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A cloud-first security solution has released its report regarding email security, and it was found that most organisations fell victim to email-based security attacks.
A report entitled 2023 Email Security Trends, conducted by independent research firm Vason Bourne and commissioned by Barracuda Networks, shows the effect of email-based cyberattacks. The study has a global scope, yet it also focuses its lenses on Australia.
150 Australian IT professionals, from front-line to the most senior positions in businesses with 100 to 2,500 workers spanning various industries, were interviewed for the survey.
Out of the Australian organisations that participated in the survey, 74 per cent have been victims of email-based attacks in the past 12 months. The average cost of the attack has totalled more than $1.4 million.
Twenty-five per cent of the respondents agreed that the attack costs had risen dramatically in just a year.
Impact of email attacks on business
- downtime and business disruption ( 42%)
- loss of employee productivity (41%)
- brand and company reputation damage (37%)
Don MacLennan, SVP of Engineering & Product Management, Email Protection, Barracuda, says, “Email is a trusted and ubiquitous communications channel, making it an attractive target for cybercriminals. We expect email-based attacks to become increasingly sophisticated, leveraging AI and advanced social engineering to get the data or access they want and evade security measures.
“Email-based attacks can be the initial access point for a wide range of cyber threats, including ransomware, information stealers, spyware, crypto mining, other malware, and more.
“It is not surprising that IT teams around the world don’t feel fully prepared to defend against many email-based threats. Growing awareness and understanding of email risks and the robust protection needed to stay safe will be key in keeping organisations and their employees protected in 2023 and beyond.”
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