Due to technological advancement, organizations rely more on digital tools, unlike in the past. However, while those tools have massively transformed the entities resulting in better productivity and capability, they have increased risks to their users. One of these risks is phishing. It entails cyber criminals sending digital baits, for example, emails or links, to unsuspecting digital tools users to try to get them to bite the bait, in this case, to click a link or open an email. And if the target users take action, the criminal steal login credentials or do other malicious things.

So, what is the difference between phishing and spear phishing? To understand spear phishing vs phishing, you need to know that phishing involves sending emails to many people, organizations, etc., expecting a few will take action. On the other hand, spear phishing targets a specific individual, organization, or group and is designed to appear to be from an entity the target knows and trusts.

Below are some of the dangers of phishing to companies and individuals:

Phishing Enables Criminals to Steal Data

Cyber criminals turn to phish to access employee’s corporate email account, and with a few minutes, they can download all the email inbox contents. And with the corporate email accounts connected to the service providers’ cloud storage, the criminals can also copy all those files or make them inaccessible to the organization. They can then ask for some money to allow the owner to access their files. The hackers can also exploit the data as they wish after accessing it.

Spear Phishing Can Lead to Financial Losses

In spear-phishing, the bad actors pose like someone you know so that you will trust the email or whatever digital bait they use. Then, using the targeted phishing, they get your personal information and use it to commit crimes. For example, the criminals may get CEOs’ data and impersonate them to instruct junior staff to transfer cash to some company accounts, which they have also taken hold of.

Phishing Can Enable Criminal to Reset Passwords

Another significant risk of phishing is that when hackers have control over your email, they can access many other accounts and even reset passwords. That way, the bad actors can wipe away your accounts and remain in control of those accounts. In addition, they could go on to demand payments into such accounts using the emails they took over. All these can lead to heavy financial losses and loss of trust from customers and other parties.