Phishing Clicks Increase, Cloud Security Market Grows

The rate of opens for phishing emails has increased year-over-year, according to a recent Verizon security study.

Thirty percent of phishing emails were opened, according to the study -- an increase from 23% in 2015. Furthermore, 13% of readers endangered their IT security by clicking to open a malicious attachment or link.

Verizon confirms the growing popularity of phishing as a cyber crime, and cites the speed and high rate of its success. The company warns users to be aware of three-pronged cyberattacks that incorporate a phishing email -- downloadable malware that steals login credentials and then the ongoing use of that private information to enter third-party Web sites such as banking or retail sites. 

The company analyzed more than 2,260 confirmed data breaches and 100,000 reported security incidents over the past year.

Ransomware attacks have also increased 16% year-over-year, according to the report.

Sixty-three percent of confirmed data breaches involved the perpetrator using a stolen, weak, or default password. Eighty-nine peercent of all attacks are inspired by espionage or financial motivation, according to Verizon.

Driven in part by compromised email accounts, the cloud email security market is predicted to grow at a compound annual growth rate of over 15% by 2020, according to recent market research report by analyst firm TechNavio. 

American adoption of online security measures, however, remains paltry.

Currently less than 10% of Americans use email encryption technology according to a recent HMA study of over 2000 consumers. Yet, 63% of respondents reported online security issues and 67% expressed they’d appreciate extra layers of online privacy.

 

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