The latest Egress Email Threat Landscape 2024 report has uncovered a concerning surge in phishing attacks, with 94% of companies falling victim to these malicious tactics in the past year.
The report, which sheds light on organisations’ evolving cybersecurity challenges, has sparked widespread concern among industry experts and cybersecurity leaders.
AJ Thompson, Chief Commercial Officer at Northdoor plc, commented on the findings, stating,
We have all learned over the past couple of years that phishing is one of the most effective ways for cybercriminals to gain access to a company’s data and infrastructure. The extent of the attacks is perhaps less well-recognised, which makes Egress’ report all the more shocking.
AJ Thompson, Chief Commercial Officer at Northdoor plc
The report showcases the pervasive nature of phishing attacks, revealing that 96% of the affected companies experienced negative repercussions. The main phishing attacks identified in the report include malicious URLs, malware or ransomware attachments, and compromised account infiltrations. The escalating sophistication of cybercriminal tactics poses a significant challenge for organisations and their employees in identifying and combatting these attacks, leading to an increase in successful breaches and their associated damages.
Furthermore, the report highlights the substantial long-term impact of successful phishing attacks, with 96% of companies facing negative consequences, up from 86% in the previous year. The repercussions extend beyond financial losses, significantly impacting individuals within organisations. Shockingly, 74% of employees involved in attacks faced disciplinary actions, dismissals, or voluntary departures, underscoring the severity of the issue and the heightened vigilance among companies in addressing the phishing threat.
The organisational costs stemming from successful phishing attacks are substantial, with financial loss from customer churn accounting for 47% of the overall impact. Additionally, reputational damage, fines, regulatory penalties, lengthy remediation processes, and legal repercussions further compound the aftermath of these attacks, amplifying the burden on affected companies.
Cybersecurity leaders are particularly concerned about the rise in supply chain-related phishing attacks, which bypass traditional perimeter defences and undermine investments in frontline cybersecurity measures. The report revealed that 51% of respondents fell victim to successful phishing attacks from compromised third-party accounts, emphasising the critical need for organisations to understand their partners’ systems and cybersecurity policies comprehensively.
Responding to these alarming findings, cybersecurity leaders are urged to adopt new and robust monitoring measures to mitigate potential threats and identify vulnerabilities. This will ultimately safeguard critical data and reduce the impact on individuals and organisations.
The Egress Email Threat Landscape 2024 report starkly reminds us of this escalating threat. It underscores the need for organisations to enhance their cybersecurity strategies to counter these evolving risks effectively.
Joanne is the editor for Workplace Wellbeing Professional and has a keen interest in promoting the safety and wellbeing of the global workforce. After earning a bachelor's degree in English literature and media studies, she taught English in China and Vietnam for two years. Before joining Work Well Pro, Joanne worked as a marketing coordinator for luxury property, where her responsibilities included blog writing, photography, and video creation.