Although we don’t always consider it, cybercriminals often look for the most influential people within a company: senior executives. Why? Because they have access to critical information, handle large amounts of money, and, in many cases, are not as prepared in terms of digital security as they should be.
This is where whaling comes into play,a type of attack aimed at a company’s senior executives, who can approve millionaire transfers or know sensitive data without too many obstacles. And, although it may not seem like it, these attacks are more common than we think.
To combat this threat, solutions such as Qondar by Enthec help detect and prevent impersonation attempts and fraud targeting senior executives, strengthening the company’s security against attacks such as whaling.
What is whaling and how does it work?
The term whaling comes from the word whale. This attack targets influential company personalities, such as managers, CEOs, CFOs, and others with access to strategic information.
It consists of an advanced form of phishing where attackers impersonate someone and trust to trick the victim into performing a harmful action, such as approving a transfer or sharing login credentials.
Criminals often employ several strategies:
- Spoofed emails.They develop spoofing techniques to make an email appear from the CEO, a trusted partner, or even an official body.
- Attacks man in the middle.They intercept communications between managers or employees to modify messages and obtain valuable information.
- Social engineering.They collect information from the victim on social networks or leaked databases to make their attacks more credible.
Unlike common phishing, which sends mass emails hoping that someone will fall for it, whaling is a personalized and well-crafted attack.
A real case of whaling
Imagine you’re the CFO of a company. You receive an email from the CEO asking you to urgently approve a transfer of €250,000 to an account in another country to close an important deal. The message is well written, with the signature and tone that the CEO usually uses. He even has an answer above that seems authentic.
You will have fallen into the trap if you have no doubts and make the transfer without checking it with a call or a second channel. Days later, you will discover that the CEO never sent that message and that the money has been lost in a network of accounts that are impossible to trace.
This is not science fiction: companies of all sizes have lost millions to these attacks.
The relationship between whaling and the man-in-the-middle attack
One of the most sophisticated methods cybercriminals use in whaling is the Man in the Middle (MITM) attack.
In this attack, hackers communicate between two parties (e.g., between a manager and an employee) and manipulate messages without victims noticing.
How does a man-in-the-middle attack work in cybersecurity?
The attacker can:
- Intercept emails and modify content before they reach the recipient.
- Spying on network connections on public or misconfigured Wi-Fi networks.
- Spoofing websites to get the victim to enter their credentials on a page that looks legitimate.
For example, an executive may send an email with payment instructions, but if there is a man-in-the-middle attack, the hacker can change the target bank account without anyone noticing.
In this case, whaling and the man-in-the-middle attack combine to make the scam even more difficult to detect.
Keys to avoid a whaling attack
Fortunately, there are ways to protect yourself against these attacks.Here are some fundamental keys to avoid falling into fraud of this type:
1. Two-step verification always on
If an email or message requests a transfer of money or sensitive information, verify it through another channel.A simple call or message in another way can prevent financial disaster.
2. Avoid overexposure on social networks
The more personal information available about a manager, the easier for an attacker to forge a credible message. It is advisable to limit public information on LinkedIn and other platforms.
3. Implement security filters in emails
Whaling attacks usually come by email, so it is essential to have:
- Advanced email filters that detect phishing.
- Email authentication (DMARC, SPF, and DKIM) to prevent corporate email addresses from being forged.
4. Employ strict procedures for bank transfers
Transfers should not be approved just by mail or message. Implementing double authorizations and strict protocols can prevent millions in losses.
5. Keep systems and devices up to date
Attacks exploit vulnerabilities in outdated software. Always keeping your computers protected with security updates is critical.
Whaling is a dangerous attack that can affect any company, from small startups to large corporations. Most worryingly, it doesn’t require sophisticated malware: just social engineering, spoofing, and a good bit of deception.
If it is also combined with a man-in-the-middle attack, the risks increase since cybercriminals can modify messages without the victim noticing.
The best cybersecurity defense against whaling attacks is prevention: establishing verification protocols and having advanced cybersecurity solutions in place. Tools such as Qondar make it possible to identify and de-identify exposed personal information, as well as fake social profiles, to prevent targeted attacks and protect senior executives from fraud and impersonation attempts. Investing in security is not an option, but a necessity to avoid being the next victim.