Suppose you’ve received an email claiming you’ve won a lottery you never entered or asking you to verify your bank account details. In that case, you’ve encountered what is known as phishing—one of the most common and dangerous cyber threats facing businesses today. But what is phishing exactly, and how does it work?
Designed to trick you into revealing sensitive information, phishing attacks have evolved far beyond obvious Nigerian prince scams. These sophisticated schemes can fool even tech-savvy professionals and cause potentially devastating data breaches. So let’s look at the answers to these questions: What is a phishing email, and how can you avoid getting caught by one?
What is Phishing?
Phishing is a type of social engineering attack where cybercriminals impersonate trusted entities to steal sensitive information such as usernames, passwords, credit card details, or other personal data, or trick you into clicking malicious links or downloading infected attachments. These attacks typically arrive via email, but can also occur through text messages, phone calls, or fake websites.
So, what is a phishing email specifically? It’s a fraudulent message that appears to come from a legitimate source—like your bank, a popular online service, or even a colleague—and persuades you to engage in risky behavior. They can be shockingly persuasive, often using official-looking logos and urgent language that creates a sense of panic or excitement.
Phishing Statistics
Phishing attacks are everywhere, and the numbers are alarming. In 2022 alone, the FBI’s Internet Crime Complaint Center recorded over 300,000 phishing incidents, making it the number one type of cybercrime reported. And that’s just counting the incidents reported to a single organization—many attacks fly under the radar, unreported or unnoticed.
Another source estimates the number of phishing attacks in 2022 to be closer to 4.7 million—with the number of attacks increasing by more than 150% yearly. Small businesses with fewer than 100 employees are particularly vulnerable, experiencing 350% more phishing and other social engineering attacks compared to larger enterprises.
It’s a clear reminder that businesses, big or small, need to understand what phishing is and how to defend against this digital danger.
Industries Most Susceptible to Phishing
Understanding what a phishing email looks like is particularly important for industries that are frequently targeted by cybercriminals:
- Small and Medium-Sized Businesses: SMBs face the highest risk from phishing attacks due to limited cybersecurity resources and training. Cybercriminals target smaller organizations because they often have weaker security and less advanced email filters.
- Financial Services: Banks, credit unions, and financial institutions are prime targets since their customers are used to account-related communications. Attackers frequently impersonate these organizations to steal banking credentials and financial information.
- Healthcare: Healthcare organizations manage large amounts of sensitive patient data, making them attractive targets. Their reliance on urgent communication also increases the likelihood of employees quickly acting on suspicious emails without verifying them.
- Retail and E-commerce: Retail businesses face constant phishing attempts targeting both their systems and their customers. Attackers often create fake order confirmations, shipping notifications, or promos to steal payment information and personal details.
How to Not Get Hooked
What is phishing if not a digital twist on an old-fashioned con? Some defenses are universal—like being wary of offers that sound too good to be true. But digital dangers also require digital solutions. Here are three things any business can implement to avoid phishing:
Security Awareness Training
The most effective defense against phishing is education. Regular security awareness training helps employees recognize suspicious emails and understand proper response protocols. Training should cover questions like: What is phishing? What are common red flags? And how should I verify unexpected requests?
Effective training programs incorporate real-world examples, interactive modules, and regular updates on emerging threats, along with practical tips to help employees learn to scrutinize sender addresses, identify grammatical errors, and question urgent requests for sensitive information.
Run Phishing Simulations
Phishing simulations provide hands-on experience with realistic but safe phishing attempts. These controlled exercises help identify which employees need additional training and reinforce security awareness across your organization.
Simulations should vary in complexity and style to reflect real threats. The goal isn’t to shame those who fall for them but to create learning opportunities and strengthen security.
Conduct a Cybersecurity Risk Assessment
A cyber risk assessment identifies weaknesses in your security setup and offers a clear plan for improvement. It evaluates email security, employee training, and incident response procedures, providing a full picture of your phishing risk.
By assessing technical controls, human behavior, and policies, a risk assessment also helps prioritize investments and develop effective protection strategies.
Strengthen Your Defenses Against Phishing
So, what is phishing? Understanding the answer is just the first step to protecting your business. At iTology, our comprehensive cybersecurity services help you stay ahead of these costly threats with the expertise and tools you need—including expert risk assessments, advanced security tools, and ongoing training to keep your team safe.
Ready to secure your business against phishing and other cyber threats? Contact iTology today for a comprehensive cybersecurity consultation and take the first step toward protection.
