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E-mail attack costs company R100 million

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Email spoofing and phishing are not new phenomena, but many South African companies haven’t implemented measures to address the threat.

Email security is becoming an increasingly important aspect of business in South Africa, and in one instance, spoofing resulted in a company losing R100 million to a malicious actor.with CliffCentral, e-mail security firm Sendmarc co-founder Sam Hutchinson revealed that a malicious actor’s spoofed email resulted in the funds being paid into the wrong bank account. They have not been recovered.

“If you look at the Gartner Security Report of two or three years ago, they said that email is one of the top five attack vectors for an organisation,” he said. DMARC is an email validation system used to protect the domains of organisations from being used for email spoofing, phishing, and other cybercrimes.

“If we look at the EU: 70%, if we look at the US: 72%. So, South Africa’s actually doing pretty well,” Hutchinson said.

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