Whaling phishing is a growing danger, targeted squarely at your company's most important people—the executives and decision-makers with access to key business information and financial resources. 

Unlike standard phishing operations that cast a wider net, whaling uses a much more targeted, dangerous method—one that can bring catastrophic consequences to any organization.

Let’s say your CEO emails you about making a wire transfer and shares confidential data. It looks very official and sounds urgent, and you want to act fast. 

But what if that email was not from your CEO at all? What if that was just a masqueraded attack targeting your company? Well, this is precisely what whaling phishing is.

Let us explain the basics of whaling phishing, the scope of the catastrophe it can generate, and, more importantly, 6 hands-on recommendations to prevent it from happening to your company. 

Whaling Phishing and Its Impact

Whaling phishing is an intelligently staged attack directly at targeted high-level executives. 

Cybercriminals do comprehensive research, investigating social media profiles, corporate websites, and other publicly available data sources to gather as much information as possible about their target of choice. 

With this knowledge, they draft compelling emails that appear to be from a trusted source, often spoofing the identity of the CEO, CFO, or other senior officer.

The goal is to bait and evoke a sense of urgency or importance that motivates the victim to act quickly—often without stopping to confirm the request's legitimacy. The results are disastrous. 

Ninety-one percent of cyber attacks start with a phishing email—whaling is one of the most advanced impersonating strategies. 

In a high-profile case, Levitas Capital lost $800,000 from a fake Zoom meeting set up by cyber attackers. 

Unfortunately, this wasn't an isolated case. Whaling attacks are on the rise, with 76% of organizations stating they have experienced such attacks at least once in the last year.

The financial consequences may be devastating, but the human cost is just as significant. Studies show that 43% of employees became victims of phishing emails.

Let’s look at how you can protect yourself:

• Employee Training and Awareness

Your first line of defense against whaling phishing is well-trained and aware employees. 

Regular training sessions are required, and these gatherings should equip employees to identify the subtle signs of phishing attempts.

One of the most effective approaches is to use simulated phishing exercises. 

Customizing the simulations for different roles, especially the executive role, which is a prime target for whaling attacks, can help you identify vulnerabilities and strengthen good practices. 

• Multi-Factor Authentication (MFA)

Adding an extra layer yet to the login process—at fingerprint or text code or using an authenticating app—would make life far more difficult for cybercriminals. 

In the worst-case scenario, if they do steal a password, they would still need to have that all-important second crippling factor.

MFA is more important on high-value accounts because they are more at risk. 

For example, an attacker might attempt to access a chief financial officer's account so that he can approve a wire transfer. 

In such cases, MFA can help, as even if the attacker has the password, he will come to a wall when asked for a second form of verification.

• Regular Software Updates

Cybercriminals will target the exploitation of vulnerabilities in outdated software versions. 

Most software provider updates target patching of such vulnerabilities. If you don’t update regularly, your systems are open to attack.

Each software update is equivalent to patching a hole in a wall. If not addressed, the hole will only grow and become easier to exploit. 

Operating systems, email clients, and security software are regularly maintained and updated to plug these holes for your organization's safety—for example, the whaling phishing attack.

Establish a policy of consistently updating all systems in a timely fashion. Automate that process where prudent to avoid the genuine risk of human error. 

And don't forget to update third-party applications—these can be just as much of a problem as the programs you run daily.

• Rigorous Email Security Protocols

One of the best ways to protect your business from whaling attacks is to implement strict policies that require multiple approvals for sensitive requests. 

You should set up a system requiring the approval of at least two top executives. This creates an inherent control that can help prevent fraudulent transactions from falling between the cracks.

Multiple approvals also help ensure that a heavy burden of responsible decisions, which could lead to errors or are prone to manipulation, does not fall solely on one person. 

An essential step in preventing whaling attacks is to scrutinize questionable requests seriously. Staff should be encouraged to verify unsolicited requests for information or large payments over multiple channels. 

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For instance, if a CFO is contacted over email with an urgent request for a wire transfer, they should go one step further and pick up the phone to call the person who seemingly sent the request. Use pre-existing, trusted contact information and disregard any information mentioned in the suspicious email.

Limiting access to financial systems is another critical aspect of email security protocols. Therefore, sensitive financial systems should be given to those employees who need them. 

Advocate for sending email authentication protocols, including SPF-Sender Policy Framework, DKIM-DomainKeys Identified Mail, DMARC-Domain-based Message Authentication, Reporting & Conformance. 

These protect and help ensure the authenticity of the emails being sent and received by your organization.

• Security Awareness Culture.

Successfully creating a culture of security awareness can only be done through persistent and ongoing training and education. 

Since cyber threats constantly evolve, so should your training programs. Keep your employees updated with the latest phishing tactics and security best practices. 

Another key ingredient to obtaining this security-aware culture is encouraging employees to report suspicious activities without fear of future repercussions. 

Make it easy to report through an email address provided explicitly for reporting potential phishing attempts, a hotline, or an internal tool. Let them know their reports will be valued and taken seriously.

Wrapping It Up

Whaling phishing requires a mindset of vigilance and security within the core of your company culture. 

The online world is constantly in flux, and your strategies should shift along with it. That means thinking outside the box to establish creative strategies that anticipate where the next attack could be coming from. 

Train your teams to question the unexpected, challenge the ordinary, and approach every digital interaction with a healthy dose of skepticism. This proactive mindset will be your best defense against whaling phishing.