With internet access and availability having increased significantly over the past few years, more people now conduct their transactions online. Knowing this, cybercriminals spend considerable amounts of time and money looking for ways to access private personal information or confidential business information for nefarious reasons. Of the many techniques used by cybercriminals to obtain private and confidential information, one of the most endemic is phishing.
Due to increased public awareness about the importance of keeping online transactions and documents secure, cybercriminals have modified their network attack strategies. Technological advances over the past several years have enabled these cybercriminals to develop more innovative, as well as stealthy, ways to attack computer networks.
Over the past several years, there has been a significant increase in the frequency as well as the severity of data breaches. In 2018, ransomware attacks increased by 350%, spoofing increased by 250%, and spear-phishing increased by 70% overall. Furthermore, the average total cost of a data breach for an individual company increased from $3.62 to $3.86 million, an increase of 6.4%.