WHAT IS WHALING ATTACK?
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A whaling attack is a method that cybercriminals use to simulate occupying higher-level positions in an organization and thus directly attack senior executives or other important people within it, in order to steal money, obtain confidential information or gain access to your computer systems for criminal purposes. Whaling, also known as CEO fraud, is similar to phishing in that it uses methods, such as spoofing of websites and emails, to trick the victim into revealing confidential information or making money transfers, among other actions.
Unlike phishing scams
(which don't have a specific target) and spear phishing (which target specific
people), whaling takes the attack to the next level - it doesn't just target
these important people, it also targets them in a way that makes it appear that
the fraudulent communications are coming from an influential person or who has
a higher level position within the organization. From this strategy comes the
name "whaling" - a targeted attack targeting the "big
shots" in companies, such as the chief executive officer (CEO) or finance
manager. This brings an element of social engineering to the attack, as
employees feel compelled to respond to requests from a person they consider
important.
The threat is very
present today and continues to grow. In 2016, Snapchat's payroll department
received a whaling email that appeared to come from its CEO. In it, information
on the payroll of employees was requested. Last year, Mattel (one of the major
toy manufacturing companies) was the victim of a whaling attack after a senior
financial executive received an email from a scammer impersonating the new CEO
and requesting a transfer of money. As a result, the company almost lost $ 3
million.
HOW WHALING ATTACKS WORK AND HOW TO PROTECT
YOURSELF FROM THEM?
As we mentioned
earlier, whaling attacks differ from spear phishing in that the fraudulent
communications appear to be coming from a higher-level person. These attacks
take on a more legitimate appearance when cybercriminals carefully investigate
available open resources, such as social media, to devise a tailored strategy
for each victim they wish to deceive.
One strategy could be
an email that appears to come from a higher-level manager and references
information the attacker obtained online; For example, they could view photos
of the company's Christmas party on social media and send an email with the
following message: "Hi John, this is Steve. You were quite drunk at the
party last Thursday! I hope you did managed to get the beer stain off your red
shirt. "
Also, the sender's
email address generally appears to be legitimate, and the email may even
include company logos or links to fraudulent websites designed to look like the
real thing. Given that these "big shots" often have high credibility
and a high level of access within the organization, the cybercriminal has a
very good reason to put more effort into designing an attack that appears more
credible.
The first strategy to
stay safe from whaling attacks is to educate the important people of the
organization so that they stay alert to the possibility of being victims of
these attacks. Ask key employees to exercise caution when they receive
unexpected communications, especially about important information or financial
transactions. Always ask yourself a few key questions: were you expecting to
receive an email, an attachment or a link? Does the request have something
strange?
They also need to be
able to detect typical signs of an attack, such as spoofed (fraudulent) email
addresses and sender names. By simply hovering over the sender's name in an
email, the full email address can be seen. Thus, it is easy to study it
carefully and determine if it exactly matches the name and format of the
company. The IT department should carry out whaling tests to assess how key
employees react to these attacks.
On the other hand,
executives must be especially careful when posting and sharing information
online on social media, such as Facebook, Twitter, and LinkedIn. Cybercriminals
can use any type of personal information, such as birthdays, hobbies,
vacations, job titles, promotions and relationships, to craft more
sophisticated attacks.
A great way to reduce
the damage that spoofed emails can cause is to have your IT department
automatically flag all emails from external locations for review. Generally,
whaling attacks are based on tricking important employees into thinking that
the messages are coming from within the organization; for example, a money
transfer request submitted by a finance manager. If external messages are
flagged, it is easier to detect those that are false and at first glance appear
legitimate, even to people who do not have much experience.
It is also recommended
to implement phishing protection software that includes various services, such
as URL checking and link validation. Another recommended step is to add an
additional level of validation for sending sensitive information or large
amounts of money. For example, instead of conducting exchanges electronically,
an in-person meeting or phone call may be the best way to perform critical or
confidential tasks.
Two is better than one
when it comes to scams. Consider modifying the procedures so that two people
must authorize payments, rather than one. This not only offers the perspective
of a second person to resolve doubts, it also reduces the likelihood that the
employee will fear retaliation from that higher level person in case they feel
upset by the rejection of the request as fear is a key social engineering
tactic on which attackers depend.
To be sure about the
scam one should be aware of it and use the antivirus software to
have complete security and be away from all the scan and “real looking” emails
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