Understanding Whaling in Cyber Security

Whaling in cyber security is a term that has been gaining prominence in recent years. It refers to a specific type of phishing attack that targets high-profile individuals within organisations.

These attacks have surged by 131% in Q1 2021 compared to Q1 2020, according to email security company GreatHorn, and have cost organisations as much as $1.8 billion.

The report also states that executives receive a whaling attack via email at least once every 24 days, on average.

This has contributed to the spike, with 59% of organisations revealing that their executives have been the target of whaling attacks, and 46% of those falling victim.

But what exactly is whaling in cyber security, and what can be done about it?

Let’s dive deeper into this topic.

Defining whaling in cyber security

Whaling in cyber security is a form of phishing attack that specifically targets senior executives and other high-ranking individuals within an organisation.

The term ‘whaling’ was coined because the individuals targeted are often referred to as ‘big fish’ within their respective organisations, such as executives or CEO’s.

Unlike standard phishing attacks, which typically involve sending out mass emails in the hope that someone will click on a malicious link, whaling attacks are highly targeted and often involve a great deal of research on the part of the attacker.

This is because the ‘big fish’ are often more difficult to ‘catch’, but the potential rewards are much greater.

How whaling attacks are carried out

Whaling attacks typically involve a high degree of social engineering.

The attacker will spend time researching their target and learning about their habits, interests, and professional responsibilities.

This information is then used to craft a highly personalised and convincing email or message, designed to trick the target into revealing sensitive information or carrying out a specific action.

The attacker may impersonate a trusted individual or organisation, such as a colleague, a family member, or a bank.

The message may contain a malicious link or attachment, or it may simply ask the target to carry out a task such as transferring funds or providing login credentials.

The role of spear phishing in whaling

Whaling in cyber security is often considered a subset of spear phishing, another type of targeted phishing attack.

While spear phishing can target any individual within an organisation, whaling in cyber security specifically targets high-ranking individuals.

The techniques used in both types of attacks are similar, but the stakes are often much higher in whaling due to the level of access and influence that the targets have within their organisations.

Examples of whaling attacks

In recent years, there have been several high-profile cases of whaling in cyber security.

In one case, the CEO of a multinational company was tricked into transferring €19 million to a fraudulent account.

In another case, a high-ranking executive at a tech company was tricked into sending out W-2 tax forms for all employees, resulting in a massive data breach.

Preventing whaling attacks

Preventing whaling attacks requires a multi-faceted approach.

First and foremost, organisations need to invest in cyber security training for all employees, but especially for high-ranking individuals.

This training should cover the basics of phishing and whaling in cyber security, including how to recognise and respond to suspicious emails and messages.

Organisations should also implement strong security measures, such as two-factor authentication and secure email gateways.

These can help to prevent attackers from gaining access to sensitive information, even if a whaling attack is initially successful.

Importance of cyber security awareness

One of the most effective ways to prevent whaling attacks is to foster a culture of cyber security awareness within an organisation.

This means ensuring that all employees, from the CEO down, are aware of the risks and know how to protect themselves and the organisation.

Role of technology in preventing whaling

While human awareness and vigilance are crucial, technology also plays a key role in preventing whaling attacks.

Advanced threat protection solutions can help to detect and block phishing and whaling emails before they reach the inbox.

Additionally, regular system updates and patches can help to protect against known vulnerabilities that attackers may try to exploit.

Conclusion

Whaling in cyber security is a serious threat that organisations of all sizes need to be aware of.

By understanding what whaling is and how it works, organisations can take steps to protect themselves and their high-ranking individuals from these targeted attacks.

With the right combination of training, awareness, and technology, it is possible to significantly reduce the risk of falling victim to a whaling attack.

However, it’s important to remember that cyber security is an ongoing process, and organisations must remain vigilant and proactive in order to stay one step ahead of the attackers.

To improve your knowledge and skill set in the realm of cyber security, consider exploring the Institute of Data’s specialised Cyber Security program.

Alternatively, if you’d like personalised guidance on your career path in cyber security, don’t hesitate to schedule a complimentary consultation to discuss the program.