Phishing attacks rise in 2024 with AI-driven tactics

Cybersecurity experts are analysing the significant rise in phishing attacks throughout 2024, revealing new and evolving methodologies utilised by cybercriminals.

The threat intelligence team at Egress, a KnowBe4 company, has published a series of reports highlighting the escalation of phishing threats over the past year. Their analysis indicates a notable increase, with 94% of organisations experiencing phishing attacks in 2024, compared to 92% in the previous year.

The data also shows that 96% of these organisations faced negative aftermaths following successful attacks. An alarming 67.4% of all phishing incidents employed some form of artificial intelligence, while 89% incorporated impersonation tactics. Account takeover (ATO) incidents have also been a growing concern, affecting 58% of organisations.

James Sutton from C8 Consulting noted in the report, "The growing complexity is evident in recent data, with a rise in incidents reported to the ICO in the UK and a 10% increase in complaints, including phishing/spoofing, filed with the FBI's Internet Crime Complaint Center (IC3) in the US."

The top five industries targeted by phishing attacks include insurance, finance, healthcare, law, and transportation, as identified by Egress Defend data. Microsoft, DocuSign, PayPal, DHL, and Facebook have been the most impersonated brands.

Phishing emails have utilised links, attachments, and QR codes as the primary payloads. A significant trend identified is the use of AI in phishing, with AI-related elements appearing in phishing toolkits 74.8% of the time and deepfakes being a concern for 63% of cybersecurity leaders.

From January to March 2024, a 21% increase in incidents was reported to the UK's Information Commissioner's Office (ICO) compared with the same period in 2023. However, cyber incidents reported from April to June saw a 21% decrease from the preceding year.

In the United States, the IC3 received 298,878 complaints related to phishing/spoofing, considerably outstripping mere personal data breaches. Despite a downtrend of 6.93% year-on-year, phishing still resulted in significant financial losses amounting to USD $18,728,550.

In response to these increasing threats, cybersecurity leaders have expressed growing apprehension about existing security mechanisms. Egress Defend reports show that 95% of cybersecurity leaders are stressed about email security, with 91% expressing frustration over the dependence on secure email gateways (SEGs).

The report points out that, "SEGs are perceived as relying too heavily on legacy technologies to defend against sophisticated threats, prompting interest in integrated clause email security solutions, with 87% considering or having moved to systems like Microsoft 365."

Impersonation remains a significant strategy, with phishing threats frequently mimicking established brands or impersonating departments such as Human Resources. Between January and August 2024, Adobe emerged as the most impersonated brand.

Phishing campaigns have expanded to include multi-channel attacks, employing platforms such as Microsoft Teams, Slack, and SMS to enhance authenticity. These methods, along with AI-driven tactics, signify a notable evolution in phishing strategy.

The escalation of these threats calls for a proactive adaptation of security strategies. Security professionals must remain informed of these trends and update measures to mitigate risks and protect sensitive data effectively. Such vigilance is crucial for maintaining resilience in the face of increasingly sophisticated phishing threats.