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Phishing Attacks Causing Extensive Financial Damage to Organizations

According to a new research report, "The Cost of Phishing: Understanding the True Cost Dynamics behind phishing Attacks" from security monitoring specialist Cyveillance, phishing attacks cause extensive collateral financial damages such as ruining brands' reputation after hacking. These damages continue to rise with increasing sophistication.

The security vendor in its phishing attack analysis also says that they are very dynamic and keep changing their nature. Usually, these attacks are designed by attaching malicious software in spoofed e-mails, and sometimes include links to fake web pages for capturing personal details of unsuspecting users.

Cyveillance stated that both large and small companies' customers have been falling victims to online frauds for more than six years (since 2002). These frauds include phishing attacks on over 2,000 reputed brands across 30 countries.

The report has estimated that phishing attacks generate annual revenue of $3 Billion for the industry. The security vendor has attributed the profitability of phishing attacks to their continuous high growth, resulting in popularity of highly-targeted campaigns than ever before.

After thoroughly analyzing the report, Cyveillance said that the costs incurred in phishing attacks to the targeted companies are directly proportional to the time spent by them in restoring damages. In fact, majority of the cost is incurred in the initial 24 hours of launching the phishing attack.

Therefore, Cyveillance said that organizations targeted by phishing or are at risk of attacks should develop and implement a comprehensive strategy to prevent the attacks. It not only provides protection, but also cut down the cost significantly.

Chief Executive Officer of Cyveillance, Panos Anastassiadis, said that online frauds, including malware attacks and phishing attacks, are favorite tools of cyber criminals, particularly identity thieves. They use these techniques because of high profits, as reported by PRWeb on December 16, 2008.

He further added that cyber criminals could even deceive the smartest customers of reputed brands into giving away their personal details by combining malicious software and social engineering techniques. The spontaneous action by affected organizations against these attacks could help in reducing the costs phenomenally. It will also help in maintain the brand reputation of organization and customer trust.

Related article: Phishing With A Redirector Code

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