Phishing is an increasingly pervasive online threat. A substantial 1.2% of all dispatched emails bear malicious intent, equating to a daily total of 3.4 billion phishing emails.
Projections for the entire year of 2023 suggest an alarming escalation, with the extortion of more than 33 million records anticipated to occur. The frequency of these cyberattacks is also expected to rise, with a ransomware or phishing assault predicted to transpire every 11 seconds.
Cybercriminals exploit fears and emotions to obtain personal and financial information. These criminals are skilled at these tactics – and they work.
When it comes to data breaches, 82% involve a human element. Essentially, cybercriminals leverage social engineering, which is manipulative behavior characterized by influence, deception, and guilt, to get what they want from their victims.
The FBI's internet crime records for 2022 document 800,944 complaints, indicating that cybercrimes affected at least 422 million individuals. Forecasts for 2023 are grim, predicting approximately 33 billion account breaches with the associated costs estimated to reach $8 trillion.
Fortunately, with the appropriate knowledge, anyone can learn how to maintain their network’s security protection. Knowing what to watch out for is integral, as is consistently and effectively strengthening your cyber defenses. Fortunately, you can learn how to stay ahead of cyber threats and protect your sensitive data.
4 Common Phishing Techniques
1. Email Phishing
Typically, phishing emails appear to be from legitimate sources when in fact they are from cybercriminals. A common phishing email is one that impersonates PayPal, typically warning you that a large, suspicious purchase has been made on your account or that your account has been restricted due to suspicious behavior.
You may have also seen emails impersonating banks or other well-known companies, such as Microsoft, typically with some type of dire headline: act now or lose access to your bank account, etc. There are usually instructions to click a link or download an attachment, with the goal of obtaining your credit card details, PINs, and other login credentials.
2. Spear Phishing
This particular cybersecurity threat is sophisticated, as cybercriminals thoroughly research their victims to craft convincing, highly personalized messages. They use an array of information gathering techniques, such as open-source intelligence (OSINT), to accumulate sufficient details about their targets.
This may include information about the victim's workplace, job title, professional relationships, or even ongoing projects. With these insights, they can construct believable communications that mirror legitimate correspondence.
A recipient who opens one of these emails may find it extremely challenging to discern the real messages from the fraudulent ones. The emails may have authentic-looking logos, official signatures, and plausible domain names, which blur the lines between legitimacy and deceit.
The email content often resonates with the recipient's current professional or personal circumstances, so they are more likely to elicit the desired response from the victim. Such tactics may include urging the recipient to click on malicious links, download infected attachments, or divulge sensitive information like passwords or financial details – similar to typical email phishing.
The main difference between spear phishing and traditional phishing is the use of social engineering techniques. The messages are specifically tailored rather than generic, which renders conventional anti-phishing measures less effective, necessitating a multi-faceted cybersecurity approach.
This could encompass enhanced email filtering systems, regular employee training on recognizing phishing attempts, and the deployment of advanced threat detection and response solutions to mitigate the risks associated with personalized phishing attacks.
3. Vishing (Voice Phishing)
In 2022, 47% of organizations were victims of vishing or social engineering attacks. Since 2021, over 59 million individuals in the US have been vishing victims.
Voice phishing utilizes a technique known as "caller ID spoofing" - criminals manipulate the caller ID to impersonate legitimate entities, such as government officials or technical support personnel from reputable companies.
This instills a false sense of trust or urgency, coercing the individual to comply with the attacker's requests. The overarching objective is to extract sensitive information from the targets or obtain remote access to their computers and other connected devices.
The manipulation of caller ID information camouflages the true origin of the call, enabling a more convincing social engineering scheme. These attackers are adept at creating false scenarios that pressure or entice the individual into divulging critical information, such as personal identification numbers, financial account details, or credentials for online accounts.
They feign a supportive or authoritative persona to persuade individuals to grant them remote access to their devices under the guise of resolving fictitious technical issues or conducting routine inspections.
The combination of technical manipulation with social engineering amplifies the risk these attacks represent. Organizations should educate their employees on the red flags associated with such scams, encouraging skepticism about unsolicited communication, and employing advanced security and technology solutions that can detect and mitigate caller ID spoofing and other associated threats.
4. Smishing (SMS Phishing)
Another potent cyber threat vector is smishing (SMS phishing) attacks, which are executed through text messages. In 2022, 76% of organizations reported experiencing smishing attacks.
Similar to email-based phishing, smishing involves the receipt of urgent text messages that coerce the recipient into taking immediate action. The message typically contains a malicious link. When clicked, it can lead to the installation of malware, revealing sensitive information or even performing financial transactions under false pretenses.
The immediacy and personal nature of text messages often result in a higher likelihood of response compared to emails, making smishing a lucrative tactic for cyber attackers.
Like other types of phishing, the engineered messages in smishing attacks are usually designed to incite fear, urgency, or curiosity in the recipient, leveraging psychological triggers to elicit a prompt response.
In some advanced smishing schemes, clicking on the malicious link might also lead to the download of ransomware or other forms of malware that can exfiltrate data or cause substantial disruption.
Being educated about such deceptive techniques and adopting prudent cybersecurity practices can significantly mitigate the risks associated with smishing attacks.
