The executives of your company are the big fish in your sea. Yet cyber criminals think of them as whales. In fact, whaling is a new cyber security threat targeting the C-suite level.
You’ve likely heard of phishing attacks. Phishers use scam emails or spoofed websites to obtain user credentials or financial information. This might be an email that looks like it is from your bank asking you to log in and update your details, or a supposed tax alert needing immediate action.
A vishing attack is another fraudulent attempt to steal protected data, but the cyber criminals are going to use the phone to make contact. They might pretend to be a vendor needing to confirm account details for bill payment.
There’s also spear phishing. In these cases, the attackers do their homework first and target a specific company. They scour directories and employee social media to gather information to gain credibility.
Now, there are whaling attacks, too. The high-value target is a senior-level employee. The fraudster typically also impersonates one of the target’s C-suite counterparts.
What You Need to Know About Whaling
A whaling attack uses the same methods as phishing but focuses on top-level targets. The goal is to get “whales” to reveal sensitive information or transfer money to fraudsters’ accounts.
Whale attacks are intentional. Phishing can see attackers baiting hundreds of hooks to get nibbles. In whaling, information gathered in advance adds credibility to the social engineering. The target has higher value, so it’s worth their time to appear knowledgeable and make a request to and from someone important.
The sender’s email address will look convincing (e.g. from [email protected] instead of [email protected]). The messages will have corporate logos and legitimate links to the company site. Because humans want to help, the communications typically involve an urgent matter.
Whaling attacks are on the rise. In 2016, Snapchat admitted compromising employee data after receiving an email, seemingly from its CEO, asking for payroll information.
In another high-profile example, Mattel nearly transferred $3 million to a Chinese account. Company policy required two signatures, but the attackers (taking advantage of a recent shakeup) faked the new CEO’s signature. The second executive went ahead and added a signature. The only thing that saved the company was that it was a Chinese bank holiday.
Protecting Against Whale Attacks
As with phishing or vishing, the primary way to protect against whaling attacks is to question everything. Train your key staff members to guard what they share on social media. Encourage them to question any unsolicited request. If they weren’t expecting an attachment or link, they should follow up. If a request is unusual, they should trust their spidey-sense and proceed with caution.
It’s also a good idea to develop a policy for handling requests for money or personal information. By requiring that two people must always weigh in, you’re more likely to catch a scam before it’s too late.
Also, train all your employees to look carefully at email addresses and sender names. They should also know to hover over links (without clicking on them) to reveal the full URL.
Security awareness is crucial. It’s also a good idea to test your employees with mock phishing emails.