A recent report by iDefense Labs estimates that there have been 66 distinct spear phishing attacks between February 2007 and June 2008, with the rate of attacks continuing to accelerate. Spear phishing groups have claimed more than 15,000 corporate victims in 15 months, with victim losses exceeding $100,000 in some cases. Victims include Fortune 500 companies, financial institutions, government agencies, and legal firms.

According to iDefense the volume of spear phishing attacks are expected to continue to increase. The quality and sophistication of the social engineering and malicious code is also likely to improve. In-depth training of executives and other employees on social engineering attacks, specifically spear phishing is highly recommended.

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Related topics: Cyberattack, Cybercrime, Security, Spam