Phishing is a billion-dollar global industry, consumers are the main target

Phishing is a growing pain point for individuals, businesses and CSPs, according to Allot.

phishing economic impact

Consumers are the main target of these attacks, and they are calling for better security for their data and financial information. The research shows that they are right to be concerned.

The data showed that during Q1 2019, 7 million European mobile subscribers were protected, by their communications service providers, on average from 20M phishing attacks a month.

Phishing: Economic impact

The research revealed that over a 3-month period, phishing represented 35% of activated protections among customers subscribed to a CSP-based security service.

Adware ran a close second with 34%. This was in addition to anti-malware, ransomware and crypto-jacking protections for customers subscribed to a CSP-based security service.

CSPs have an opportunity to mitigate phishing attempts

  • Even though phishing is technically dependent on what sources internet users choose to trust, CSPs can proactively protect their subscribers from phishing.
  • CSPs can take an Educate, Warn and Secure approach to protecting their customers from on-line criminals.
  • Phishing protection presents an opportunity for CSPs to differentiate themselves and create unique revenue opportunities while protecting innocent Internet users.

“Over the years, CSP subscribers have been both direct and indirect victims of phishing, and it is now time to act,” said Hagay Katz, VP Strategic Accounts, Cyber Security at Allot.

“Today, hackers are adept at scamming users into divulging their personal and confidential information by manipulating elements of human nature like greed, fear and hope.

“With a proactive approach of educating customers about phishing, alerting customers to current, local phishing campaigns, and implementing anti-phishing technology to protect them at the network level, CSPs can not only gain consumers’ trust but also generate new revenue opportunities for themselves.”