Phishing attacks are a constant threat to cybersecurity, with malicious actors from Russia, China, and the U.S., continuously refining their tactics to deceive individuals and organizations.
What is phishing?
Phishing is a cyberattack where attackers pose as legitimate entities to trick individuals into revealing sensitive information, like passwords or financial details. The attackers usually send fraudulent emails with links to malicious websites or malware.
Current trends in phishing attacks
According to StationX phishing statistics, "An estimated 91% of all cyber attacks begin with a phishing email, making it the dominant vector for cybercriminals.”
Approximately “3.4 billion emails a day are sent by cybercriminals, designed to look like they come from trusted senders," translating to over a trillion emails annually.
In 2022 alone, the Anti-Phishing Working Group (APWG) reported 4.7 million phishing attacks, marking a 150% increase compared to 2019.
The report also states:
- 36% of all data breaches involve phishing.
- 84% of organizations experienced at least one phishing attempt in 2022 (up 15% from 2021).
Furthermore, AI tools like ChatGPT have led to a 135% increase of phishing emails with advanced linguistic capabilities that make it harder to detect phishing scams.
Who is committing phishing attacks?
Russia is the leading source of global phishing attacks, and although financial motives dominate, “a small number of attacks appear to be politically driven.”
Specifically, StationX notes that:
- 29.82% of phishing emails originate from Russia
- 14% of malicious spam comes from Mainland China
- 10.71% from the United States
Common tactics
Gmail accounts: 91% of bait emails are sent via Gmail due to its easy setup and Google's read receipt function, which attackers use to track engagement.
Messaging platforms: “A third of IT professionals report an increase in other message-related platforms.” Additionally, 40% reported incidents via workplace management platforms and text messages.
Spear phishing: CrowdStrike defines spear-phishing as “a type of phishing attack that targets specific individuals or organizations typically through malicious emails.” While spear phishing only accounts for a small fraction of attacks, it is responsible for 66% of breaches.
Whaling: This approach targets senior executives within organizations into “disclosing credentials, money, or information and has increased by 131% since the shift to remote work.
Who are the targets?
The financial sector is consistently the most targeted industry, but phishing attacks heavily impact smaller businesses. Specifically, those with fewer than 100 employees, are 350% more likely to experience phishing attacks than those at larger enterprises.
Additionally, remote workers are increasingly at risk, with 62% of information security professionals reporting a rise in phishing attacks following the shift to remote work.
Click rates and industry vulnerabilities
In 2021, the average click rate for phishing emails was 17.8%, so nearly one in five recipients clicked on a phishing link. More targeted approaches, like spear phishing, had an even higher success rate, with a 53.2% click rate.
Research on how users make email response decisions also shows that several factors increase susceptibility to phishing attacks.
For example, “Individuals working for educational institutions are most likely to open a phishing email. Healthcare and retail employees are the least likely to do so,” StationX adds.
However, 3% of employees across all sectors will click on a malicious link, risking their organization’s security.
Read also: Why people still fall for phishing attacks in 2024
Impact of phishing
It is estimated that phishing is responsible for 45% of ransomware attacks, with the average cost of a ransomware attack estimated at $1.5 million. Large organizations lose an average of $15 million annually due to phishing attacks, or roughly $1,500 per employee.
The cost of phishing-related breaches also extends beyond financial losses, affecting customer trust and organizational reputation.
Read also: What are the penalties for HIPAA violations?
FAQs
What are common signs of a phishing email?
Common signs of a phishing email include suspicious sender addresses, attachments or links, urgent or threatening language, and requests for sensitive information.
Can phishing attacks be prevented?
Businesses can reduce the risk of phishing attacks by using email authentication protocols like DMARC, educating employees, and using encrypted email solutions like Paubox.
How does encryption secure emails?
Paubox email uses advanced encryption methods that convert the email content into a secure code that can only be read by authorized recipients, securing the email during transmission and at rest.
