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Cisco Security White Paper
Email Attacks: This Time It’s Personal
sages. Knowledgeable users often ignore the spam messages 
and open only a small percentage of them (Stage C). Of 
these, only a fraction of users will click through (Stage D) and 
finally be “converted” (Stage E) when the unsuspecting user 
purchases products or downloads malware. 
Figure 1: Threat Conversion Pipeline
This traditional spam pipeline still exists, but it has also evolved 
with increasing personalization, most acutely in targeted  
attacks. Targeted attacks typically hold much higher retention 
throughout the pipeline, as the email and website link are sent 
to valid users and appear legitimate to security engines and 
recipients. While the volumes are low, the conversion rates of 
targeted attacks are much higher. The higher conversion rates 
come at the cost of higher-value inputs: 
•  Lists of only valid email addresses with defined attributes
•  Legitimate-appearing messages, often purportedly from  
a known contact with content specific to the recipient(s)
•  Higher-quality and typically not-yet-discovered malware
•  New websites often created specifically for an individual 
instance of a targeted attack (and not previously seen)
This is criminal Darwinism at work: Cybercriminals are  
adapting their campaigns to increase their staying power.
blocked
(B) 
targeted 
users (A)
opened
(C) 
clicked
through (D) 
converted
(E)
victimized
users
99%
3%
5%
Mass
Attack
Targeted
Attack
50%
99%
70%
50%
50%
1,000,000
1,000
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Attack Classifications
As cybercriminal activity continues to evolve, the specific  
attacks and their impact to organizations also change.
Mass Attacks 
Mass attacks have been the basis of threats since the  
first days of distributed networks. Self-propagating worms,  
distributed denial of service (DDoS) attacks, and spam are 
some preferred methods for achieving financial gain or  
business disruption. The criminal creates a common payload 
and places it in locations that victims might access, often inadver-
tently. Examples include infecting websites, exploiting security 
vulnerabilities in file formats such as PDFs, sending emails to 
make a purchase, and mass phishing of banking credentials. 
Traditional anti-threat methods rely on several factors,  
including quickly identifying the threat when first reported or 
seen in the network and then blocking similar threats in the 
future. If criminals infiltrate the security layers far enough to 
reach their targets, they’ll achieve the desired result in  
sufficient quantities to make this business model lucrative. 
A significant segment of this type of attacks is the burgeoning 
number of scams and malicious attacks. As part of the  
evolution of the criminal ecosystem, these attacks are becoming 
highly focused. Regardless of the vector or delivery engine—
including short message service (SMS), email, and social 
media—criminals are choosing their targets with greater care, 
using personalized information such as a user’s geographical 
location or job position. Examples of these scams include:
•  SMS financial fraud scams to specific locales 
•  Email campaigns that use URL shortening services 
•  Social media scams, where the criminal befriends a user 
or group of users for financial gain
When only a few threats are sent, these strategies may be  
effective in reaching the victims, but may not always prove 
cost effective to the criminals. Yet, for reaching high-value 
victims, this approach is increasingly being leveraged by 
smart, organized, and profit-driven criminals. When criminals 
are specific about their victim profiles, these threats are  
referred to as spearphishing attacks. 
Spearphishing attacks are aimed at a specific profile of users, 
often high-ranking organizational users who have access  
to commercial bank accounts. Spearphishing attacks are 
typically well crafted; they use contextual information to make 
users believe they are interacting with legitimate content.  
The spearphishing email may appear to relate to some  
specific item of personal importance or a relevant matter at 
the company—for instance, discussing payroll discrepancies 
or a legal matter. According to Cisco SIO research, more than 
80 percent of spearphishing attacks contain links to websites 
with malicious content. Yet, the linked websites are often  
specially crafted and previously unseen, making them  
complex to detect.