While email can be used as a great method of communication, it can also be a venue for a rising amount of cybercrime. 14.5 billion spam messages are sent to email inboxes every day. While some spam is nothing more than a mere annoyance, a significant portion of spam emails are phishing. Phishing emails are fraudulent messages meant to steal personal information. Every day, they cost unwitting recipients dearly.
By 2025, phishing attacks will cost $10.5 trillion each year, according to Cybersecurity Ventures. Cybercrime is the 3rd largest economy in the world, after the US and China. Since phishing is often the first step to bringing malware into a system, ransomware has reached everyone from consumers to big business. In recent times, a cyberattack against Colonial Pipeline caused massive gas panic. A recent NotPetya ransomware attack stole consumer information from the large corporate giant, FedEx.
If large corporations can be brought to their knees by ransomware, imagine the impact cybercrime has on small businesses. More than 60% of small businesses permanently close 6 months after a phishing attack. For those that do recover, it can take up to 6 weeks and major consumer losses to get past a data breach. Most consumers don’t shop at businesses incapable of protecting their data.
Infographic Source: https://www.avanan.com/resources/infographics/how-safe-are-your-emails