Cybersecurity threats are a critical issue to be aware of for all businesses, both big and small. They come in many different forms, but the most common form of cyber crime is known as phishing. In fact, 3.4 billion scam emails are sent by cyber criminals each day in an attempt to access sensitive data and information from individuals and businesses.
One of the most sophisticated forms of phishing is known as the whaling scam. Often mistaken for standard phishing attacks, whaling scams are highly targeted, aiming at senior executives and decision-makers within an organization. These cyber attacks exploit human vulnerabilities rather than technical ones, making them a growing concern for businesses worldwide. In this blog, we will delve deeper into what whaling scams are and how businesses can protect themselves from falling victim to these attacks.
What are whaling scams?
A whaling scam is a type of phishing scam that targets high-ranking individuals like CEOs, CFOs, or other executives within a company. These targeted individuals typically have authority to authorize large payments or the release of sensitive information. The term "whaling" comes from the idea that cybercriminals are hunting the “whales,” or top decision-makers, as opposed to phishing attacks that cast a wider net and typically target regular employees.
Cyber criminals go to greater lengths to successfully perform a whaling scam, often doing extensive research to figure out names, job titles, and references to real business events. Using the gathered information, scammers design an email that mimics real correspondence. These emails often appear to come from trusted sources within the company or even from external partners.
Sometimes, these scammers will attempt to hack into the sender’s actual email to send the message to the target, which makes it very difficult to identify the authenticity of the request. Since these scams target executives, the language is often more polished and formal, mirroring the tone of real internal emails. If the victim complies with the request for a wire transfer, sensitive login credentials, or confidential data, the scammers can either steal money or gain access to sensitive business information that can be used for future attacks.
Examples of whaling scams
Whaling scams are more common than one might think, and even large corporations fall victim to these cyber attacks. Here are a few examples:
FACC Operations: In 2016, the Austrian aerospace company lost $47 million in a whaling scam. Using the sophisticated techniques associated with whaling scams, cybercriminals impersonated the CEO and requested a large transaction.
Mattel Inc.: In 2015, toy giant Mattel fell victim to a whaling scam originating from China where an executive received an email seemingly from the CEO requesting a large wire transfer. The email was fake, and Mattel lost over $3 million. In this instance, Mattel worked with the FBI and Chinese authorities to get the money back.
Scoular: In 2015, commodities trader Scoular fell victim to a whaling scam. A cyber criminal impersonated someone that was executing an M&A (mergers and acquisitions) deal, and a company executive was tricked into handing over $17 million which disappeared. The criminals behind this attack used a series of fake email addresses throughout Europe and the Middle East, servers in Russia, and a fake bank address in Shanghai.
How to protect against whaling scams
Whaling scams can be very difficult to identify, especially when coming from experienced cyber criminals. They rely on human error, and the fact that they are personalized and targeted can make them very convincing. However, there are several steps that businesses can take to safeguard against these types of scams:
1. Educate and train employees
The first line of defense against whaling scams for businesses is employee awareness. Executives and employees should be trained to recognize suspicious emails, particularly those requesting urgent actions involving sensitive information or large sums of money.
It is also important for members of an organization to be wary of how much is shared on social networking sites, which are a common spot for scammers to learn about what is going on within a company.
Another good technique for avoiding whaling scams is confirming any payment requests through a second channel. For instance, if an executive receives an email about an urgent money transfer, that individual should consider calling the sender on the phone or sending a text message confirming that the request is real. This is especially important for anyone working remotely, as data shows that incidences of whaling scams increased significantly following the shift to remote work in 2020. Between 2020 and 2021, the number of reported whaling attacks increased by 131%.
2. Implement multi-factor authentication (MFA)
Multi-factor authentication adds an extra layer of security by requiring multiple forms of verification (e.g., a password and a code sent to a mobile device) before sensitive actions like wire transfers or accessing secure accounts can be completed.
3. Email filtering and security software
Traditional security software cannot stop whaling scams altogether, as they rely on human vulnerability, but there are several tools that may be able to mitigate the effects of whaling attacks. Implement advanced email filtering systems that can detect and flag suspicious emails, especially those coming from external sources posing as internal employees. Some AI-based softwares are also able to detect whaling emails before they can become a real issue for businesses.
Whaling scams pose a significant threat to businesses, especially when high-level executives are involved. The personalized nature of these attacks makes them difficult to detect and can lead to catastrophic consequences. However, by educating your team and implementing robust security measures, your organization can significantly reduce the risk of falling victim to a whaling scam.
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