Why Mimecast Leads the Fight Against Email Fraud in 2024

Email fraud isn’t just an IT issue — it’s a direct threat to your bottom line. According to At-Bay's latest research, 2024 InsurSec Rankings: Email Security and Financial Fraud Report, email-related incidents surged by 24% in 2023. This reveals a troubling trend showing no sign of slowing as financial fraud continues to dominate the cyber threat landscape.

Businesses today face massive financial repercussions, with the average stolen funds per email fraud incident reaching $219,000 and losses sometimes ballooning to $5 million. Amid this storm, Mimecast has emerged as a beacon of security. Ranked the #1 email security solution by At-Bay for two consecutive years, Mimecast is helping organizations fend off risks, reduce incidents, and secure critical operations.

Read on to explore the state of email security, the industries most at risk, and why Mimecast remains the industry’s top choice for businesses looking to protect their communications and financial future. 

Fraud Predicted to Rise to an Alarming 72% 

The rising email-related threats in 2023 heralded a critical need for businesses to bolster defenses. At-Bay’s report reveals a sharp 24% increase in incidents, underscoring how pervasive email fraud has become. Worryingly, financial fraud accounted for three out of five email crimes last year. This has been predicted to rise to an alarming 72% in 2024. 

Businesses lost an average of $219,000 to fraud through email attacks, with companies reporting losses exceeding $5 million. These incidents don’t just present monetary losses but can also erode customer trust, tarnish reputations, and paralyze operations. 

Top Industries at Risk 

Certain sectors are at the forefront of these email-related crimes. According to At-Bay’s findings, top-targeted industries in 2023 and 2024 include:

• Manufacturing: Fraudsters exploit supply chain complexities to infiltrate communication channels. 
• Finance: Threat actors target finance professionals for vendor impersonation, financial fraud, and stolen credentials. 
• Law firms: Email tampering continues to disrupt client relations here, with hackers manipulating sensitive legal communications. 

Mimecast’s Proven Leadership in Email Security 

Amidst these challenges, Mimecast stands as a trusted solution. At-Bay has ranked Mimecast as the number one email security provider for the second year in a row because it consistently outperforms competitors in safeguarding businesses. 

Statistics from the report speak for themselves. Businesses that rely on Mimecast experienced 37% fewer email incidents compared to the industry average. This unmatched performance cements 2024. 

What Sets Mimecast Apart? 

What distinguishes Mimecast from its competitors is its comprehensive and proactive approach to email fraud prevention:

• Advanced AI: Mimecast utilizes AI to identify and neutralize threats before they reach your inbox. AI-only solutions often generate false positives, requiring constant tuning and human oversight.
• Anti-fraud tools: Advanced anti-phishing, anti-spoofing, and fraud detection tools mitigate financial fraud effectively. 
• Real-time threat detection: Mimecast adapts to emerging threats as they evolve, ensuring continuous protection. 
• Commitment to innovation: At-Bay’s data highlights that Mimecast has improved its performance year-over-year, enabling businesses to stay ahead of increasingly sophisticated email threats. 

From protecting sensitive data to combating fraud schemes, Mimecast’s technology is built to handle the everyday challenges businesses face in keeping their email communications secure and compliant. 

The Business Case for Choosing Mimecast 

Selecting a robust email security solution is key to risk management. Mimecast isn’t about protecting a single inbox; it’s about safeguarding an entire business ecosystem. 

Key benefits Mimecast offers include:

• Fewer incidents: Mimecast users regularly experience fewer email fraud incidents than industry averages. 
• Financial protection: With the average incident costing $219,000, Mimecast helps prevent significant monetary losses. 
• Enhanced reputation management: Improved email security enhances customer trust and protects a business’s reputation in the marketplace. 

When security leaders are tasked with finding a solution that balances technology with ease of implementation, Mimecast consistently delivers.

The Bottom Line

Email fraud is on the rise, but you don’t have to fight the battle alone. Mimecast’s proven expertise and industry-leading technology make it the ideal security partner for businesses looking to safeguard their email communications against evolving threats.

Ensure your organization is part of the growing number of companies that trust Mimecast to mitigate email vulnerabilities and confidently face the challenges of 2024. 

Read the full At-Bay report now and discover why Mimecast is the obvious choice for enterprise email security.