Research conducted by the anti-phishing training company PhishMe has shown a worrying increase in phishing attacks in 2016 and has highlighted the importance of taking steps to reduce the risk of spear phishing attacks.

Unfortunately, cybercriminals are becoming much more adept at crafting highly convincing spear phishing campaigns. A wide range of social engineering techniques are used to fool employees into responding to the emails and the campaigns are becoming much harder to identify.

Unfortunately responding to these emails can result in email and network credentials being compromised, malware and ransomware being installed on corporate networks, and sensitive data being emailed to the attackers.

The study of phishing attacks in 2016 showed attacks increased by 55% year on year. PhishMe research shows that out of the successful data breaches in 2016, 90% started with a spear phishing email.

In 2016, business email compromise attacks rose by an incredible 1300%, while ransomware attacks increased 400%. Cybercriminals are attacking companies with a vigor never before seen and unfortunately many of those attacks have been successful.

The figures from the U.S. Department of Health and Human Services’ Office for Civil Rights – which tracks U.S. healthcare data breaches – show that 2016 was the worst ever year on record for healthcare data breaches. At least 323 breaches of more than 500 records occurred in 2016. Undoubtedly many more breaches have yet to be discovered.

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Cybercriminals and hackers have employees firmly in their crosshairs. Unfortunately, employees are easy targets. A recent survey conducted by cybersecurity firm Avecto showed that 65% of employees are now wary about clicking on links emailed to them by strangers. Alarmingly, that means 35% are not.

The same survey showed that 68% of respondents have no concerns about clicking on links sent by their friends and colleagues. Given the extent to which email addresses and passwords have been compromised in the last year, this is incredibly worrying. 1 billion Yahoo accounts were breached and 117 million email addresses were compromised as a result of the LinkedIn breach. Gaining access to email accounts is not a problem for cybercriminals. If those accounts are used to send spear-phishing emails, the chance of links being clicked are very high.  Unfortunately, all it takes is for one email account to be compromised for access to a network to be gained.

The risk of spear phishing attacks was clearly demonstrated in 2015 when the largest ever healthcare data breach was discovered. 78.8-million health plan members’ records were stolen from Anthem Inc. That breach occurred as a result of an employee of one of the insurer’s subsidiaries responding to a spear phishing email.

Anthem Inc., is the second largest health insurer in the United States and the company spends many tens of millions of highly complex cybersecurity defenses. Those multi-million dollar defenses were undone with a single email.

Organizations must take steps to reduce the risk of speak phishing attacks. Unfortunately, there is no single solution to eradicate risk. A multi-layered defense strategy is required.

An advanced anti-spam solution is essential to prevent the vast majority of spam and phishing emails from being delivered to end users. SpamTitan for example, blocks 99.97% of spam email and 100% of known malware.

Employees must be trained and their training must be tested with phishing exercises. Practice really does make perfect when it comes to identifying email scams. Endpoint defenses should also be employed, along with anti-virus and antimalware software.

The risk of spear phishing attacks will increase again in 2017. Doing nothing to improve cybersecurity defenses and combat the spear phishing risk could prove to be a very costly mistake.