Phishing attacks have become the top cyber threat to businesses and the statistics continue to outpace expectations and forecasts.

The latest report from the Anti-Phishing Working Group (APWG) highlights the alarming increase in phishing attacks, underscoring the importance of robust security measures and a premium on cybersecurity awareness training and education.

At PhishingBox, we’re committed to empowering businesses with practical solutions to combat this growing menace. Let’s look at the data itself and detail how to avoid becoming part of some scary statistics.

Record-Breaking Numbers

According to the APWG's Q4 2022 report summary, there were a staggering 4.7 million phishing attacks, making it a record year for phishing.

In the last quarter of 2022 alone, there was a record number of recorded phishing attacks, surpassing the previous two quarters to take the top spot for most attempts logged in a single quarter. With the number of attacks growing by over 150% each year since 2019, it’s a substantial increase in phishing as a preferred method of attack.

A stark reminder of the relentless nature of cybercriminals and their ever-evolving, innovative tactics to freshen up old-school approaches.

Unprecedented Statistics

The APWG's report highlights October 2022 as a significant milestone, with a record-breaking 101,104 unique email subjects received during that month alone…that’s right, a record number of unique subject lines during Cybersecurity Awareness Month.

It’s yet another reminder cybercriminals will up the ante even as businesses and organizations train and educate their staff and employees to be on the lookout.

This substantial sample size allows cybersecurity professionals to gain valuable insight into the evolving techniques employed by cybercriminals.

At PhishingBox, we leverage such data to enhance our cyber training programs and simulate realistic phishing scenarios, enabling organizations to proactively defend against these threats and enhance overall security posture centered on human risk management.

Financial Sector Targeting

Of particular concern was the specific targeting of the financial sector, which continues to bear the brunt of phishing attacks.

The APWG's report states 27.7% of all phishing attacks in the last 3 months of 2022 targeted financial institutions.

This figure underscores the need for heightened cybersecurity measures and proactive training programs within the financial sector for all employees.

At PhishingBox, we offer specialized training modules designed to equip financial institutions with the necessary tools to safeguard their employees and customers against these malicious attacks with comprehensive course programs inclusive of role-based training.

The Persistence of Business Email Compromise (BEC) Attacks

Business Email Compromise (BEC) attacks continue to severely threaten enterprises worldwide.

These attacks aim to deceive employees into transferring funds or disclosing sensitive information, resulting in substantial financial losses.

The APWG's report noted the average BEC attack sought a staggering $132,559. This demonstrates the significant financial impact BEC attacks can have on organizations and provides an immediate ROI for easy calculation. Cyber training can be obtained for a fraction of the cost to mitigate potential damages from the human element.

PhishingBox: Your Ally in the Fight Against Phishing

In the face of these escalating phishing threats, businesses need a robust solution to protect their sensitive data and ensure the safety of their employees and customers.

That's where PhishingBox comes in. We provide a comprehensive awareness platform to proactively empower and educate organizations’ employees, test their vulnerabilities, and build a resilient defense against phishing attacks.

Our innovative training modules, and industry-leading content, powered by real-world scenarios equip employees with the knowledge and skills necessary to identify and report phishing attempts effectively.

By regularly conducting simulated phishing campaigns, organizations can continually assess their security posture and identify areas requiring improvement.

PhishingBox's advanced analytics and reporting capabilities provide valuable insights to help organizations stay one step ahead of today’s cybercriminals.

Bottom Line

The APWG's Q4 2022 report sheds light on the dangers of the ever-increasing threat of phishing attacks.

As phishing attacks reach record-breaking numbers and target critical sectors like finance, businesses must proactively protect themselves and their stakeholders.

At PhishingBox, we stand ready to assist organizations in their fight against phishing and cybercrime by providing comprehensive training, simulated phishing campaigns, and advanced analytics.

Together, we can customize a tailored, optimal cybersecurity strategy and deliver a resilient defense to create a more secure digital landscape.