What small businesses should know about phishing attacks
Cybersecurity · Aug 17, 2024
Phishing is a persistent and evolving cybersecurity threat that targets individuals, organizations and institutions worldwide. It
is one of the 3 most common cyber attacks in Canada
, yet only 50% of Canadian organizations have a formal protection plan in place against this and other types of cybercrimes.What’s a phishing attack?
This particular cyber attack is a type of online fraud in which criminals pose as trustworthy entities to deceive individuals into revealing sensitive information, such as login credentials, financial details and personal data. These deceptive tactics often involve sending fraudulent emails, text messages or messages via social media platforms to trick recipients into taking actions that compromise their security.
Phishing has become a sophisticated and highly effective form of cybercrime
, often using social engineering to exploit both people and businesses that may be vulnerable. It’s important to stay vigilant and proactive to avoid falling victim to this kind of attack. Key targets for phishing attacks
Cybercriminals are known to exploit vulnerabilities around online activity and consumerism. Here are some of the most common situations that hackers tend to focus on:
1. Online shopping and financial transactions
Online shopping provides cybercriminals with opportunities to launch phishing scams, like sending emails or messages containing malicious links that appear to be from legitimate retailers. When clicked, these links can lead recipients to fake websites designed to steal personal and financial information. Counterfeit online stores that mimic legitimate ones are used to capture credit card details, personal information and login credentials. Fraudulent ads on social media are also used to direct users to phishing sites, tricking them into entering sensitive information.
2. Social engineering tactics
This is a psychological manipulation technique used by cybercriminals to trick individuals into sharing confidential information. Common tactics can include impersonation, where hackers pretend to be a trusted entity, such as a bank, government agency, or a known contact, to gain trust and extract information. They also use fear and pretext, such as claiming that an account will be locked or that there is a
security breach
, prompting immediate action without thorough verification or pretending to be IT support and asking for login credentials to "fix" an issue.3. Untrained employees
Not
training employees
on a regular basis can create unnoticed vulnerabilities for cybercriminals to exploit. Your employees may not know how to recognize phishing emails or understand the importance of verifying the authenticity of requests for sensitive information. Additionally, The use of weak passwords
can make it easier for hackers to gain access to your business systems. Not to mention that without proper training, employees may not know how to respond to a suspected phishing attempt, potentially exacerbating the situation.4. Other vulnerabilities
Some organizations delay applying software patches and updates during busy periods for the business, creating opportunities for cyberattacks to target known vulnerabilities. Software that has not been patched can be exploited by hackers to gain unauthorized access to systems. Using
outdated security
protocols can make it easier for cybercriminals to intercept communications and data. Vendors and partners with weak security practices can also be a gateway for cyberattacks, as well as not implementing a concise password management
tool and multi-factor authentication (MFA).Most common phishing attempts
With phishing attempts taking centre stage in the digital landscape, it is imperative to stay vigilant against an array of
cybersecurity
risks, such as:1. Digital payment-based scams
Phishers use well-known payment applications as a ruse to steal sensitive information, posing as online payment services like PayPal, Venmo or TransferWise.
2. Finance-based phishing attacks
Scammers impersonate banks or financial institutions, invoking fear or urgency in victims to gain personal information or credentials.
3. Work-related phishing scams
Attackers pose as executives or colleagues, requesting wire transfers or fake purchases, targeting employees and potentially compromising the organization's security.
4. Ransomware attacks
Ransomware attacks are often launched through phishing campaigns. By gaining access to sensitive information, attackers encrypt the victim's data, making it inaccessible, and demand a ransom payment in exchange for the decryption key. These attacks can have devastating consequences for individuals and organizations.
5. Stolen credentials
Attacks using stolen credentials are on the rise, with threat actors successfully executing high-profile breaches through a combination of stolen credentials and social engineering tactics.
To help safeguard your organization from phishing attacks, consider implementing a comprehensive cybersecurity strategy and
partnering with a managed IT provider
to enhance your company's response. Regularly validate infrastructure and patch vulnerabilities, also keep systems up to date, including firewalls, antivirus software and anti-malware tools. Maintaining a proactive approach to cybersecurity can help keep your organization's data, reputation and financial assets secure. TELUS Business can help you implement a layered approach to cybersecurity, to help reduce exposure to cyberattacks such as phishing.
Read the guide,
Protecting against cyber threats
to learn how to safeguard your customers, people and business. 
