The prevalence of email impersonation threats targeting enterprises continues to escalate, according to the latest research from cybersecurity firm Fortra. Business email compromise attacks, which involve criminals posing as executives to deceive employees into transferring funds or sharing sensitive information, account for nearly 99 percent of reported threats.
Among these threats, credential theft attacks have emerged as a concerning trend. In the first quarter of 2023, credential theft surpassed other types of email impersonation threats, highlighting cybercriminals’ persistent pursuit of sensitive information such as usernames, passwords, and credit card numbers. The potential impact on the bottom line and brand reputation makes this a particularly worrisome development for businesses.
Fortra’s research also reveals that approximately 60 percent of email threats impersonated well-known brands like Microsoft and Google, while 36 percent masqueraded as specific individuals within organizations who hold notable positions. Among email providers, Google was the most targeted platform (accounting for 67.5 percent of recorded attacks in 2023), closely followed by Microsoft (18.3 percent). Notably, Microsoft has experienced a significant growth in phishing attack volumes since Q4 2022, particularly in relation to Office 365.
Cybercriminals are increasingly leveraging generative AI technology for their malicious activities. Language models like ChatGPT enable them to craft sophisticated and well-written messages at scale, bypassing the spelling and grammar errors typically associated with phishing attacks.
John Wilson, Senior Fellow of Threat Research at Fortra, highlights the challenges posed by these evolving threats. He emphasizes the need for organizations to reassess their defense strategies and consider incorporating algorithms and machine learning to detect anomalies and patterns that can accurately identify signatureless email threats at scale. Wilson also encourages organizations to evaluate the adequacy of their security awareness training in addressing current impersonation techniques.
The findings underscore the urgency for businesses to stay vigilant and implement robust measures to protect against email impersonation threats. Detecting and mitigating these risks require a comprehensive understanding of evolving techniques and the application of advanced technologies.
