Whaling is much like phishing, but hackers target more lucrative targets. Also, unlike phishing, whaling involves targeting fewer individuals and with more specific attacks. SIMEON TASSEV, offers some tips to prevent a company from becoming a whaling target.
One of the largest online security threats to individuals and businesses today doesn’t come from new sophisticated malware tools, but rather from distinctly low-tech phishing and whaling campaigns. A recent survey of IT experts from the US, UK, South Africa and Australia exposed the reality that cyber threats are increasing both in volume and size, and that up to 55% of organisations have seen a rise in whaling email attacks over the last three months of 2015. What is the difference between whaling and phishing? Realistically, “whaling” is just another term for “phishing”, the difference between the two lies in the size of the fish, and thus “whaling” refers to bigger, more lucrative targets.
Whaling involves targeting fewer individuals but the attacks are more specific. Whereas phishing is based on volume, whaling is the opposite and targets a much smaller audience, which is usually an organisation’s “big phish”. These are usually high-value individuals whose credentials or access to data, if compromised, could endanger the entire business; which is why these kind of attacks are also called “Business Email Compromise” attacks. These kinds of threats are harder to detect because they are stealthier and fewer in number than widespread phishing campaigns. Targets of choice for whalers include senior executives and high-level officials in private businesses, as well as those with privileged access to government information.
The anatomy of a whaling attack
Whaling attacks are generally directed at business executives at large organisations and the intention behind these attacks is to trick financial staff into making fraudulent wire transfers to bank accounts controlled by whalers. How do these attackers get it right? Their targeted campaigns typically involve emails that appear to be from the CEO, Chief Financial Officer or other senior executive to an individual within the company who holds the authority to make electronic transfers on behalf of the organisation.
These emails make use of compelling language that conveys a sense of urgency to get the recipient to act as quickly as possible in response to the email. An example of such an attack is where an email comes through, purportedly from the CEO, asking finance staff to rush through a payment to a supplier that the executive cannot handle because they are out of the office.
Attacks from the inside
Research shows that most whaling attacks pretend to be from the CEO (72%), while 36% had seen whaling emails attributed to the CFO, which means that this type of targeted attack relies on a significant amount of prior research into the targeted organisation to allow attackers to identify their target correctly and obtain the most successful result possible. Whalers do their research on corporate databases and make use of social networking sites like Facebook, LinkedIn and Twitter to trawl for information. It is because whaling emails rely on social engineering to trick their targets into doing something, rather than tricking them to click on a hyperlink or malicious attachment, that whaling emails are harder to detect when compared to phishing emails.
Protecting your company from whaling attacks
From an organisational point of view, such attacks can be approached with the same mindset applied for corporate espionage security, as they are essentially the same. The controls are still along the lines of anti-phishing technology which is linked to email, but because of the targeted nature of the whaling attack, it can be a lot more difficult for technology to pick up, which is why it’s important to add an awareness element to preventive measures taken.
This means educating senior management, key personnel and finance teams about this specific kind of attack and asking them to be more suspicious of requests received through email. While there are technologies that can be used to confirm, for example, the originator’s email, it is incumbent on the recipient to confirm or identify the source of communication before they take action on the email and to this end, finance team procedures will need to be reviewed in order to prevent whaling, specifically how payments to external third parties are authorised.
Furthermore, senior executives need to be careful what kind of contact information is available for them in the public domain. This means that a company should have a policy in place which refers to access control to and disclosure of senior personnel contact information. Realistically, someone may not have an issue giving a contact number for the help desk, but they should have an issue giving a contact number for their senior executives and access controls should be implemented to hinder information gathering tactics.
It is also advisable to make use of various technological measures that simplify the matter. In terms of validating the source of emails, like with phishing, whaling emails can have the source of the email description and the technical structure of the email validated, using targeted threat prevention solutions integrated with email security. Also useful is inbound email stationery that marks and alerts personnel to emails that have come from outside the corporate network. Additionally, domain name registration alerts can be used to notify an organisation when domains are created that closely resemble that corporate’s domain, making it that much harder for a whaler to launch a successful attack from within.
- Simeon Tassev, Director and QSA, Galix Networking
Now download a bank account
Absa has introduced an end-to-end account opening for new customers, through the Absa Banking App, which can be downloaded from the Android and Apple app stores. This follows the launch of the world first ChatBanking on WhatsApp service.
