Phishing attacks, a prevalent cyber threat in India, are on the rise, growing 464% YoY in 2023. These attacks, often using social engineering, target human interaction and rely on psychological manipulation. Despite increased cybersecurity spending, there's a need for greater awareness and education. Most attacks aim to steal sensitive information like credit card numbers and passwords. The RBI has issued new guidelines to enhance IT governance and risk management in response to the rising number of data breaches in Indian banks.