13 Email Fraud Stats Every Security Professional Should Know

Email fraud is rife and it’s making headlines. Spoofing and phishing attacks affect hundreds of brands every month, leaving their reputation in tatters and their customers exposed. And yet, often, email fraud is an issue that’s not proactively tackled.

A recent report by Veracode reveals that while cybersecurity is now recognized as a really serious corporate risk issue, 66 percent of board members are not confident in their companies’ ability to defend themselves against cyber attacks, with security ranking second to last in priority when it comes to developing new products and services.

Why this disconnect? Because reining in complex email ecosystems can feel too complicated to become a real priority, and the C-suite can find it hard to grasp the cost/benefit of implementing more sophisticated solutions. As a result, security professionals are often fighting an uphill battle to protect their brand and their customers against email fraud.

A key first step to success is to communicate the size and scope of the email fraud problem effectively across your organization. And nothing is more compelling than data.

Here are 13 stats that security professionals can use to garner support and cooperation from key stakeholders throughout their company:

  1. The average cost of an enterprise data breach has reached $3.79 million, a 23% increase in total cost over 2013 levels. [Source: IBM] Tweet this stat!
  2. The average cost per lost or stolen record in a breach is $154.00, a 12% percent increase over 2013. [Source: IBM] Tweet this stat!
  3. Phishing attacks cost global organizations $4.5 billion in losses in 2014. [Source: RSA] Tweet this stat!
  4. Over half of Internet users get at least 1 phishing email per day. [Source: Phishing.org] Tweet this stat!
  5. RSA identifies a phishing attack every minute. [Source:RSA] Tweet this stat!
  6. Phishing attacks rose by 162.79% from 2010 to 2014. [Source: EMC] Tweet this stat!
  7. Spear phishing attacks rose 40% in 2014. [Source: Symantec] Tweet this stat!
  8. 97% of people globally can’t correctly identify a sophisticated phishing email. [Source: Intel] Tweet this stat!
  9. Email fraud has up to a 45% conversion rate. [Source: Google] Tweet this stat!
  10. 549 brands were targeted by phishers in Q4 14. [Source: APWG] Tweet this stat!
  11. 71% of U.S. adults would be at least somewhat likely to switch to a different bank if they became a victim of online banking fraud at their current bank. [Source: Entersekt] Tweet this stat!
  12. Customers are 42% less likely to interact with a brand after being phished or spoofed. [Source: Cloudmark] Tweet this stat!
  13. 70% of email fraud comes from domains that aren’t owned by brands. [Source: Return Path] Tweet this stat!

The good news is that more and more brands are taking proactive steps to help protect their customers against email fraud and brand abuse. Return Path helps security teams across the globe build business cases to justify making email fraud protection a top priority and get buy-in from their executive team.

We can help you too. Contact us today or meet us at the next industry event.

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