When cyber criminals mimic trusted brands, they tend to go where the money is by targeting banks or electronic payment services an overwhelming 64% of the time (Cyveillance). That was one of the primary themes from our latest webinar, presented by Agari CTO John Wilson. When phishing attacks occur and email channels are hijacked, financial companies not only face financial losses that they must recoup, but their brand suffers in the eyes of their most vital asset, their customers.
The stakes have never been higher and the long term costs are real. With 400 different brands targeted every quarter, 50% of which are new targets, it’s only a matter of time before your bank or financial services firm faces a phishing attack. It’s estimated that the damage caused by phishing campaigns amounts to a whopping 1.5 billion dollars per year. According to Google, the average CTR of a phishing campaign is nearly 14%, far exceeding many legitimate marketing campaigns.
After the damage is done, how do financial firms recover? The road back is not easy. In today’s digital world, unhappy customers can easily make their voices heard and pose a huge risk to the bank’s image and bottom line. Following an email attack, 42% of consumers are less likely to continue to do business with the bank whether they were actually effected by the spoofed emails or not (Cloudmark). Citing safety concerns, another 40% of consumers alter their online behavior, further reducing their level of trust and engagement with future, legitimate email messages (Cloudmark).
Today, many companies don’t have visibility into who’s sending emails on their behalf and are often helpless to stop them. Agari Customer Protect was engineered specifically to solve this problem. With Agari, financial institutions stand to gain unprecedented visibility and control over their email ecosystem while using minimal resources to manage email vendors and authenticate email domains. Agari customers benefit from real-time threat intelligence, interactive and schedulable reports, plus alerts based on conditions impacting email validation.
Having secured the email channels for 6 of the top 10 globally recognized banks, Agari is on a mission to ensure that spoofed messages will no longer reach the inboxes of their intended victims – your customers.