Egress Report Reveals 94% Increase in Phishing Attacks Targeting Companies

The latest findings from the Egress Email Threat Landscape 2024 report have unveiled a significant surge in phishing attacks, with a staggering 94% of companies falling prey to these malicious tactics in the past year.

This revelation underscores the escalating cybersecurity challenges faced by organisations globally.

The Egress report has sparked widespread concern within the cybersecurity community, shedding light on the pervasive nature of phishing attacks. According to the report, 96% of affected companies experienced adverse repercussions, indicating the severity of the threat posed by cybercriminals.

AJ Thompson, Chief Commercial Officer at Northdoor plc, expressed his concern, highlighting the effectiveness of phishing as a tool for cybercriminals to infiltrate companies’ data and infrastructure. He emphasised the shocking extent of the attacks revealed in the report, urging organisations to remain vigilant against evolving cyber threats.

Impacts and Consequences

The repercussions of successful phishing attacks extend beyond financial losses, significantly affecting individuals within organisations. The report reveals that 74% of employees involved in attacks faced disciplinary actions, dismissals, or voluntary departures. Moreover, the financial implications are substantial, with customer churn accounting for 47% of the overall impact, alongside reputational damage, regulatory penalties, and legal repercussions.

Of particular concern is the rise in supply chain-related phishing attacks, which bypass traditional perimeter defences. The report indicates that 51% of respondents fell victim to successful phishing attacks from compromised third-party accounts. This underscores the urgent need for organisations to enhance monitoring measures and understand their partners’ cybersecurity policies comprehensively.

Call to Action for Cybersecurity Leaders

In response to these alarming findings, cybersecurity leaders are urged to adopt robust monitoring measures to mitigate potential threats and identify vulnerabilities effectively. By enhancing cybersecurity strategies, organisations can safeguard critical data and reduce the impact of phishing attacks on individuals and businesses.

The Egress Email Threat Landscape 2024 report serves as a stark reminder of the evolving threat landscape and the imperative for organisations to bolster their cybersecurity defences. It emphasises the need for proactive measures to counter phishing attacks and protect against emerging cyber threats.