Whale Phishing Attacks: Top Level Executives Are Next Targets

Emails are the best and most preferred source of communication in the corporate world. Being the most professional platform, emails are picked by all levels of employees in the company, including the CEOs, CFOs, and so on. But, on the negative side, email attacks via different phishing methods make the company data vulnerable.

Extortion of over 33 million records with a phishing attack or ransomware is expected to occur by the end of 2024.

Whale phishing is one such type of phishing attack that targets high-level executives for malicious activities. Continue reading to know what phishing whaling is and how spear phishing and whaling are different.

What is Whale Phishing?

Whale phishing, also known as whaling attack, is a method utilized by cybercriminals to target senior-level employees and steal confidential company information or make them transfer vast amounts of funds. Also termed CEO fraud, this process uses the same platform as any other phishing attack, i.e. email.

The targets of these attacks are called whales (who have access to more money than any other employee in the company). These targets are usually executives who can perform large payment transactions without senior approval.

Here’s how a C-level executive can identify phishing whaling attacks.

1. The sender’s domain won’t match the company’s domain completely. Cybercriminals might substitute a couple of alphabets like ‘n’ with ‘r’, and so on.
2. An email message that requires urgent action with a hint of adverse consequences if not performed must be doubted.
3. Unscheduled demand for transfer of amount or share of confidential information.

Let’s proceed to witness the difference between different types of phishing attacks, like spear phishing and whaling.

Difference Between Phishing, Spear Phishing and Whaling

Point of Difference	Phishing	Spear Phishing	Whaling
1. Target	A large number of individuals	Employees of one particular organization	Top-ranking senior officials
2. Aim	Extract personal/confidential information	Theft of critical information and money	Conduct large financial losses or steal trade secrets
3. Technology	Not advanced	Better technology	Sophisticated technology for huge losses
4. Example	Circulating mass emails like asking to reset password	Emails to multiple employees of the company with a false link	Professionally crafted mail posing as a C-level employee

Whaling Attacks That Shook the Cyber World

In 2016, a financial executive fell for a fraudulent email and transferred $3 million to an account. The sender sent a message posing as a newly appointed CEO of the company and was successful. This is what an email from a cybercriminal looked like.

In another incident, an Australian company – FACC, lost $58 million due to a whaling attack. Threat actors spoofed the company domain and asked over email for transfer under the subject line – “Urgent Matter”. After an investigation, a few company employees and CEOs were fired due to their involvement in wrongdoing.

Here are some other disastrous effects of Whaling Attacks on the organizations –

1. If the victim shares sensitive information about the company, like financial data, trade activity, plans, etc., the attack’s impact can be severe. This also increases the chances of future attacks on the company.
2. If an executive made a financial transaction under a whaling attack, it might lead to operation stoppage, bankruptcy, layoffs, and more in extreme cases.
3. Shareholders, clients, and customers of the company might lose trust in the organization, affecting brand loyalty and reputational damage to the company.

Seeing the adverse impacts of whaling attacks, organizations need to fight against these.

How to Protect Your Company Against Whale Phishing

Staying protected against these whaling attacks requires three essential points: awareness, protection tools, and training. Here are the top steps CISOs and CEOs can implement in their organizations.

• The first step towards fighting against whaling attacks is to train the employees and guide them to take responsibility for their actions. Seeking the aid of appropriate tools like TSAT is essential. With an advanced learning management system, the tool promises to educate employees on the latest aspects of cybersecurity and current threats prevailing in the market. By converting your team into an informed, familiar, and proactive defense line, TSAT reduces the risk of falling victim to sophisticated cyber threats. 
• Introduction of multi-factor authorization (MFA) to prevent cybercriminals from getting account access even if the confidential data is shared. Also, make software updates a priority whenever new versions are available.
• Framing and implementing strict password-sharing policies and rules for financial transactions, especially for large transfers.
• Conduct employee and senior-level testing to check their vulnerability to whaling attacks. Rely on authentic tools like TLMS, which provide interactive content for training purposes and perform assessments to track employees’ positions.

Summing Up

Year after year, the number of businesses falling for these phishing attacks keeps increasing. Companies must empower themselves against such destructive threats. Now that you’ve read about whale phishing, its effects, and more, take a proactive measure and leverage the knowledge gained.

Adopt Threatcop Security Awareness Training Tool and stay one step forward in cybersecurity for your company.