Email phishing attacks continue to grow globally. In the 2023 Netwrix trends report, 68% of organizations suffered from these cyber attacks in the last 12 months.
Trustifi, a global leader in cloud-based email security, provides a comprehensive and consolidated platform to assist clients with their compliance and legal obligation requirements surrounding messaging security.
Email Addresses as Protected Information Under the Law.
The European Union(EU) considers email addresses personally identifiable information (PII) under the General Data Protection Regulation(GDPR). Organizations showing the inability to protect email with reasonable security measures could be subject to fines and other legal proceedings.
- Email under the U.S. 4th amendment does entitle privacy of the message. Failure to protect the privacy of email messages could be subject to fines from the U.S. government.
- Under the FINRA and SEC 17a-4 governing financial brokers, all email, SMS, and voice email communications must be archived and subject to legal hold, including keeping all messages for seven years.
What are the Direct and Indirect Costs of Email Phishing Attacks?
Organizations suffering from a successful phishing attack will face compliance fines and lawsuits from clients, business partners, and state-local agencies. Many lawsuits originate from organizations failing to maintain a steady state of cybersecurity adaptive controls, security monitoring capabilities, and the ability to show sound incident response processes.
“A successful email phishing campaign attack directly costs organizations close to 4.24 million dollars per incident.” The costs embedded within these loss numbers are broken down into several areas:
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Direct costs will occur from criminal penalties from federal and state privacy regulations.
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Fines for compliance violations, including PCI-DSS and HIPAA, are very common.
- Legal costs from various lawsuits.
- Cost of offering credit repair services to victims.
Indirect costs organizations will face include:
- Brand rebuilding from the result of cyber attacks.
- Reestablishing trust between the organization and their customers and their partners.
- Developing additional internal cybersecurity awareness to assist employees in fighting against email phishing attacks
- Loss of productivity of hours employees because of recovery of email phishing attack.
Civil penalties will occur against organizations causing actual damages to email phishing victims, including financial losses from business email compromise attacks, damage to reputation, and other cyber threats. Learning how to spot email phishing scams is an absolute must.
Enabling Trustifi Reporting for Financial Compliance.
Organizations continue to face a constant change in compliance regulations and interwoven privacy mandates extending across all client industries. These regulations and mandates drive the need for simplified and consolidated email security that is cost-effective, more securer and requires less management overhead. Email phishing attacks and other suspicious activities call organizations to invest in an email security solution with proven artificial intelligence protection layer capabilities and a single management console.
Trustifi’s email security expertise extended its entire solution offering, granting clients access to several capabilities to meet their legal and compliance requirements. Embedded within Trustifi email security platforms include:
- Inbound Shield Powered by Artificial Intelligence Filtering.
- Outbound Shield with fully embedded DLP and email encryption protection.
- Account Takeover Protection.
- Support for multi-factor authentication for messaging protection.
- Unified compliance rules enablement with a single click.
- Centralized reporting for compliance and privacy mandates.
Why Trustifi?
With their market-leading AI protection filters, domain impersonation protection, and email message encryption, Trustifi simplifies email security while delivering exceptional security protection with their consolidated cloud-based platform.
As a global cybersecurity provider of both inbound and outbound email protection, Trustifi currently supports customers from countries including the USA, Canada, Brazil, the Dominican Republic, the UK, the Netherlands, India, the UAE, China, and Japan, Cyprus, the Philippines, and more. The company has also developed “One-Click Compliance” capabilities that cater to world security regulations, including PDPO for Hong Kong, POPI for South Africa, GDPR for Europe, and LGPD for Brazil.