This “download your account” feature enables new customers to Absa, to open a Cheque account, order their card and start transacting on the Absa Banking App, all within minutes, from anywhere and at any time, by downloading it from the App stores.
“Overall, this new capability is not only expected to enhance the customer’s digital experience, but we expect to leverage this in our branches, bringing digital experiences to the branch environment and making it easier for our customers to join and bank with us regardless of where they may be,” says Aupa Monyatsi, Managing Executive for Virtual Channels at Absa Retail & Business Banking.
“With this innovation comes the need to ensure that the security of our customers is at the heart of our digital experience, this is why the digital onboarding experience for this feature includes a high-quality facial matching check with the Department of Home Affairs to verify the customer’s identity, ensuring that we have the most up to date information of our clients. Security is supremely important for us.”
The new version of the Absa Banking App is now available in the Apple and Android App stores, and anyone with a South African ID can become an Absa customer, by following these simple steps:
- Download the Absa App
- Choose the account you would like to open
- Tell us who you are
- To keep you safe, we will verify your cell phone number
- Take a selfie, and we will do facial matching with the Department of Home Affairs to confirm you are who you say you are
- Tell us where you live
- Let us know what you do for a living and your income
- Click Apply.
How we use phones to avoid human contact
A recent study by Kaspersky Lab has found that 75% of people pick up their connected device to avoid conversing with another human being.
Connected devices are becoming essential to keeping people in contact with each other, but for many they are also a much-needed comfort blanket in a variety of social situations when they do not want to interact with others. A recent survey from Kaspersky Lab has confirmed this trend in behaviour after three-quarters of people (75%) admitted they use a device to pretend to be busy when they don’t want to talk to someone else, showing the importance of keeping connected devices protected under all circumstances.
Imagine you’ve arrived at a bar and you’re waiting for your date. The bar is busy, and people are chatting all around you. What do you do now? Strike up a conversation with someone you don’t know? Grab your phone from your pocket or handbag until your date arrives to keep yourself busy? Why talk to humans or even make eye-contact with someone else when you can stare at your connected device instead?
The truth is, our use of devices is making it much easier to avoid small talk or even be polite to those around us, and new Kaspersky Lab research has found that 72% of people use one when they do not know what to do in a social situation. They are also the ‘go-to’ distraction for people even when they aren’t trying to look busy or avoid someone’s eye. 46% of people admit to using a device just to kill time every day and 44% use it as a daily distraction.
In addition to just being a distraction, devices are also a lifeline to those who would rather not talk directly to another person in day-to-day situations, to complete essential tasks. In fact, nearly a third (31%) of people would prefer to carry out tasks such as ordering a taxi or finding directions to where they need to go via a website and an app, because they find it an easier experience than speaking with another person.
Whether they are helping us avoid direct contact or filling a void in our daily lives, our constant reliance on devices has become a cause for panic when they become unusable. A third (34%) of people worry that they will not be able to entertain themselves if they cannot access a connected device. 12% are even concerned that they won’t be able to pretend to be busy if their device is out of action.
Dmitry Aleshin, VP for Product Marketing, Kaspersky Lab said, “The reliance on connected devices is impacting us in more ways than we could have ever expected. There is no doubt that being connected gives us the freedom to make modern life easier, but devices are also vital to help people get through different and difficult social situations. No matter what your ‘connection crutch’ is, it is essential to make sure your device is online and available when you need it most.”
To ensure your device lifeline is always there and in top health – no matter what the reason or situation – Kaspersky Security Cloud keeps your connection safe and secure:
· I want to use my device while waiting for a friend – is it secure to access the bar’s Wi-Fi?
With Kaspersky Security Cloud, devices are protected against network threats, even if the user needs to use insecure public Wi-Fi hotspots. This is done through transferring data via an encrypted channel to ensure personal data safety, so users’ devices are protected on any connection.
· Oh no! I’m bored but my phone’s battery is getting low – what am I going to do?
Users can track their battery level thanks to a countdown of how many minutes are left until their device shuts down in the Kaspersky Security Cloud interface. There is also a wide-range of portable power supplies available to keep device batteries charged while on-the-go.
· I’ve lost my phone! How will I keep myself entertained now?
Should the unthinkable happen and you lose or have your phone stolen, Kaspersky Security Cloud can track and protect your device from data breaches, for complete peace of mind. Remote lock and locate features ensure your device remains secure until you are reunited.