Phishing remains one of the most widespread and damaging cyber threats for businesses. According to the Verizon 2024 Data Breach Investigations Report, 68% of all data breaches involve “a non-malicious human element, like a person falling victim to a social engineering attack or making an error” — a cyberattack technique that tricks individuals into revealing sensitive information, clicking malicious links, or downloading infected attachments.
As businesses become more digital, cybercriminals continuously adapt their phishing strategies to bypass traditional security measures. The rise of AI-driven phishing attacks further complicates detection, making cybersecurity awareness an essential defense mechanism for organizations.
Understanding Phishing: A Deceptive Cyber Threat
Phishing attacks manipulate human psychology rather than exploiting system vulnerabilities. Attackers impersonate trusted sources — such as banks, suppliers, or even executives — to convince employees to take actions that compromise security.
Why Are Businesses Prime Targets?
Companies store vast amounts of valuable financial and customer data, making them prime targets for cybercriminals. With employees receiving hundreds of emails daily, the chances of falling victim to a phishing scam increase significantly. The rise of remote work has further weakened traditional security perimeters, providing attackers with more entry points to exploit.
Common Phishing Tactics
Phishing takes many forms, and businesses must be able to recognize these different methods to protect themselves. Email phishing remains the most common technique, where attackers send deceptive messages posing as legitimate contacts to trick recipients into revealing sensitive information. Spear phishing goes a step further by targeting specific employees with personalized details, making the scam appear even more convincing.
At an executive level, whaling attacks focus on senior management, attempting to manipulate them into authorizing fraudulent transactions. Beyond email, cybercriminals also exploit other communication channels through smishing, which uses SMS messages, and vishing, which relies on voice calls to extract confidential data.
Example: In 2023, a major multinational company suffered a $100 million financial loss after executives were tricked by a deepfake-generated voice call, proving how advanced phishing tactics have become.
How to Recognize a Phishing Attempt
Phishing emails and messages often contain subtle warning signs that employees should be trained to recognize red flags, such as a suspicious address. Often, attackers use email domains similar to legitimate companies. Additionally, cybercriminals create panic by urging immediate action to prevent account suspension or secure confidential data.
It is also important to be careful of attachments and links since clicking on them can install malware or redirect employees to fraudulent login pages. Another sign is poor grammar and formatting since many phishing emails contain noticeable errors (though not all of them).
A well-trained workforce can spot phishing attempts early, preventing costly breaches before they occur.
How Businesses Can Protect Themselves Against Phishing
Preventing phishing attacks requires a multi-layered strategy, combining technology, training, and security policies. Here are the key measures companies must adopt:
Conduct Regular Phishing Simulations
Organizations should test employees with controlled phishing campaigns using phishing simulations to identify vulnerabilities and provide targeted training.
Deploy Advanced Email Security Tools
AI-driven email filtering and real-time threat detection help block phishing attempts before they reach employees’ inboxes.
Implement Multi-Factor Authentication (MFA)
Even if an employee falls for a phishing scam, MFA adds an extra layer of security, preventing unauthorized access.
Educate Employees on Phishing Tactics
Cybersecurity training should be ongoing rather than a one-time event. Employees must stay updated on evolving phishing techniques to remain vigilant.
Verify Requests via Multiple Channels
Any sensitive request, such as wire transfers or credential changes, should be verified through independent channels, such as a phone call or direct in-person confirmation.
According to the IBM Cost of a Data Breach Report 2024, human error was responsible for 22% of data breaches, while system failures accounted for 23%. This highlights the critical role of human factors in cybersecurity and the need for stronger training programs and security protocols to mitigate risks.
The Impact of AI on Phishing Attacks
Artificial intelligence is revolutionizing cybersecurity, but it is also empowering cybercriminals to create more convincing phishing attacks. They can use machine learning to craft hyper-personalized phishing emails that evade spam filters or utilize deepfakes to impersonate someone and trick employees into approving fraudulent transactions.
There are even automated phishing bots that scan corporate networks to identify potential phishing targets in real-time.
How Businesses Can Counter AI-Enhanced Phishing Attacks
To counter AI-driven threats, companies must adopt a proactive approach to cybersecurity. Leveraging AI-powered solutions is essential, as machine-learning-based threat detection can help identify and neutralize attacks in real time. Strengthening internal verification processes is equally crucial, ensuring that employees are trained to question high-risk transactions and suspicious communication requests. Additionally, ongoing cybersecurity awareness training plays a key role in defense strategies, equipping teams with the knowledge to recognize deepfake scams and AI-generated threats before they cause harm.
Final thoughts
As phishing attacks become more sophisticated, businesses must shift from reactive cybersecurity to proactive employee training and advanced threat detection. The reality is no firewall or antivirus can fully protect against human error, but a well-trained workforce can significantly reduce cyber risk.
By implementing phishing test campaigns and continuously educating employees, businesses can fortify their defenses against phishing scams and prevent costly cyberattacks.
Cybersecurity is no longer optional, it’s a necessity for every business.
Greg Grzesiak is an Entrepreneur-In-Residence and Columnist at Grit Daily. As CEO of Grzesiak Growth LLC, Greg dedicates his time to helping CEOs influencers and entrepreneurs make the appearances that will grow their following in their reach globally. Over the years he has built strong partnerships with high profile educators and influencers in Youtube and traditional finance space. Greg is a University of Florida graduate with years of experience in marketing and journalism.
