This article is provided and written by Winsor Consulting.

The Growing Threat of Email Phishing: How to Protect Your Business 

Email phishing has become one of the most common and dangerous cyber threats businesses face. From small startups to large enterprises, no company is immune to phishing attacks, which can lead to financial loss, data breaches, and reputational damage. In fact, phishing is a key entry point for more complex attacks, such as Business Email Compromise (BEC), where cybercriminals gain access to company email accounts to perpetrate fraud. 

In this blog, we’ll dive into what email phishing is, how it impacts businesses, and the essential steps you can take to protect your organization from these costly attacks. 

What Is Email Phishing? 

Email phishing is a type of social engineering attack where cybercriminals attempt to deceive individuals into performing certain actions—such as clicking on malicious links, downloading infected attachments, or providing sensitive information (e.g., passwords or financial details). These emails often appear to come from a trusted source, like a business partner, bank, or even your company’s leadership. However, their goal is to compromise your personal and professional accounts, steal information, or infect your network with malware.

How Phishing Impacts Your Business 

The consequences of falling victim to email phishing are severe. Phishing attacks can lead to: 

• Data Breaches: Phishing is often used to steal sensitive information, including customer data, intellectual property, and financial records. 

• Financial Loss: Phishing emails can lead to fraudulent wire transfers or unauthorized purchases. Business Email Compromise (BEC), for instance, costs businesses an average of $125,000 to resolve. 

• Reputational Damage: If your company falls victim to a phishing attack and exposes customer or employee data, the trust you’ve built with clients can be irreparably damaged. 

• Operational Disruptions: A phishing attack can take down systems or lead to ransomware infections, causing costly operational downtime. 

Key Red Flags of Phishing Emails 

While phishing emails have become more sophisticated, there are still common indicators you can look for to avoid falling into the trap: 

1. Unexpected Requests: Emails asking you to click a link, update your password, or send money are common phishing tactics. Be cautious if the  email creates a sense of urgency or pressure. 

2. Suspicious Sender Details: Check for slight misspellings or variations in the email address (e.g., “@company.co” instead of “@company.com”). 

3. Poor Grammar: Phishing emails often contain spelling and grammatical mistakes. Be wary of any email that looks unprofessional. 

4. Insecure Links or Attachments: Always hover over links before clicking to reveal their true URL and avoid downloading unexpected attachments. If a link seems suspicious, do not interact with it. 

Common Phishing Attempt Ex.1

This email looks like a legitimate OneDrive file that was shared. Sometimes, the threat actor will compromise a user and send a file from the compromised user’s OneDrive that will prompt you to log in. These typically are used to steal your credentials, as well as the token required to bypass MFA.

Common Phishing Attempt Ex.2

This email shows a URL that redirects to a different URL that could potentially be dangerous. If hovering over the URL does not show a user-friendly URL, please reach out to the Winsor Help Desk before opening the link. 

Common Phishing Attempt Ex.3

The email is common for administrative staff. The email will have a current employee’s name with an illegitimate email address. They will typically ask for their payroll information to be updated, ask for a staff member to pick up gift cards for other employees, or ask for an update on an invoice. There is nothing within these emails that will compromise you or the organization. They will have a string of emails back and forth with a payroll person regarding the payroll info update. They will eventually provide new SCH information to send the money to the incorrect location. 

Common Phishing Attempt Ex.4

Similar to the OneDrive link, Dropbox emails typically look legitimate; however, the shared file typically contains malicious content or redirects to a login prompt. Again, do not open the link unless you are expecting a Dropbox file. 

The Rise of Phishing Attempts in 2024 

Phishing attempts are on the rise, and cybercriminals are using more advanced methods than ever. Attackers can now automate phishing attempts, making it easier to distribute emails en masse. One particularly dangerous tool is Evilginx, which allows attackers to create a man-in-the-middle attack. This method captures the login credentials with Multi-Factor Authentication (MFA) and gives the actor access to the login token.   

For example, you might receive an email that seems to be from a legitimate contact, containing a link to a shared document on OneDrive. Upon clicking the link, you’re directed to a seemingly legitimate Microsoft 365 sign-in page. However, this page is a malicious web application designed to capture your login credentials and session token. Once the attacker has access, they can send emails from your account, steal data, and even add their own MFA to maintain control. 

How to Protect Your Business from Email Phishing 

To safeguard your business against email phishing, follow these best practices: 

• Educate Your Team: Regular phishing awareness training can help employees recognize and report phishing attempts. 

• Implement Strong Email Security Tools: Use spam filters, firewalls, and email authentication protocols such as DMARC to block phishing emails. 

• Enable Multi-Factor Authentication (MFA): While some advanced attacks can bypass MFA, it remains an effective layer of security for most phishing attempts. 

• Verify Suspicious Emails: If an email seems off, verify the request by contacting the sender through another channel (e.g., phone call or messaging app) before taking any action. 

• Regularly Update Software: Ensure your systems and security software are always up to date to guard against new phishing tactics. 

• Keep Your Credentials Safe: Only offer your username and password when you are 100% certain that the link or attachment is legitimate.  

What to Do If You Suspect Phishing 

If you suspect you’ve received a phishing email or accidentally interacted with one, contact your IT team immediately. At Winsor, our Help Desk is here to assist you in identifying phishing emails, verifying suspicious links, and resolving any issues caused by a phishing attack. If you are a current Winsor client, reach out to us today for assistance. 

Final Thoughts 

Phishing remains one of the top cybersecurity threats to businesses today. By staying vigilant and implementing the right security measures, you can protect your organization from the financial and reputational risks associated with these attacks. Remember, educating your team and being cautious of unexpected email requests is key to preventing phishing incidents. 

To learn more about how to safeguard your business from phishing, contact Winsor for a free consultation or IT security assessment.