Organizations are still facing a major threat from phishing attacks. According to a survey conducted by Egress with 500 cybersecurity leaders, as reported by the Atlas VPN team, a staggering 92% of organizations fell victim to phishing in the last year. As a result, 86% of those surveyed reported negative consequences.
Among the most common fallout from phishing attacks was customer churn, resulting in financial losses. In fact, over half of the organization leaders surveyed (54%) reported losing customers and revenue due to successful phishing attacks.
Just one security breach can destroy a company’s reputation, which may have taken years to build. According to the survey, 47% of organizations that fell prey to phishing attacks in the past year reported reputational damage as a result.
Additionally, 27% of organizations had to go through lengthy remediation processes, and 9% faced legal consequences.
The repercussions of phishing incidents were not limited to victim organizations, as employees involved were also impacted. In 30% of cases, employees faced disciplinary actions due to successful phishing events, while 22% were dismissed. Another 18% left voluntarily.
72% of cybersecurity leaders are concerned over the use of AI in phishing emails
As cybercriminals develop new tactics, phishing has become a highly sophisticated cyber threat. There are growing concerns that AI technology may be abused to create even more advanced cyberattacks.
According to the survey, 72% of cybersecurity leaders are worried about the use of AI in email phishing attacks. Financial organizations’ cybersecurity leaders are particularly wary, with 80% expressing concern about the use of AI to design phishing campaigns.
The concerns about AI in phishing attacks stem from the ability to automate and streamline the process, making the attacks more efficient and scalable. Moreover, AI can generate highly personalized and intricate phishing emails that are challenging to spot with conventional security measures. The integration of deepfake technology to incorporate video and voice capabilities in phishing attacks can further elevate the level of danger.
Cybersecurity leaders are expressing heightened concerns about the increasing sophistication of phishing attacks and the potential misuse of AI technology. It is important for organizations to prioritize cybersecurity measures, stay vigilant, and develop AI-based security systems to mitigate risks associated with AI-powered phishing attacks.
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