‘Cyber threats’- you must have come across the term, as it has become one of the most common threats to the digital society. Cyber threats come in various types, and whaling phishing has emerged as one of the most damaging forms of cyber attacks. The target here is high-ranking professionals, such as CEOs, CFOs, or executives.
Would like to know more about whaling phishing? That’s great, as cybersecurity awareness has become a pressing need of the hour. Keep reading to learn more about what is whaling in cybersecurity, and how a whaling attack can be damaging to enterprises.
To put it in simple terms, a cyber-attack where the attacker puts all their focus on tricking high-level officials can be referred to as a whaling attack. It is not that easy, and there is quite detailed research and social engineering behind such attacks.
The attackers impersonate trusted employees, vendors, or service providers, and they put much effort into making sure that the emails appear trustworthy and genuine. Now, they trick the victims into sharing confidential data or transferring funds. Such a type of cyber attack is referred to as whaling phishing.
Wondering if whaling phishing is different from traditional phishing? Yes, it is. The main difference lies in the aspect of the target audience. In traditional phishing, the target is general employees, whereas in whaling, executive-level professionals are the target.
Also, in whaling, the method of the attack is highly sophisticated, and in phishing, it is quite basic. Because of this, a whaling attack is difficult to detect compared to phishing. Moreover, the aim of whaling, in most cases, is financial theft and data breaches. On the other hand, phishing usually involves credential theft and malware installation.
The techniques used in whaling attacks are not just random. A whaling attack targets officials in a leadership role, and it is a well-planned campaign. Apart from technical deception, the attack involves psychological manipulation too. Let’s have a look at the most common techniques used by hackers in whaling attacks:
Email spoofing is one of the most popular techniques used in whaling phishing. The attacker puts their focus on making the ‘From’ address the most authentic. It seems to the victim that the email is sent from a trusted source, like a CEO or CFO of a company. The spoofed email address usually appears like the legitimate one, maybe just a letter is substituted, which may be easily overlooked. (E.g.: [email protected] and [email protected])
As the name itself suggests Business Email Compromise (BEC), this technique involves getting access to a legitimate corporate email account through malware or a credential breach. Once the attackers get access to the mail, they have a look at the conversations, understand the company structure, and can send messages to the targets. These messages seem to be completely genuine, and the victim has no idea of the fraud.
In this whaling technique, the attacker relies on social media profiles, websites, press releases, etc, to gain information about the individual. All this information helps the attacker to make the email content more personalized and accurate, making it even more difficult for the recipient to recognize the fraud.
Whaling involves psychological manipulation, and for this, attackers try to create a sense of fear or urgency. They often use phrases like “Take immediate action” or “It’s urgent- take action right away”. Such tactics often lead to the victim thinking irrationally, and they end up being the easy target for the whaling attack.
In some cases, the whaling email contains attachments that may appear to be invoices or contracts, but in reality, they are malicious. As soon as the recipient opens it, spyware or ransomware gets installed on the device, and the attacker gets access to all the confidential data of the business.
The target of a traditional phishing attack is a broad employee base, but on the other hand, whaling phishing targets the most influential people in a company. The outcome? The consequences are far-reaching and catastrophic. Let’s have a look at how whaling phishing is damaging enterprises.
The most obvious and dangerous impact of whaling phishing is financial loss. The attackers often aim to target the finance team and try to trick them into authorizing large funds to fraudulent accounts. The losses are often huge, and it is almost impossible to recover from such financial loss.
High-level officials of a company deal with sensitive data, which includes acquisition strategies, financial forecasts, customer databases, and trade secrets. So, when the attacker gains access to their email ID, the outcome is a major data breach.
As already mentioned above, the whaling attack can lead to a data breach. And this data breach can violate regulatory frameworks such as GDPR, HIPAA, or SOX. It not only results in fines and lawsuits but also government investigations. Thus, whaling phishing can lead to loss of wealth and reputation.
In some cases, the whaling attack can also lead to the compromise of the communication channel if the attacker installs ransomware or spyware. Productivity, sales, and customer service- a whaling attack can affect it all.
Executives are the primary targets in a whaling attack. Why? Because they are highly valuable. They have access to all the sensitive data of a company. Also, when it comes to large financial transactions, the executives have the right to approve them.
These high-level officials have a good social media presence, and their email addresses are publicly available. Also, it is quite easy to track their actions. All these make the executives more susceptible to a whaling attack, and tricking them can prove to be highly beneficial to the attackers.
You don’t want to fall prey to a whaling phishing attack. So, it is crucial to be aware of the signs of a whaling attack. Firstly, you must look out for unexpected requests for large financial transfers. Also, if you receive an email with a confidential or urgent message, be cautious.
If you have an email from a known contact, but the tone and language seem a bit different, it can be a sign of a whaling attack. Moreover, any attachments or links from unverified sources can lead to a whaling attack.
Whaling phishing is not something rare now, rather, it has become a growing cyber threat. As you have a good idea of what is whaling in cybersecurity and how it is damaging enterprises, it is time to take some action.
Let’s ensure that all executive-level professionals are aware of cyber threats. Cybersecurity training– this can be a good start to deal with whaling attacks. This can definitely create a more secure environment, where whaling phishing becomes one of the rarest phenomena.
A: Whaling is a type of phishing attack where the main focus lies on the top-ranking executives who have access to sensitive data or financial assets.
A: Whaling is a more personalized and sophisticated method. Here, the targets are the senior executives. On the other hand, general phishing attacks are not very personalized and attack regular employees.
A: Yes. It can be prevented by awareness training among the high-ranking officials. Also, various authentication protocols and security tools are considered effective in preventing whaling phishing.
Technical Content Writer at Threatcop
Ritu Yadav is a seasoned Technical Content Writer at Threatcop, leveraging her extensive experience as a former journalist with leading media organizations. Her expertise bridges the worlds of in-depth research on cybersecurity, delivering informative and engaging content.
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