Global Market Survey: 77% of Businesses Expect to Fall Victim to Email Fraud in the Next 12 Months
20 March 2018 - 11:05PM
Global market research from Proofpoint, Inc., (NASDAQ:PFPT), a
leading cybersecurity company, today reveals 82 percent of boards
are concerned with email fraud and more than half (59%) consider it
a top security risk—no longer just an IT issue. Yet almost a third
(30%) of respondents cited a lack of executive support as a key
challenge to email fraud protection deployment.
“Email fraud is highly pervasive and deceptively simple; hackers
don’t need to include attachments or URLs, emails are distributed
in fewer volumes, and typically impersonate people in authority for
maximum impact,” said Robert Holmes, vice president of Email
Security Products for Proofpoint. “These and other factors make
email fraud, also known as business email compromise (BEC),
extremely difficult to detect and stop with traditional security
tools. Our research underscores that organizations and boardrooms
have a duty to equip the entire workforce with the necessary
solutions and training to protect everyone against this growing
threat.”
Proofpoint’s 2018 Understanding Email Fraud Survey, asked 2,250
senior IT decision makers across the U.S., U.K., France, Germany,
and Australia for their email fraud experiences from the last two
years. The survey, conducted by research firm Censuswide,
demonstrates that email fraud is pervasive, disruptive, and in many
cases, catching businesses unprepared. Insights include:
- 75 percent of organizations experienced at least one
targeted email fraud attack, with 41 percent suffering multiple
attempts in the last two years. However, some
organizations are taking proactive measures to protect both their
brand and their employees. More than half (57%) have implemented a
user-awareness program on phishing, and 46 percent use email
authentication.
- More than 77 percent of businesses expect they will
fall victim to email fraud in the next 12 months, and yet only 40
percent have full visibility into email threats. There is
a disconnect between the anxiety felt by IT decision makers in
relation to protecting the organization from email fraud and the
buy-in from the boardroom to implement preventative methods.
- Cyber criminals are reaching deeper into the
organization beyond the C-suite. Respondents deemed the
Finance and Accounts Payable departments most at risk of receiving
spoofed emails, with the C-level executives almost on par with the
general workforce.
- More than half (56%) of respondents who were aware of a
breach in the last two years, suffered downtime and disruption, and
a third (33%) experienced a loss of funds. Email fraud
also puts employees directly at risk. Nearly one in four attacks
(24%) resulted in employment termination.
“With 59 percent of organizations considering email fraud one of
the top security risks to their business, it is encouraging that
some are adopting techniques to protect their employees, partners,
and customers. As the volume of attacks and level of sophistication
employed by cybercriminals increase, organizations need to
proactively shut down these tactics before the damage is done,”
continued Holmes.
Proofpoint research shows email fraud has a direct impact on
both employers and employees. Businesses suffer downtime and loss
of revenue, and individuals could potentially lose their jobs. By
implementing a multi-layered defense strategy, organizations can
protect their systems from advanced data-stealing attacks and their
employees by blocking, detecting, and responding to email
fraud attacks.
To download Proofpoint’s 2018 Understanding Email Fraud Survey,
please visit:
https://www.proofpoint.com/us/resources/white-papers/understanding-email-fraud-global-surveyAnd
to access the infographic, please visit:
https://www.proofpoint.com/us/resources/infographics/global-survey-understanding-email-fraud
An infographic accompanying this announcement is available
at http://resource.globenewswire.com/Resource/Download/9b8107b3-fc30-4e8d-919e-6a8b7d70d243
About Proofpoint, Inc.Proofpoint Inc.
(NASDAQ:PFPT) is a leading next-generation security and compliance
company that provides cloud-based solutions to protect the way
people work today. Proofpoint solutions enable organizations to
protect their users from advanced attacks delivered via email,
social media, mobile, and cloud applications, protect the
information their users create from advanced attacks and compliance
risks, and respond quickly when incidents occur. More information
is available at www.proofpoint.com.
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Inc. in the U.S. and/or other countries. All other trademarks
contained herein are the property of their respective owners.
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