Cybercriminals are moving away from mass phishing campaigns

Phishing activity declined by roughly 20% in both 2024 and 2025, according to research from Zscaler’s ThreatLabz team. The drop followed years of growth that pushed phishing activity above 2 billion hits in 2023. “Phishing volume measured by blocked emails is no longer a reliable proxy for phishing risk.” Researchers found greater use of targeted phishing campaigns designed to resemble routine business communications.