Protecting Against Phishing is
Much Easier than Recovering
At a sent rate of 3 billion per day, phishing emails make their way to our inboxes extremely frequently, but many businesses fail to recognize how costly these emails can be.
The cost to businesses comes in four main areas; money, time, customer retention, and productivity. Cybercrime is the third largest global economy, right after the US and China. It costs 200,000 dollars to small businesses and over 60% of small businesses shut their doors permanently 6 months after a phishing attack.
Phishing emails also cost 83 hours of IT time to uncover malicious emails and 2-6 weeks for small businesses to recover from a ransomware attack. The customer retention problem comes after a breach has happened and customers have to be notified. Seventy percent of these customers will stop shopping at a business that has had a data breach.
Businesses also lose productivity due to the fact that the average worker spends 28% of their work day screening and filtering emails and 53% of companies have over 1,000 sensitive files that are available to every worker.
Neglecting to find ways to secure and defend against spam and phishing emails is simply not worth it.
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