What is the economic impact of phishing globally?

Phishing has a significant global economic impact, resulting in billions of dollars in losses annually. This cybercrime technique involves tricking individuals into providing sensitive information such as login credentials or financial details. Phishing attacks can lead to financial fraud, data breaches, identity theft, and reputational damage for businesses and individuals. Companies may incur financial losses from stolen funds, legal costs, and damage control efforts. Individuals can suffer financial losses, emotional distress, and identity theft consequences. Additionally, the loss of trust and reputation can have long-lasting effects on both businesses and individuals. Organizations invest in cybersecurity measures to mitigate the risks associated with phishing attacks, but the evolving tactics of cybercriminals make it challenging to prevent such threats entirely.