According to a new report by Barracuda Networks, nearly all victims of spear-phishing attacks in the past year suffered consequences including malware infections, stolen data, and damage to their reputation. Spear-phishing is a highly targeted email attack in which a hacker sends customized messages to an individual or a small group in order to convince them to hand over sensitive information or execute malicious code. These attacks are low in volume but are highly effective compared to other types of email attacks, and in the past year, they were responsible for 66% of all security breaches.
The researchers analyzed 4,000 spear-phishing emails and found that half of the organizations they studied fell victim to spear-phishing attacks in 2022. On average, a typical organization received five personalized spear-phishing emails per day. Even though these attacks make up only 0.1% of all email-based attacks, they have a disproportionate impact.
Of the organizations that suffered spear-phishing attacks, 55% reported machines infected with malware or viruses, 49% reported sensitive data stolen, 48% reported stolen login credentials, and 39% reported direct monetary loss. On average, organizations took nearly 100 hours to detect and remediate a post-delivery email threat. Respondents with more than 50% remote workers were found to have higher levels of suspicious emails, averaging 12 per day compared to nine per day for those with fewer remote workers.
The report also discovered that 24% of the organizations analyzed had at least one email account compromised through account takeover, which is when hackers gain unauthorized access to a legitimate user’s email account. Companies with more remote workers also reported that it takes longer to detect and respond to email security incidents.
“Even though spear phishing is low volume, with its targeted and social engineering tactics, the technique leads to a disproportionate number of successful breaches, and the impact of just one successful attack can be devastating,” said Fleming Shi, CTO of Barracuda. “To help stay ahead of these highly effective email attacks, businesses must invest in account takeover protection solutions with artificial intelligence capabilities. Such tools will have far greater efficacy than rule-based detection mechanisms. Improved efficacy in detection will help stop spear-phishing with reduced response needed during an attack.”
Organizations need to take measures to protect themselves from spear-phishing attacks. They can start by implementing multi-factor authentication, which would make it harder for hackers to gain access to email accounts. They can also train employees on how to identify potential spear-phishing attempts, such as emails from unknown senders or suspicious requests for information.
In conclusion, spear-phishing attacks are becoming more sophisticated and are a growing concern for businesses of all sizes. Proactive measures such as investing in account takeover protection solutions and training employees can go a long way in preventing an attack from succeeding. Companies need to realize the impact that a successful spear-phishing attack can have and take the necessary steps to protect themselves.