Recognition: Your first defense against phishing attempts
The simple truth is that cybercriminals cannot trick you if you know what to look for and trust your judgment. Evolv I.T. will help you understand the common phishing indicators and place you several vital steps ahead of attackers. When it comes to safeguarding a business's digital assets, employees know how to recognize and respond to phishing attempts.
Their understanding and vigilance are critical linchpins in the broader cybersecurity framework of the organization, aiding in the reduction of successful infiltrations and consequent data breaches. Fostering a culture of awareness and continuous education among employees is an invaluable investment towards bolstering a business's security.
Look out for these red flags to spot phishing attacks
Email addresses that seem illegitimate
Look closely at the email address and notice if there are any misspelled versions of legitimate addresses. You might notice a slight variation between the official email address of a reputable organization you know of and the one that contacted you.
These differences can take multiple forms. Obvious misspellings like “Micrcosoft.com” are one example. Hackers may have registered a spoof website under the misspelled name so they can trick you.
Other versions are harder to spot. IDN homograph attacks replace English-language letters with lookalike international characters that are almost identical. For example, it might take you awhile to notice the difference between “Microsoft.com” and “Mıcrosoft.com”
Unsolicited messages
Organizations such as banks are going on the offensive these days by telling their clients to ignore any email, text, or phone call requesting personal information. If you have any doubt whatsoever, take a few extra minutes to call the sender and ask them about the contact.
If the sender doesn’t recognize you or the mail they sent, it’s a scam. You can safely ignore that message.
Unusual URLs
Never click on an unrecognized link. Instead, hover your mouse over them so that you can preview the URL. What you may see is a fake website that looks similar to a legitimate one. Analyze the URL as well, as you may see misspelled domain names – including internationalized names like we mentioned above.
Errors in the content itself
Many come from foreign countries and don’t have the same language skills as the people they are trying to impersonate. A reputable organization will carefully inspect and approve all public correspondence. It's very rare for well-known institutions to publish grammatical errors or misspellings. If the text or email has mistakes, it’s likely a phishing attempt.
Fear tactics and emergency situations
Phishers are master manipulators. They understand that if they can make you feel afraid, you will be more likely to fall for their scams. Messages that talk about locked accounts, legal consequences, charges on your card, and purchases you didn’t actually make are red flags.
In most cases, hackers will try to create a sense of urgency so that you act without thinking. Always be suspicious whenever someone pressures you to act without first seeking approval or verification. Emergencies can happen – but if you don’t personally see smoke, there may not be a fire.
How to defend against phishing attempts
Acquainting yourself with the indicators of phishing attempts through email, text, or phone calls is just the first line of defense. It's pivotal to also fortify your organization with robust safeguards against these cyber threats. Embracing a proactive approach, rather than a reactive one, is the hallmark of an effective cybersecurity strategy. It entails both recognizing phishing attempts and implementing comprehensive anti-phishing measures across the board.
This includes deploying advanced breach prevention and phishing detection tools, instituting a continuous education program for employees on emerging cyber threats, and establishing a rapid response protocol to mitigate the impact of any successful phishing attempt. You can substantially reduce the likelihood of unauthorized access to sensitive data by proactively investing in these security measures. This ensures that critical information remains securely within the confines of your organization.
1. Enable Two-Factor Authentication (2FA)
An organization (or individual) dedicated to cybersecurity knows that two-factor authentication is essential. An attacker may have the password to a company’s portal, but without the one-time code sent to the employees authenticator app, they won’t be able to go any further.
2. Keep software updated
What was strong yesterday can be vulnerable today. Every business needs to employ a security team or security expert to ensure that the company’s operating system, web browsers, antivirus software, and other applications are updated with the latest security patches.
3. Educate your employees
Implementing employee security awareness training is a crucial step in fortifying your organization against phishing attempts. By educating your staff on the hallmarks of phishing emails, texts, and phone calls, as well as fostering a culture of vigilance, you significantly diminish the likelihood of successful infiltrations. Moreover, regular training sessions will ensure your team stays abreast of evolving phishing tactics, thereby contributing to the establishment of a robust, enduring defense against cyber threats.
4. Use reliable security software
While investing in new security software might appear costly upfront, it's a prudent safeguard that will prove its worth the first time it catches a cybercriminal in the act.
Several security tools can protect against phishing attacks.
5. Practice caution on social media
Remember the tactic of spear phishing, where attackers meticulously research a company and its employees on social media to craft more convincing deceptive messages. With this in mind, it's crucial to establish a company-wide policy on what information can be shared online.
Educating your team on the potential risks associated with oversharing on digital platforms can form a significant line of defense against such targeted phishing attempts.
The ability of Evolv I.T. to thwart phishing
It is imperative for an organization to fortify itself against phishing attempts by ensuring every team member is fully equipped to counter such threats. Evolv I.T. offers specialized malware resistance training for employees, educating them on identifying and thwarting phishing attempts. Moreover, our clients receive technology support and network monitoring 24/7/365, in order to proactively identify and rectify vulnerabilities that could potentially be exploited by cybercriminals.
The significance of cybersecurity within an organization cannot be emphasized enough. It bears resemblance to insurance - although you may hope never to require it, the harsh reality is that a single interaction with a cyber adversary can justify your investment. At Evolv I.T., we ensure businesses are well-prepared for such contingencies, transforming digital portals from being easily accessible to being securely fortified against unauthorized access.