The Problem of Phishing and Its Impact on American Businesses, Research Paper Example

There has been a dramatic increase in the number of cybercrimes during the last several years. Cybercrime is on the rise as technology advances, and so are the perpetrators.  For a fact, the use of technical developments, both economically and technologically, has led to a rise in phishing attempts. Phishing may have a variety of detrimental impacts on a company which has continually affected the American Businesses. This effect includes; theft of money and intellectual property, the tarnishing of a company’s image, and the interruption of daily business operations. These impacts, when combined, might result in a decrease in the value of the firm, sometimes with consequences that are irreversible. Therefore, this paper is going to discuss the issue of phishing and its impacts on American Business.

Phishing assaults have been an issue that we have been coping with for some time now, and regrettably, there is no hint that this sort of danger will vanish any time in the near future. Attackers are aware that there is a virtually endless supply of people to target; as a result, they will keep focusing their attention on these individuals (Black). The act involves stealing of sensitive information from users, such as login passwords and financial information connected to banking. In this scenario, an adversary poses as a reliable party in order to provide a victim a link that leads to a malicious website.

Phishing, like many other forms of cyberattack, has evolved through time in terms of both its tactics and its level of complexity. In the most recent few months, we have seen common practices progress with the employment of ever more sophisticated approaches. This development has led to many organizations’ inboxes being flooded with phishing emails. This is due to the fact that the email security solutions they have in place have been unable to recognize and block the threat. As a result, the email recipient is now in the position of being the last line of defense, and in many instances, this has allowed the attack to continue.

Phishing may have a number of unfavorable repercussions for a company, all of which serve to cast the company in an unfavorable light. Phishing assaults have the potential to result in data breaches, which often cost millions of dollars to fix. This attack has continually shown effects on companies and organizations in the United States. The implications of this on the organizations will change from one to another based on the size of the business and the quantity of data it holds. Phishing attacks may have a variety of major effects, including the stealing information, decrease in financial assets, injury to one’s image, and suspension of company activities.

The industrial espionage is one of the typical outcomes of phishing schemes that have plagued American businesses. Intellectual property theft is perhaps the most damaging loss of them all. Researching files, classified information, customer lists, equations, and future developments might be stolen if attackers get entry to your personal data or system(The Impact of a Phishing Attack on American Businesses). Because losses of this magnitude may put businesses in the pharmaceutical, defense, technology, and marketing industries back millions of dollars, these industries make it a priority to prevent phishing assaults at all costs.

As mentioned above, to get access to sensitive information, solicit for money, or infect a computer with malware, phishing is used. Because phishing is so frequent, most people should be better aware of its hazards and how to handle it. In order to avoid becoming a victim of phishing, you may use cyber intelligence. Employees must be educated in a variety of ways to do this. To better recognize and avoid phishing and other forms of cyberattack, it’s critical to educate yourself on the subject. If phishing isn’t handled properly, it may be harmful. Individuals and even corporations might be harmed. In order to avoid or effectively respond to assaults, it is important to get familiar with phishing and how to spot it.

Work Cited

The Impact of a Phishing Attack on American Businesses – FraudWatch.” Digital Brand Protection – FraudWatch, 23 Sept. 2021, fraudwatch.com/what-is-the-business-impact-of-a-phishing-attack/.

Black, Jim. “Why the Phishing Problem Is Getting Worse.” TechBeacon, techbeacon.com/security/why-phishing-problem-getting-worse.