How do phishing attacks occur?
In a recent case, a large cryptocurrency fund reached out to Linedata for help combatting a phishing scheme. Their users were receiving a high volume of emails that were designed to look like they were coming directly from legitimate platforms and vendors. These emails contained links and information requests, which the users thought were legitimate. In reality, the emails were part of a phishing scheme that tricked users into clicking unsafe links and sharing sensitive information.
And phishing schemes like this occur every day, often targeting regulated firms.
Combating cyber attacks with training and awareness
Protecting against security breaches, especially phishing attacks, isn’t easy. It takes an experienced and diligent team to stay one step ahead of cybercriminals.
Linedata helped its cryptocurrency client fight the phishing scheme with a three-pronged approach:
1. The technology fix
We started with endpoint protection by enabling their spam filter with the highest level of security to protect against phishing. However, no spam filter will block 100% of threats, and technology alone is never enough to combat sophisticated schemes. The next step is absolutely essential.
2. Training and awareness
Here is where many organizations fall short. You must train your employees and users to identify the schemes that lead to attacks. In the cryptocurrency fund example, we defined a detailed training campaign to educate users on common spamming and phishing techniques to be aware of — and warned them against clicking on links in suspicious emails. Furthermore, the training detailed how to:
- Control 'CEO fraud'
- Control SIM swapping
- Set up secure passwords
- Enable secure remote access
- Protect their environment
3. A phishing test
Finally, we tested the employees to see the extent to which they were still vulnerable. Our phishing test involved sending fake phishing emails to users and reviewing their actions. After training, users recognized and reported 98% of phishing emails (compared to an industry average of 83.6%).
This training-heavy approach paid big dividends for the client and gave them the confidence they could handle future phishing attacks competently.
Training is critical…and just one aspect of a complete cybersecurity solution
Cybercriminals are getting more advanced, so unsophisticated or outdated cybersecurity protection strategies will no longer suffice. Cybersecurity training is a must for battling phishing attacks, but it’s only a portion of a complete cybersecurity solution.
From technology to governance to cybersecurity training, Linedata’s end-to-end cybersecurity suite provides expert guidance and services to protect your employees and users from cyberattacks. We have extensive knowledge of cybersecurity delivery in the finance and investment market. And with our bespoke operating model, we serve as an extension of your team and provide award-winning cybersecurity protection.
Protect against more than SEC fines
SEC fines for cybersecurity breaches can create serious hardships for your company. And that’s only one downside. Breaches also result in revenue and data losses, mistrust, and long-term damage to your brand.
You can’t afford to leave your company vulnerable. With Linedata’s support, you get the industry experience and security expertise to navigate this dangerous business environment and keep your firm protected.
About the author, Girish Khilnani
Girish Khilnani co-heads Linedata’s Technology Services business, which includes Public and Private Cloud, Cybersecurity, and Managed Services. He’s spent nearly two decades managing IT infrastructure, cloud, and global service delivery teams to provide leading-edge solutions for financial institutions. Girish is passionate about enabling operational excellence that supports the specific requirements of hedge funds, private equity, and asset managers.