The cognitive element is concerned with the ways in which people process information.
People with phobias process information about phobic stimuli differently from other objects or situations.
Selective attention to the phobic stimulus

If a person can see the phobic stimulus it is hard to look away.
Keeping our attention on something really dangerous is a good thing as it gives us the best chance of reacting quickly to a threat, however it is not so useful when the fear is irrational.
Irrational beliefs

A person with a phobia may hold unfounded thoughts in relation to phobic stimuli.
This kind of belief increases the pressure on the person to perform well in social situations.
The perceptions of a person with a phobia may be inaccurate and unrealistic.