Examples of whaling attacks In 2016, Snapchat fell victim to a whaling attack when a high-ranking employee fell for a CEO fraud email and revealed employee payroll information. In this attack, the hacker attempts to manipulate the target. Pierre-Yves has been the Chief Information Officer for Swedbank Luxembourg for over a decade. This information can then be used to access confidential systems, or to make subsequent spear phishing attacks within the organization more authentic and effective. With organizations now holding more information on individuals (employees and customers) than ever before, these attacks can cause immense harm to people and to businesses. So how are attackers able to extract such large sums of money from enterprises? Whaling examples In 2016, Seagate’s HR department received an email from a scammer impersonating the company's CEO. As with other BEC scams, the usual aim is to extract money from the targeted business by coercing an employee into making illicit wire transfers. Always examine what the sender is asking you to do—are you being asked to carry out an urgent request? They simply aren’t cut out to defend against increasingly sophisticated attackers deploying social engineering techniques and exploiting human frailties in order to trigger dangerous actions. fine British Airways £183 million after a 2018 data breach. Whaling Attack usually impersonates a top-level entity of a company and target lower-level employee. Austrian plane company FACC lost 56 million dollars to whalers in January, 2016. Get the latest curated cybersecurity news, breaches, events and updates. There are a wide range of reasons for businesses to protect themselves against Business Email Compromise, which raises the question: why are most business unprepared to defend against this threat? Spear phishing is more selective, targeting specific organizations or employees and requiring more time and effort on the part of the attacker.Â, Finally, whaling is a specific type of spear phishing that targets high-ranking, high-value targets in a specific organization who has a high level of authority and access to critical company data.Â, Whaling attacks can take weeks or months to prepare and as a result, can have a very high success rate. 6. In one of the first big GDPR fines, the UK’s Information Commissioner earlier in 2019 announced its intention to fine British Airways £183m after a 2018 data breach. Whaling is a specific form of phishing, where attackers target senior executives (“whales”) of a company rather than any user (“phish”). Read our guide on OPSEC for more information. This makes them more vulnerable to threats like phishing. We increasingly see hackers impersonating brands in sophisticated spoofed emails; it’s surprisingly easy to do if the company doesn’t have email authentication records like DMARC in place. To find out more about how to avoid seasonal scams, read our report. Do you have any advice for new CIOs to help set them up for success? We base our ratings on the analysis of 70+ vectors including: We can also help you instantly benchmark your current and potential vendors against their industry, so you can see how they stack up. So, phishing attacks on these folks get called “whale phishing” As a security professional, you have the mandate of […] the average cost of a breach is $3.86 million. That’s why organizations must invest in technology that explicitly protects theirpeople. Until now, we’ve discussed phishing attacks that for the most part rely solely on email as a … However, this can only take you so far. The December 2015 Ukrainian power grid attack was a history-making event for a number of reasons. 1. A typical phishing email takes a quantity over quality approach, sending thousands or even millions of emails to potential victims. The Psychology Behind Phishing Scams and How to Avoid Being Hacked . Meet with your peers and industry experts, go to workshops and networking events. To identify and prevent inbound email threats, like whaling, SEGs commonly rely on the following—. Like other phishing attacks, the goal of whaling phishing is to impersonate a trusted person or brand and, by using social engineering tactics, trick the recipient into relaying sensitive information or transferring funds to the attacker. Typically used for malicious reasons. The initial step involves fraudsters identifying a company they intend to target. View Tessian's integrations, compatibility, certifications and partnerships. Whaling is related to CEO fraud, with a key difference: instead of impersonating senior executives and targeting lower-ranking employees, attackers target the big fish themselves (hence the term). A whaling attack is a type of phishing attack that targets high-level executives, such as the CEO or CFO, to steal sensitive information from a company. Indeed, some threats are confined to IP addresses hidden in email headers – undetectable by employees. business email compromise (BEC) attacks, to scoop up credentials, or worse, compromise critical systems. email account hacking Another second-order effect could be knocking employees’ morale and denting confidence, making rebuilding work still more difficult. 5. That said, they have subtle differences security teams should be aware of.Â. In one example of a whaling attempt, a number of executives across industries fell for an attack laced with accurate details about them and their businesses, that purported to be from a United States District Court with a subpoena to appear before a grand jury in a civil case. A good company security policy is an effective means to keep the hackers at bay. S finances can have wide-reaching consequences, also affecting intangible factors like company morale brand. Snapchat fell victim to a whaling attack might involve attackers trying to get the latest curated cybersecurity news,,! Company employees cybersecurity and information security threats to the total amount of sensitive company information more to! The data of payrolls money, the targets are high-ranking bankers, or. Like phishing, whaling phishing is an ongoing process in 2017, with companies of all on. Be knocking employees ’ morale and brand experienced around the world you monitor! 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