Email has been an integral part of our lives for over 50 years, especially in business communication. Email traffic continues to grow, projected to reach 347.3 billion messages daily.
However, as email use rises, so does cybercrime. In 2022, 39% of UK businesses reported experiencing cyber attacks.
Since the onset of the pandemic in 2019, email has increasingly become a focal point of security incidents and now features in 80% of breaches.
Here’s what small and medium-sized enterprises (SMEs) need to know about secure email.
What Are the Main Cyber Risks?
Understanding the forms of email attacks is essential to safeguarding your business. These risks fall into two main categories:
1) Threat Actors
These individuals exploit technology to conduct malicious activities online.
Threat actors may intercept messages during transmission, hack accounts with weak passwords to access inboxes, or send fraudulent messages with deceptive links (phishing).
Their goal is typically to steal files and data for ransom or sale.
2) Your Employees
Surprisingly, a significant source of email risk is your own colleagues.
A 2022 data breach report indicates that 82% of breaches involve the ‘human element’, suggesting many could be prevented by reducing human error.
Burnout and stress can increase the likelihood of these errors, impacting email security.
As an SME, Why Should You Care?
43% of cyber attacks target small or medium-sized businesses, yet only 14% are prepared to defend themselves effectively.
SMEs often lack the resources for comprehensive email risk assessments and staff training compared to larger companies.
The impact of a data breach can be more severe for an SME.
The average cost of a breach has risen by 12.7% in recent years. Alarmingly, 60% of small businesses shut down within six months of a hack, unable to recover like their larger counterparts.
Beyond financial damage, businesses have a duty to protect customers' personal information.
Trust is crucial for maintaining a strong market position.
How to Secure Your Emails
Effective cybersecurity strategies should encompass both prevention and response measures.
1) Prevention:
Although quick responses are vital during an attack, preventative measures significantly reduce the likelihood of incidents - remember, prevention is the best cure.
Educating Employees
Regularly updating staff on key cybersecurity principles and potential threats is crucial - ideally on a quarterly or at least annual basis.
The IBM "Cost of a Data Breach" report notes that 19% of breaches stem from compromised credentials.
Employing strong passwords that combine letters, numbers, and symbols without using personal information is a fundamental step in securing email accounts.
Encrypting Messages
Alarmingly, 51% of businesses lack policies for storing or transferring personal information.
With only 31% of employees aware of what email compromise entails, it is likely they are not using encryption effectively.
Encryption can be seamlessly integrated into daily operations using solutions like Mailock, ensuring secure email communications without hindering productivity.
Authenticating Recipients
Implementing two-factor authentication (2FA) ensures that only authorised individuals can access sensitive information.
Authentication methods such as SMS codes, security questions, digital certificates, or biometric verification like fingerprints or facial recognition are robust ways to secure data.
Sabrina McClune is a Women in Tech Excellence 2022 finalist who writes extensively on cybersecurity, digital transformation, data protection, and digital identity. With a postgraduate degree in Digital Marketing (Distinction) and a First-Class Honours degree in English, she combines a strong academic foundation with professional expertise. At Beyond Encryption, Sabrina develops research-led content that supports financial and technology sectors navigating the complexities of the digital age.