MailGuard Partners Blog

As we pulled the curtain on 2020, counting our losses from events that none had foreseen, with global geopolitical tensions rising, and in the wake of a global health emergency the likes of which we had never experienced, in COVID-19. It forced workforces across the globe to shift to hybrid or remote working and reflected in the IC3 2020 report summarizing the impact on U.S. citizens from cybercrime, citing “a record number of complaints from the American public in 2020: 791,790, with reported losses exceeding $4.1 billion.” Saying “This represents a 69% increase in total complaints from 2019. Business E-mail Compromise (BEC) schemes continued to be the costliest: 19,369 complaints with an adjusted loss of approximately $1.8 billion. Phishing scams were also prominent: 241,342 complaints, with adjusted losses of over $54 million. The number of ransomware incidents also continues to rise, with 2,474 incidents reported in 2020.”

To pay or not to pay? On the surface it may appear to be a relatively straightforward question, however, in reality, the answer is not so simple (particularly if we dig a little deeper). Amidst the plethora of information and advice offered by Governments, cybersecurity professionals and industry experts around the world, there is one thing that we seem to all agree upon: the answer to this critical question is not one-dimensional, whatever your viewpoint may be. Every incident is different because every company has its own unique set of challenges and priorities to consider.

A phishing email purporting to be from Australia Post, claiming your parcel is about to be returned. A DHL-themed email scam informing users of a ‘failed delivery attempt’. A simple HTML email leading to phishing pages employing FedEx TNT’s branding, citing issues with your delivery address. 

In 2020, Australians lost over $850 million to scams. A new report by the Australian Competition & Consumer Commission found phishing was the most reported type of scam across the country, rising to “unprecedented levels” in comparison to 2019. “Phishing activity thrived during the pandemic. Over 44,000 reports were received, representing a 75% increase,” the report stated.  

A personalised and targeted email, an opportune offer and the impersonation of multiple brands – some of the techniques employed by cybercriminals in a phishing email scam that resulted in a property buyer losing thousands of dollars as part of a ‘deposit’, supposedly for his new apartment.

Your customers' business data is being held hostage, encrypted with only their attackers holding the keys. So, should they pay up the ransom, or try to recover without handing over company profits to cybercriminals?

“By any measure, 2020 was the worst year ever when it comes to ransomware and related extortion events. And if we don’t break the back of this cycle, a problem that’s already bad is going to get worse.”

- Acting Deputy Attorney General John Carlin, the United States Department of Justice (DOJ), April 2021

Earlier this month, we announced a new security enhancement to the MailGuard Console – enforced Single Sign-On (SSO) login. For those who missed it, here's a recap of what this enhancement entails.