Receive the latest mybusiness news
Copyright © 2020 MOMENTUMMEDIA

Businesses face increasing risk of phishing attacks: Report

James Mitchell
26 October 2021 1 minute readShare
phishing attacks

Cyber protection group Acronis has released its annual Cyber Readiness Report, providing a comprehensive overview of the modern cyber security landscape and the key pain points faced by businesses and remote employees worldwide amid the global pandemic.

Acronis' research from last year revealed more than 80 per cent of global companies admitted they were not prepared to transition to remote work - exposing key vulnerabilities businesses must quickly plan and implement solutions for.

Based on findings from this year's independent survey of 3,600 IT managers and remote employees at small and medium-sized companies in 18 countries across the globe, the report states that 53 per cent of global companies have a false sense of security when it comes to supply chain attacks.

Despite the globally recognised attacks on trusted software vendors, like Kaseya or SolarWinds, over half of IT leaders believe that using "known, trusted software" is sufficient protection - making them an easy target.

Attacks growing in volume and sophistication

Three out of 10 companies report facing a cyber attack at least once a day, similar to last year; This year, only 20 per cent of companies reported not getting attacked, a drop from 32 per cent in 2020, meaning that the attacks are increasing in volume.

The most common attack types reached record-high levels this year, including phishing attacks that continue to grow in frequency, and are now the top attack type at 58 per cent. Malware attacks are also increasing in 2021: detected by 36.5 per cent of companies this year - an increase from 22.2 per cent in 2020.

However, this year was the year of phishing: the demand for URL filtering solutions has grown 10 times since 2020 with 20 per cent of global companies now recognising the danger phishing presents to their business.

Despite growing awareness of multi-factor authentication (MFA), nearly half of IT managers (47 per cent) are not using MFA solutions, leaving their businesses exposed to phishing attacks. According to these findings, they either see no value in it or consider it too complex to be implemented.

"The cyber crime industry proved to be a well-oiled machine this year - relying on proven attack techniques, like phishing, malware, DDoS and others. Threat actors are increasingly expanding their targets, while organisations are held back by the growing complexity of IT infrastructure," said Candid Wuest, Acronis VP of cyber protection research.

"Only a small number of companies have taken the time to modernise their IT stack with integrated data protection and cyber security. The threat landscape will continue to grow and automation is the only path to greater security, lower costs, improved efficiency and reduced risks.”

Ms Wuest said remote employees make the most attractive targets.
According to Acronis, an average of one in five remote employees gets heavily targeted by phishing attacks, receiving well over 20 phishing emails per month.

Businesses face increasing risk of phishing attacks: Report
mybusiness logo
James Mitchell

Leave a Comment

Latest poll

How satisfied are you with the SME measures in the federal budget?