenue.
Regulatory bodies may charge severe financial penalties on account of phishing attacks exposing your customer and employee data if it violates PCI or HIPAA. In such cases, the organizations have to incur millions to compensate customers and employees whose data have been stolen. A report says businesses lost $26 billion globally to phishing crimes from 2016 to 2019.
Data breaches substantially affect consumers and make them nervous. They start finding other products or services that they feel are safer. Hence, the victim organization loses many customers in addition to monetary losses.
Now, they have to start building that confidence again, which is even more challenging than earlier. Similarly, it also affects your investors’ confidence, reducing your company’s value. In 2018, when Facebook faced a data breach, its evaluation was decreased by $36 billion.
Losing intellectual property is also devastating. Online scams and phishing attacks comprise many trade secrets, customer lists, valuable research, analysis data, technology, patents or designs, and many more. If caught in the wrong hands, such sensitive information can seriously affect a company in many ways.
So, what can you do about it?
Some options are available to prevent phishing campaigns and other online threats. One way of protecting your emails is by using decent email security software. The first line of defense in your company must be Email security software. It can safeguard your emails from hackers, viruses, and spamming while letting you run your business without fear.
Let’s find out the following software to secure your corporate emails.
It can efficiently block threats before your inbox receives them and works fine with existing security. It can provide full protection to cloud email as well as collaboration systems. It scans threats after the existing security system in your computer finishes scanning. It offers top-level defense against business email hacks, breached accounts, and insider threats.
Artificial intelligence allows Avanan to learn from the complex relationship between communications patterns, emails, and employees to create a threat profile. This way, the software blocks online threats concerning each organization.
It has specialized Advanced Threat Protection Solutions for Email. SLE safeguards against cyberattacks that abuse the weakness of email security.
SLE carries out assembly-based analysis distinct from other solutions to ensure protection from new cyber threats.
FireEye Email Security catches common and advanced email threats to reduce the risk of security incidents becoming more serious. Capabilities include:
To protect your business against phishing attacks, INKY blocks online threats of many kinds. This email protection software utilizes domain-specific computer vision and machine learning to detect and block phishing emails capable of getting through even legacy email programs. If you use Google Workspace, Office 365, or Exchange, employ INKY and protect your emails.
On detecting any suspicious emails, the software raises warning banners and reflects them directly into your email. This way, it guides what such emails look like, and you can ignore similar emails in the future without responding to them.
Conclusion
Emails are a professional way of interacting with your customers and employees and may contain certain information you would never want to lose. But do not worry; there is a way to protect them. You can’t control cybercriminals, but you can contain phishing scams, spam, malware, and other online threats. Cybersecurity advanced solutions can now detect suspicious emails and raise alerts for the user. To protect sensitive and confidential information and to keep consumer trust intact, it is now necessary for all businesses to implement advanced cybersecurity solutions.
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