Phishing is no longer a fringe cyber threat. For Canadian organizations, it has become one of the most reliable ways attackers gain initial access to systems, identities, and sensitive data. While tools and awareness have improved, phishing continues to evolve faster than many defences.
In early 2025, the Anti-Phishing Working Group recorded more than one million phishing attacks in a single quarter, the highest volume reported to date. Many of these attacks used convincing branding, QR codes, and realistic language to steal credentials rather than relying on obvious malware.
For Canadian businesses, the impact is real. Surveys show that fewer than half of small and mid-sized organizations believe they are ready to respond to a cyber incident, even though phishing remains the most common entry point for broader attacks.
Understanding how modern phishing works is the first step toward reducing risk.
1. Traditional Phishing Still Works
Traditional phishing usually arrives through email or text messages that appear to come from trusted brands or internal contacts. These messages often ask users to click a link, reset a password, or confirm account details.
What has changed is quality. Attackers now use polished templates and AI-generated text that closely mimics real communications. As a result, phishing messages are harder to spot and easier to trust.
These attacks succeed because they target people, not systems. One click can lead to credential theft, malicious downloads, or access to internal tools.
How organizations defend against it
- Email security filters that scan links and attachments
- Multi-factor authentication to limit damage if credentials are stolen
- Regular security awareness training so employees recognise warning signs
The Canadian government’s Get Cyber Safe program continues to highlight phishing as a top risk for small businesses, reinforcing the need for both technical controls and education.
2. Spear Phishing Targets Specific People
Spear phishing takes a more precise approach. Instead of sending generic messages, attackers research individuals or roles within an organization. Finance teams, executives, and HR staff are frequent targets.
These emails often reference real projects, vendors, or colleagues, making them feel legitimate. Public sources like LinkedIn and company websites provide attackers with enough context to sound convincing.
Because the message feels personal, recipients are more likely to respond quickly and less likely to question the request.
How organizations defend against it
- Identity protection tools that flag unusual login behaviour
- Clear internal policies for verifying sensitive requests
- Simulated phishing exercises that expose staff to realistic scenarios
Canadian reporting continues to show that targeted phishing plays a role in larger breaches, particularly when stolen credentials are reused across systems.
3. Business Email Compromise Causes the Most Damage
Business Email Compromise, often called BEC, is one of the costliest forms of phishing. In these attacks, criminals impersonate executives or trusted partners to request payments, account changes, or confidential information.
Often, the email comes from a real internal account that has already been compromised. The attacker waits for the right moment, then applies urgency or confidentiality to push the request through.
International reporting shows that BEC attacks result in billions of dollars in losses each year, with the average loss per incident continuing to rise.
How organizations defend against BEC
- Email authentication using DMARC, DKIM, and SPF
- Approval processes for financial and account changes
- Monitoring for unusual email behaviour or account access
BEC defence relies as much on process as it does on technology.
Why Training and Process Matter as Much as Tools
Phishing defence does not stop at blocking emails. It depends on how people respond when something looks off.
Organizations that perform better tend to share a few habits:
- Employees feel safe reporting suspicious messages
- Access is limited to what users need
- Incident response steps are clearly documented and rehearsed
Statistics Canada continues to report identity theft and scams among the most common cyber incidents affecting Canadian organizations, reinforcing that phishing remains a persistent risk. (statcan.gc.ca)
Strengthening Defences with MSP Corp
Effective phishing defence combines technology, awareness, and governance. That includes:
- Secure email and identity protection
- Multi-factor authentication and conditional access
- Security awareness and phishing simulations
- Monitoring and response planning
MSP Corp helps organizations assess their exposure, strengthen controls, and build practical response plans that reduce the chance of a phishing email turning into a business-level incident.
Final Thoughts
Phishing attacks succeed because they adapt quickly and exploit human behaviour. While no defence is perfect, layered protection dramatically reduces risk.
By understanding common phishing methods and reinforcing defences across people, process, and technology, organizations can limit exposure and respond faster when something slips through.
If you want to evaluate your phishing readiness or strengthen your defences, contact MSP Corp to start the conversation.