Phishing Attack Volume Down 20%, But Risk Still Rising

Zscaler's phishing analysis shows overall phishing volume fell after a post-ChatGPT spike, but adversaries shifted from wide spray-and-pray campaigns to more selective, higher-conversion attacks; as a result, reported monetary losses have surged (FBI: $70M → $215M). The report highlights industry and country trends, increased hosting on mainstream cloud services—especially AWS—and a move toward targeted campaigns and infrastructure choices that complicate simple IP blocklisting.