Have you heard of whaling attacks? If not, you’re not alone - these types of cyber attacks often fly under the radar. But whales (the giant mammals of the sea) and whaling (the cyberattack technique) have more in common than you might think. Just like whales are huge creatures that can wreak major havoc in the ocean, whaling attacks are targeted scams that can do serious damage to businesses and organizations.

In this beginner’s guide, we’ll break down what whaling attacks are, who they target, and how you can spot them. Let’s dive in!

What Exactly is a Whaling Attack?

A whaling attack is a specific kind of phishing scam that targets high-profile individuals like corporate executives, politicians, and celebrities. The attackers aim to access sensitive information or install malware by masquerading as a trusted source.

Essentially, whaling is phishing on a grander scale. Phishing attacks target random swaths of people with mass emails. Whaling zeroes in on influential victims with tailored social engineering tricks.

The term “whaling” comes from the fact that these big fish targets are called “whales” in cybersecurity slang. And just like hunters stalk their whale prey, cybercriminals patiently track and spear whales with personalized phishing emails until they take the bait.

Why Whale Hunt? Motives of Whaling Scams

Cybercriminals have a few key motivations for launching whaling attacks:

• Accessing sensitive company data: By impersonating executives, whaling scammers can request (and often receive) confidential documents and data from employees. This corporate intel can be sold or used for insider trading.
• Installing malware: Whaling emails often contain infected malware attachments or links to download malware. Once installed, this gives scammers backdoor access to a company’s systems and data.
• Performing wire transfer fraud: By posing as a company exec requesting an urgent wire transfer, whaling scams can drain funds straight into criminal accounts. Non-exec employees are more likely to obey transfer orders from C-level “whales”.
• Damaging reputations: High-profile figures often have sensitive personal information that, if leaked, could harm their reputation and credibility. Whaling provides access to that info.

As you can see, the whale targets in whaling scams hold tremendous value for cybercriminals seeking data, money, or status. Spearing just one whale can lead to a massive payout.

Harpooning the Big Fish: Whaling Attack Tactics

Whaling scammers are master anglers when it comes to tactics for hooking their marks. Here are some of the most common techniques they employ:

Spear Phishing Emails

Like regular phishing, whaling relies heavily on emails that appear to come from a legitimate, trusted source. But whaling emails are highly customized to the target’s role, writing style, and current events to convince victims of their authenticity.

For example, an email sent to a CEO might mention an upcoming acquisition, conference, or data breach response - topics relevant to an executive’s role. These emails often come from spoofed domains designed to imitate real company addresses.

Executive Impersonation

A key whaling strategy is directly impersonating executives like the CEO by spoofing their name, email address, and signature. Attackers often research targets extensively on social media and company websites to accurately mimic speech patterns and requests.

Urgent Requests

Whaling emails frequently convey urgency, demanding quick action like an urgent money transfer or sensitive file download. This rush pressures victims into immediate compliance without closer inspection.

Name Dropping

By mentioning mutual connections, current events, or insider information, whalers demonstrate familiarity to build trust with targets. This makes their scam emails seem more credible and personalized.

Who’s Hunting Whales? Behind the Scammers

Whaling attacks tend to originate from cybercriminals who carry out phishing schemes for profit. Some known whaling scam hotspots include Russia, Eastern Europe, West Africa, and China. However, these attacks can come from anywhere in the world.

Attackers who preform whaling attacks must be very knowledgable in social engineering, as well as the individual they are attacking. Whaling attackers need to have a deep understanding of how to manipulate and deceive people through social engineering. They also have to research and gather extensive background information on the specific executive they are targeting for the whaling attack.

Insider threats are another potential whaling source. Company employees with axes to grind could use their executive access to phish colleagues in acts of revenge.

Disgruntled employees who already have access to executive contacts and information at a company can potentially carry out whaling attacks against leaders and decision makers at the organization. Their insider status gives them an advantage in crafting phishing emails that appear legitimate to top executives.

Who’s Getting Harpooned? Whaling Targets and Victims

As the name implies, whaling victims tend to be C-suite executives, politicians, directors, celebrities, and others with influence. But whaling harm isn’t limited to the individual - entire organizations suffer from breaches.

Some high-profile whaling casualties include:

• Ubiquiti Networks: Hackers impersonated an executive to steal $47.6 million through fraudulent wire transfers.
• Mattel: A whaling scam duped an accounting employee into wiring $3 million to a fake executive account.

As you can see, one whale getting speared can bleed out an entire company’s finances or data. Even small businesses can be devastated by these scams if leadership is compromised.

Swimming with Sharks: How to Spot Whaling Attacks

Now that you know how whaling works, let’s go over some tips for recognizing and avoiding phishy whale hunters:

• Verify odd requests: Confirm any unusual money transfers or data sharing with requests with the supposed requester. Don’t comply based solely on an email.
• Look for mismatched details: Email headers, names, writing tone, and signatures should all align. Conflicts are a red flag.
• Watch for urgency and pressure: Rush requests meant to bypass scrutiny should always raise suspicions.
• Check sender addresses: Emails from free webmail accounts like Gmail instead of corporate addresses are almost guaranteed phishing scams.
• Confirm legitimacy: Pick up the phone or start a new email chain to independently verify any weird executive emails before acting on them.
• Use security tools: Anti-phishing and email authentication tools can help flag and block potential whaling content.
• Educate employees: Conduct organization-wide training to spread awareness of whaling red flags and common techniques employees may encounter.

Harpooning the Whalers: Protecting Your Oceans

While individual employees can keep their eyes peeled for whaling attacks, organizations need to take broader action to protect their people and data from harpoon-flinging scammers.

Here are some measures companies can implement to harpoon the whalers before they strike:

• Institute two-factor or multifactor authentication for accessing emails and wire transfer portals. This adds an extra layer of identity verification.
• Form an incident response plan for quickly containing whaling attacks that evade initial defenses.
• Establish wire transfer policies requiring executive confirmation and secondary approvals for large transfers.
• Continuously train employees on updated cybersecurity best practices to keep whaling awareness sharp.
• Use email security tools like DMARC, DKIM, and SPF to authenticate and validate emails from legitimate domains.
• Conduct simulated whaling attacks to test employee readiness and improve responses.

With a robust defense strategy and educated employees, companies can work collectively to catch whalers prowling their waters.

Smooth Sailing Ahead

While whaling scams may seem like massive threats, a little awareness goes a long way in sinking them. Now you’re equipped with knowledge to identify, avoid, report, and combat whaling attacks.

Keep an eye out for phishy activity, verify odd requests, and implement multi-layered business protections. With vigilance and precaution, we can send these whale hunters swimming back into the deep seas.

Safe sailing out there!