Eighty-three percent of companies suffered at least one successful phishing attack in 2021, up from 57 percent in 2020, according to a new Proofpoint report. Fund managers are not immune to these scams, as they find themselves increasingly facing social engineering attacks. This article, the first in a two-part series, presents the report’s key findings about the trickiest lures fund managers and other organizations may face. It also includes a Proofpoint leader’s insights on how companies can boost employee awareness, best assess cybersecurity training programs and address an overlooked third-party risk. The second article will describe the latest twists in social engineering techniques and how companies can gauge the success of their phish-prevention programs. See “Vulnerable Fund Managers are Targets of Cultural Engineering Cyber Attacks: How Can Your Firm Avoid Being Next?” (Nov. 5, 2020).