W-2 Phishing season is about to begin – without the right IT security services, your business will be left vulnerable.
You and I know that effective communication with co-workers and clients is crucial, but are you sure your employees are practicing safe email and messaging conduct? If you don’t already have the best technical security services, your answer is probably, “I’m not sure”, right?
Cybercriminals are smart – they adapt quickly and continually come up with new ways to take advantage of businesses like yours. A popular tactic among hackers today is “phishing”, a method in which they send fraudulent emails that appear to be from reputable sources in order to get recipients to reveal sensitive information and execute significant financial transfers. With only a surprisingly small amount of information, cybercriminals can convincingly pose as business members and superiors in order to persuade employees to give them money, data or crucial information.
At this point, phishing attempts are nothing new, but without the right computer security services, you can still fall victim to a common phishing scam. This is especially a danger in the coming weeks when phishing will be primarily used to target W-2 data being processed for your employees during tax season.
This is nothing new. Over the past few years, cybercriminals have been very successful during tax season, executing social engineering campaigns against thousands of targets in order to access and steal valuable W-2 data. By sending phishing emails to unsuspecting workers in the payroll and HR departments in target businesses, cybercriminals have caused extensive damage, leaving companies like yours liable for fraudulent tax returns, identity theft, and class action lawsuits.
What does a W-2 Phishing Email Look Like?
As dangerous and damaging as these types of social engineering scams can be for you and your employees, the good news is that they are avoidable – if you know what you’re looking for. The key identifiers of a phishing email like this include:
Once the user’s email, password, and other information have been entered into the fraudulent website, the damage is done. The hacker can then take the information and do even more damage with it. It’s the new and constantly evolving cybercrime threats like these that make network security services so vital.
The key to phishing methodology is that it doesn’t rely on digital security vulnerabilities or cutting edge hacking technology; phishing targets the user, who, without the right training, will always be a security risk, regardless of the IT measures set in place. The reality is that small and medium-sized businesses like yours are put at great risk if you don’t have cybersecurity services.
What Can You Do About Phishing?
So what’s the answer? What can the average business member do to keep themselves and their company safe when criminals are employing such deceitful methods? In addition to equipping your business with the best technical security services, you should also be sure to educate and test your employees on IT security best practices and knowledge. Make sure they understand the following:
How Can You Be Sure Your Employees Know About Phishing?
The best way to ensure your employees know how to deal with a phishing threat is to test them. Allow us to help. We’ve prepared an example phishing email template that you can fill out and send to employees in just minutes to test their knowledge of phishing threats.
Check out this screenshot of an effective test email you can send to your employees to prepare them for the W-2 phishing season:
Forty-three percent of attacks are aimed at SMBs, but only 14% are prepared to defend themselves (Accenture).
The three sectors with the biggest spending on cybersecurity are banking, manufacturing, and the central/federal government, accounting for 30% of overall spending (IDC).
The cost of cybercrime is predicted to hit $10.5 trillion by 2025, according to the latest version of the Cisco/Cybersecurity Ventures “2022 Cybersecurity Almanac.”.
It takes an average of 287 days for security teams to identify and contain a data breach, according to the “Cost of a Data Breach 2021” report released by IBM and Ponemon Institute.
40% of businesses will incorporate the anywhere operations model to accommodate the physical and digital experiences of both customers and employees (Techvera).
The average cost of a data breach in the United States is $8.64 million, which is the highest in the world, while the most expensive sector for data breach costs is the healthcare industry, with an average of $7.13 million (IBM).
The internal team was energized. With the Level 1 work off its plate, the team turned its attention to the work that fueled company growth and gave them job satisfaction.
More than 33 billion records will be stolen by cybercriminals by 2023, an increase of 175% from 2018.
We did a proof of concept that met every requirement that our customer might have. In fact, we saw a substantial improvement.
We did everything that we needed to do, financially speaking. We got our invoices out to customers, we deposited checks, all the things we needed to do to keep our business running, and our customers had no idea about the tragedy. It didn’t impact them at all.
“We believe our success is due to the strength of our team, the breadth of our services, our flexibility in responding to clients, and our focus on strategic support.”