Simulated phishing clicks rose for six months of training before they fell
Pistachio's read of 354,962 simulations at 648 organizations puts clicking and credential submission at their worst around month six, when the testing is heaviest and half of it is rated hard. Quarterly click reporting lands there.
The Watch · Security desk

What happened
- Pistachio's Phishing Behaviour Report 2026 covers 648 organizations and 123,692 users with a complete 12-month record between June 1, 2025 and May 31, 2026.
- Across 354,962 simulations, click and credential-submission rates rose through the first six months of a program before declining at later stages, and reporting moved the same way.
- The report-to-click ratio rose from 1.3 at three months to 1.8 at 12 months, so messages were reported almost twice as often as they were clicked at the final stage.
- Hard simulations made up 44% to 52% of sends across the 16 named departments, so no department received a systematically easier or harder mix of tests.
Why it matters
- What it limits constraint A quarterly click rate cannot separate a program that has added harder and more frequent tests from a workforce that is getting worse, so it cannot carry the funding argument it is usually cited in.
- Who has to decide decision A program reviewed at month six is being judged at the worst point on this curve, and the choice in front of whoever reads that report is whether to cut it there.
- Who's exposed exposure Health and Logistics report the least of any named department, so their users leave the security team blind to a live campaign already sitting in other inboxes.
- What doesn't add up contradiction The stage-by-stage groups are not the same users, so the method behind the headline curve cannot attribute either the rise or the fall to training.
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The six-month peak sits where the testing is heaviest. Users at that stage received an average of 3.5 simulations per person, against 2.6 at three months and 2.8 at 12 months [9]. That is about 35% more mail per person than the three-month group got [21]. Half of it was difficult: 50.4% of six-month simulations were classified Hard [10]. After that stage the mix held at roughly 50% Hard while clicking and credential submission fell [11]. The fall is therefore measured against a steady difficulty mix. Over the stretch where clicks were rising, frequency was still climbing toward the six-month figure [9].
The stages compare overlapping but non-identical groups of organizations and users that had reached the three-, six-, nine- and 12-month marks of their programs [8]. Pistachio says the temporary increase in clicks can reflect more demanding and frequent testing that exposes vulnerabilities easier exercises may miss, instead of indicating that employees are becoming less resilient [7]. Neither the rise nor the fall is a measurement of one workforce improving.
"A low click rate can create a false sense of security. Clicking a phishing link is just one moment in a much longer chain of employee behaviour, and on its own it says little about whether someone, or the organisation as a whole, is actually getting more resilient," said Joe Jones, CEO of Pistachio [5]. Pistachio sells the simulations, and its report's central finding is that resilience reads best as a combination of clicking, credential submission and reporting behavior [6]. One mechanism it names is checkable without trusting the vendor: reused, familiar templates push click rates down because employees learn to recognize the exercises, without necessarily being better prepared for unfamiliar attacks [14].
Credential leaks fell about 1.5 times as fast as clicks between month six and month 12 [22]. Reporting also declined in that window [13]. Reports per click improved about 11% across those two stages [19], and that improvement comes from clicks falling faster than reports did. The larger ratio figure quoted at the 12-month stage is measured from three months, a longer stretch than the decline percentages cover [4].
The departmental figures count users, not messages. They are annual user-level measures: the share of users who clicked or submitted credentials at least once during the analysis year [16]. On that basis Construction's credential leak rate is about 40% of its click rate [12], the highest pair of departmental figures in the dataset [1]. Health clicked comparatively little and reported least of any named department, at 13.17% [17]. Logistics reported at 17.11%, below average, with an above-average click rate [18]. Pistachio notes that a reported message gives the security team the chance to investigate and remove similar mail from other inboxes [20].
What to watch
- Whether Pistachio publishes the Hard-simulation share at the three-month stage; without it the six-month rise stays tangled with test difficulty.
- Whether a true cohort, the same users tracked across 12 months, reproduces the six-month peak.
- Whether the report releases absolute click and credential-submission rates at each stage alongside the percentage changes.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence50
- Adoption35
- Hype gap+20
- Incentives70
- Confidence55
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Construction recorded a 41.31% cumulative click rate and a 16.47% leak rate, the highest departmental figures in the dataset.
- [2]
Pistachio's Phishing Behaviour Report 2026 analysis covered 648 organizations with a complete 12-month record and 123,692 users between June 1, 2025 and May 31, 2026.
- [3]
Across 354,962 simulations included in the journey analysis, click and credential-submission rates increased through the first six months before declining at later stages, and reporting followed a similar pattern.
- [4]
The report-to-click ratio increased from 1.3 at three months to 1.8 at 12 months, meaning suspicious messages were reported almost twice as often as they were clicked at the final stage.
- [5]
"A low click rate can create a false sense of security. Clicking a phishing link is just one moment in a much longer chain of employee behaviour, and on its own it says little about whether someone, or the organisation as a whole, is actually getting more resilient," said Joe Jones, CEO of Pistachio.
- [6]
The report's central finding is that phishing resilience is better understood through a combination of clicking, credential submission, and reporting behavior.
- [7]
Pistachio says the temporary increase in clicks can reflect more demanding and frequent testing that exposes vulnerabilities easier exercises may miss, instead of indicating that employees are becoming less resilient.
- [8]
The stages do not track the same employees continuously over 12 months; they compare overlapping but non-identical groups of organizations and users that had reached the three-, six-, nine- and 12-month stages of their programs.
- [9]
At six months, users received an average of 3.5 simulations per person, compared with 2.6 at three months and 2.8 at 12 months.
- [10]
At the six-month stage, 50.4% of simulations were classified as Hard.
- [11]
After the six-month stage, the difficulty mix remained at roughly 50% Hard while clicking and credential submission declined.
- [12]
Construction's credential leak rate is about 40% of its click rate.
- [13]
From the six-month peak to the 12-month stage, clicks declined by 27% and credential leaks by 41%, while reports declined by 19%.
- [14]
Repeated use of familiar phishing templates can produce falling click rates because employees learn to recognize the exercises, without necessarily becoming better prepared for unfamiliar attacks.
- [15]
Hard simulations accounted for 44% to 52% of sends across the 16 named departments, meaning no department received a systematically easier or harder mix of tests.
- [16]
The departmental figures are annual user-level measures representing the proportion of users who clicked or submitted credentials at least once during the analysis year, instead of the percentage of individual phishing messages that produced those actions.
- [17]
Health's click rate was comparatively low, but its 13.17% report rate was the lowest of any named department.
- [18]
Logistics combined an above-average click rate with a below-average report rate of 17.11%.
- [19]
Reports per click improved about 11% between the six-month stage and the 12-month stage.
- [20]
Reporting gives security teams earlier visibility into potential attacks and an opportunity to investigate and remove similar messages from other inboxes.
- [21]
Six-month-stage users received about 35% more simulations per person than three-month-stage users.
- [22]
Between the six-month peak and the 12-month stage, credential leaks fell about 1.5 times as fast as clicks.
Sources
2 independent publishers whose own reporting we read for this story.
- helpnetsecurity.comCompanies may be measuring phishing resilience the wrong way
1 article · September 10, 2026
- securityweek.comPhishing Research Challenges Conventional Security Awareness Testing
1 article · September 11, 2026
Topics and entities
Topics
- Security Awareness Guidance
- Phishing simulation