Email: The Number One Gateway for Cyber Attacks

Email is arguably the number one gateway for cybercriminals looking to perpetrate cyber-attacks. Which is why securing your email systems right now is so critical. Your employees are your first line of defense. Training them to spot potential phishing attempts, scams, ransomware exploits and avoid email compromise is critical. But sometimes that is not enough. Hardening your email systems to allow fewer of these attacks to reach their inboxes should be a priority. And here’s why.

Over the last fifteen years there have been countless attacks on businesses resulting in significant loss of revenue as well as a massive blow to their reputation. Here are five real-life cases where businesses suffered significant damage due to insecure email systems:

1. The Ubiquiti Networks Email Scam ($46 Million Loss – 2015)

Ubiquiti Networks, a technology company, lost $46 million when cybercriminals compromised an employee’s email account. The attackers used the email to impersonate executives and instructed the finance department to transfer funds to fraudulent overseas accounts. By the time the fraud was discovered, most of the money was unrecoverable.

2. Google & Facebook Business Email Compromise ($100 Million Fraud – 2013-2015)

A Lithuanian hacker tricked Google and Facebook into wiring a combined $100 million by impersonating a legitimate vendor. Using a carefully crafted phishing campaign, the hacker sent fake invoices and emails that looked like they came from Quanta Computer, a real supplier. The fraud lasted years before being detected.

3. Colonial Pipeline Ransomware Attack (2021)

The Colonial Pipeline attack, one of the most disruptive cyber incidents in U.S. history, started with a compromised email password. Hackers gained access through an inactive but still valid VPN credential linked to an email account. The resulting ransomware attack forced Colonial to shut down operations, causing widespread fuel shortages and forcing them to pay a $4.4 million ransom.

4. Sony Pictures Email Hack (2014)

A devastating hack on Sony Pictures began with a phishing attack targeting company emails. Hackers stole and leaked thousands of sensitive emails, unreleased movies, and confidential employee data. The attack, attributed to North Korea, caused severe reputational damage, internal turmoil, and legal consequences, costing Sony an estimated $100 million.

5. Crelan Bank CEO Fraud ($75 Million Loss – 2016)

Belgian bank Crelan fell victim to CEO fraud (a type of email scam) when hackers gained access to an internal email system. The attackers impersonated top executives and convinced employees to transfer €70 million ($75 million) to fraudulent accounts. Despite their best efforts, much of the stolen money was never recovered.

These cases highlight the financial, operational, and reputational risks of failing to secure your email systems. Phishing, malware, and business email compromise (BEC) start in your inbox. Visit our website to learn how Cloud Security Solutions can help secure your email systems to stop threats before they reach your business.

Cloud Security Solutions

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