Whaling

What is Whaling?

Whaling is a highly sophisticated form of phishing that specifically targets high-level executives, senior management, and board members. These attacks are carefully researched and personalized to exploit the authority and access privileges of top-level personnel for financial fraud, corporate espionage, or data theft.

How Whaling Works

Target Research

• Executive profiling – Gather detailed information about targets
• Organizational analysis – Understand company structure and processes
• Social media monitoring – Track executive activities and interests
• Business relationship mapping – Identify key business partners
• Financial analysis – Research company financial information

Attack Execution

• Personalized content – Create highly convincing messages
• Authority exploitation – Use executive authority to bypass procedures
• Urgency creation – Create time-sensitive scenarios
• Multi-channel delivery – Use email, phone, and social media
• Follow-up tactics – Maintain pressure and engagement

Types of Whaling Attacks

Business Email Compromise (BEC)

• Invoice fraud – Fake vendor invoices and payment requests
• Wire transfer fraud – Unauthorized fund transfers
• Payroll diversion – Redirecting employee paychecks
• Tax fraud – Fake tax-related requests

Corporate Espionage

• Strategic information – Access to business plans and strategies
• Intellectual property – Trade secrets and proprietary information
• Merger and acquisition – Sensitive business negotiations
• Competitive intelligence – Information about competitors

Credential Theft

• Account compromise – Steal executive account credentials
• System access – Gain administrative privileges
• Data exfiltration – Access to sensitive company data
• Lateral movement – Use executive access to compromise systems

Detection and Prevention

Technical Controls

• Advanced email filtering – AI-powered threat detection
• Sender verification – SPF, DKIM, DMARC implementation
• Executive protection – Enhanced security for high-level accounts
• Multi-factor authentication – Additional verification layers
• Privileged access management – Control executive system access

Organizational Measures

• Executive security training – Specialized awareness for leaders
• Verification procedures – Multi-channel verification for requests
• Financial controls – Dual authorization for large transactions
• Incident response plans – Prepare for whaling incidents
• Threat intelligence – Monitor for targeting indicators

Procedural Controls

• Approval workflows – Require multiple approvals for sensitive actions
• Communication protocols – Verify requests through official channels
• Documentation requirements – Maintain records of all transactions
• Regular audits – Review executive account activity
• Vendor verification – Confirm vendor information independently

Response and Recovery

Immediate Actions

• Freeze transactions – Stop all pending financial transactions
• Secure accounts – Change executive account credentials
• Notify stakeholders – Alert board, legal, and security teams
• Preserve evidence – Document all incident details

Investigation Steps

• Forensic analysis – Examine systems and communications
• Financial tracing – Track any unauthorized transactions
• Impact assessment – Determine scope of compromise
• Attribution analysis – Identify threat actors if possible

Best Practices

• Executive security awareness – Regular training for leadership
• Multi-channel verification – Confirm requests through multiple means
• Financial controls – Implement strict approval processes
• Threat monitoring – Watch for targeting indicators
• Incident preparedness – Regular simulation exercises
• Vendor management – Maintain verified vendor databases