Well what do you do when you see some unknown website suspected of phishing? Simply close the browser. A similar step is taken by hosting provider as they “close” the website by taking it down.
But what do you do when the site is legit? This is exactly what is happening these days i.e. phishers have turned to legit sites to launch attacks which will be less susceptible than usual.
Take the case of a Canadian company BBC Sales & Service which is an equipment solutions specialist for over 15 years. Their website security has been compromised and it is being used to launch phishing attacks. Even the new AVG 8 free edition detects it when you search it on Google. See screenshot below:

According to Finnish anti-virus firm F-Secure:
Phishers are turning to infiltrating legitimate websites on which to host their attacks, a technique known as hack-and-pier.
Research says if a website is found to be phishing it is taken down immediately or with in 24 hours but in this case where a legit website is the culprit much more work is involved.
Sean Sullivan, a technical specialist at F-Secure said:
The site cannot simply be pulled offline without collateral damage to the legitimate business. So the website’s administrator must be contacted to repair the damage.
To avoid this website administrators need to be one step ahead, by keeping website updated with patches, apart from standard security procedures.
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