Zscaler Releases 2024 Phishing Report: Global Trends Revealed

Zscaler, Inc., the leader in cloud security, today announced the release of the Zscaler ThreatLabz 2024 Phishing Report, which analyzes 2 billion blocked phishing transactions across the Zscaler Zero Trust Exchange™ platform, the world’s largest cloud security platform, between January and December 2023. The data revealed a year-over-year increase of nearly 60% in global phishing attacks, fueled in part by the proliferation of generative AI-driven schemes such as voice phishing (vishing) and deepfake phishing. This year’s report includes actionable insights on phishing activity and tactics, along with offering best practices and strategies to enhance an organization’s security posture to prevent and minimize related threats.

“Phishing remains a persistent and often underestimated threat within the cybersecurity landscape, growing more sophisticated as threat actors harness cutting-edge advancements in generative AI and manipulate trusted platforms to intensify attacks,” said Deepen Desai, CSO and Head of Security Research. “In this context, the latest ThreatLabz insights are more crucial than ever for informing our strategies and strengthening phishing defenses. These findings emphasize the need for organizations to adopt a proactive layered approach that integrates a robust zero trust architecture with advanced AI-powered phishing prevention controls to effectively counteract these evolving threats.”

India among top three targets for phishing attacks globally

In 2023, the United States (55.9%), United Kingdom (5.6%) and India (3.9%) emerged as the top countries targeted by phishing scams. India experienced over 79 million phishing attacks, ranking as the third highest volume of phishing attempts recorded in the Zscaler cloud in 2023 (following the U.S. at 1.1 billion and the U.K. at 112.9 million). Moreover, it stands out as the most targeted country in the APJ region for phishing attempts, accounting for 33.12% of the total phishing attacks in the region.

“The advancement of the nation’s digital infrastructure, growing population of internet-connected users and extensive use of online financial transactions has undoubtedly led to an escalation in numbers and sophistication of phishing attacks in the nation,” shared Sudip Banerjee, CTO, Asia Pacific & Japan at Zscaler. “As threat actors find new malicious means to extract and steal user data, steps are being taken by the Indian government, such as the implementation of Digital Personal Data Protection Act, to help circumvent the proliferation of such attack vectors. In addition, enterprises across India are also exercising cyber vigilance and doubling down on their zero trust strategies to ensure their organization is well protected against emerging threats.”

The majority of phishing attacks originated from the U.S., the U.K., and Russia, while Australia entered the top 10 due to a 479% year-over-year surge in the volume of phishing content hosted in the country.

Technology sector in India witnessed the highest number of phishing attacks

The finance and insurance sector experienced the highest number of overall phishing attempts, amounting to a 393% increase of attacks globally from the previous year. Reliance on digital financial platforms provides ample opportunities for threat actors to carry out phishing campaigns and exploit vulnerabilities in this sector.

Whereas in India, the technology sector saw the highest volume of attacks, accounting for almost 33% of the phishing attacks observed in the country. Meanwhile, the manufacturing sector experienced the highest attacks in Australia, Korea, Malaysia, Singapore and Taiwan while the services sector was the top-targeted industry in Japan and Hong Kong.

The manufacturing industry also experienced a significant uptick (31%) in phishing attacks from 2022 to 2023, underscoring the growing awareness of the industry's vulnerability. As manufacturing processes become more reliant on digital systems and interconnected technologies like IoT/OT, the risk of exploitation by threat actors seeking unauthorized access or disruption also grows.

Microsoft remains the most impersonated brand used in phishing attacks

ThreatLabz researchers identified enterprise brands such as Microsoft, OneDrive, Okta, Adobe, and SharePoint as prime targets for impersonation due to their widespread usage and the value associated with acquiring user credentials for these platforms.

Microsoft (43%) emerged as the top imitated enterprise brand in 2023, with its OneDrive (12%) and SharePoint (3%) platforms also ranking in the top five—serving as lucrative targets for cybercriminals aiming to exploit Microsoft’s vast user base.

How a Zero Trust architecture can mitigate phishing attacks

Organizations can implement a Zero Trust architecture with advanced AI-powered phishing prevention controls to effectively defend against the ever-evolving threat landscape highlighted in the report. The Zero Trust Exchange platform helps prevent conventional and AI-driven phishing attacks at multiple stages of the attack chain by:

• Preventing compromise: TLS/SSL inspection at scale, AI-powered browser isolation and policy-driven access controls prevent access to suspicious websites.

• Eliminating lateral movement: Users connect directly to applications, not the network, while AI-powered app segmentation limits the blast radius of a potential incident.

• Shutting down compromised users and insider threats: Inline inspection prevents private application exploit attempts, and integrated deception capabilities detect the most sophisticated attackers.

• Stopping data loss: Inspection of data in-motion and at-rest prevents potential theft by an active attacker.