Research from Cofense Intelligence has revealed the five industries most frequently targeted with subject customization techniques. Subject customization is a tactic commonly used in phishing emails to deceive a recipient, and often includes the use of the recipient’s name, phone number, email address, or organization name in order to disguise the purpose of the the email. Based on data collected from Q3 2023 to Q3 2024, researchers were able to determine the most targeted industries as well as common subject customization techniques deployed in each. 

The top targeted industries are: 

1. Finance and insurance
2. Manufacturing
3. Mining, quarrying oil, and gas extraction
4. Healthcare and social assistance
5. Retail trade

Observed subject lines in the finance and insurance industry often replicated business communication including business documentation, invoices and forms requiring action or attention. In the manufacturing industry, email correspondence regarding orders and contracts are common. With a personalized email subject line, phishing emails can appear legitimate and cause a target to open a malicious file. Similarly, the mining, quarrying oil, and gas extraction sector often saw subject lines based on invoices, proposals, or notifications about shared documentation. In healthcare and social assistance, notification or document emails were common; and as for retail trade, common subjects include urgent shipments, contracts and sales.