Overview
Phishing, a type of social engineering attack, has been a persistent threat since the 1990s, with the first reported incident in 1996. According to the FBI, phishing attacks cost US businesses over $54 million in 2020 alone. The tactic involves tricking individuals into divulging sensitive information, such as passwords or financial data, by masquerading as a trustworthy entity. As security measures have improved, phishers have adapted, employing more sophisticated methods like spear phishing, whaling, and smishing. The rise of AI-powered phishing tools has further complicated the landscape, with 97% of organizations experiencing phishing attacks in 2020, as reported by Wombat Security. The ongoing battle between phishers and security experts has significant implications for the future of online security, with the global phishing market projected to reach $1.4 billion by 2025.