THE PROBLEM OF PHISHING AND ITS IMPACT ON AMERICAN BUSINESSES
INTRODUCTION
Many people, organizations and consumers have embraced online commerce in recent years, making them susceptible to cyber-attacks such as phishing. Okpa et al.(462) note that phishing is stealing or taking people’s information to defraud them of their hard-earned money. Phishing has become a significant criminal act globally.
Much progress has been made in recent years in identifying threats and enlightening organizations and consumers on existing countermeasures. However, there is an increase in phishing attacks, especially the mode of the attacks and the complexity of their activities.
It is also imperative to note that phishing negatively affects businesses and the country’s economy because of significant financial losses experienced by various organizations and consumers. Furthermore, there is decreased confidence in the use of e-commerce platforms.
Phishing attacks continue to increase because of the increased use of technological innovations, both economically and technologically. Some of the considerable resources required for executing such attacks are easily accessible within the public and private sectors.
Besides, it is essential to note that the internet’s uptake and use continue to increase each day significantly, making it easier for people to share their details online easily (Kolley,2). Therefore, much personal information with their financial transactions is exposed to cybercriminals.
Phishing attacks form part of the intricate web of cybercrime, enhancing criminal activities through deception and data stealing. Since the first incidence of phishing in the early 1990s, the crime has evolved into a sophisticated attack.
Today, phishing is considered the most common and vicious cybercrime. The subsequent effects of phishing include the severe loss of personal information and loss of data by companies and government institutions.
This report seeks to identify the phishing problem and its impact on American businesses using primary and secondary sources.
This report was developed to discuss and analyze the phishing problem and its impact on American businesses. The report seeks to focus on the following questions
⦁ What is phishing?
⦁ What are some real-world phishing examples?
⦁ How do we tackle the issue of phishing?
⦁ What is the prevalence of phishing?
⦁ What are the impacts of phishing on American businesses?
⦁ How do you deal with phishing?