New Lookout research has revealed the danger posed by mobile phishing attacks to corporate organizations where many employees receive corporate smartphones for work.
The company's 2020 mobile phishing spotlight report shows that unmitigated mobile phishing threats could cost organizations with 10,000 mobile devices up to $ 35 million per incident and up to $ 150 million for organizations with 50,000 mobile devices.
The report also found that there was a 37% increase worldwide in corporate mobile phishing encounter rates between the fourth quarter of 2019 and the first quarter of 2020. North America experienced the largest increase with 66.3%, followed by the Asia-Pacific region with 27.7% and an increase of 25.5% in the EMEA region.
The number of people homework is at an all time high and employees have turned to smartphones and tablets to stay productive. While organizations have deployed user training and email phishing security to combat phishing attacks by cybercriminals, little attention has been paid to the threat of mobile phishing.
With mobile devices, the risks of phishing are no longer simply hiding in emails but can be found in text messages, messaging apps and social media platforms. In addition, because mobile devices have a smaller form factor and a simplified user experience, they make it harder to spot signs of a phishing link, which increases the chances of a successful attack.
In a press release, Vice President of Corporate Mobility Program at IDC Phil Hochmuth explained why phishing has become a bigger threat in a world where mobiles are first, saying:
Phishing has become a major problem that extends far beyond traditional baits and hooks. On a small screen and with a limited ability to check links and attachments before clicking on them, consumers and business users are exposed to more risks of phishing than ever. In a mobile-centric world where remote working is becoming the norm, a proactive defense against these attacks is essential. “