What is Whaling?

Whaling is a special form of phishing that specifically targets high-ranking executives and decision-makers in companies. The term is derived from whale hunting, as the targeted individuals are considered particularly "big fish." The goal is to obtain valuable company data or large sums of money through carefully prepared and personalized attacks. Network infiltration can also be a goal if the "whale" is an important person in IT (for example, a CISO or Domain Administrator).

How does Whaling differ from other phishing methods?

Unlike conventional phishing, which targets a broad mass, or spear-phishing, which focuses on a smaller group of people, whaling is even more targeted and elaborate. Attackers invest a lot of time in researching their targets to appear as authentic and convincing as possible. They often pose as supervisors, business partners, or trusted contacts. To create effective whaling campaigns, attackers - often APT - must have specific information.

How do Whaling attacks work?

Whaling attacks are carefully planned and executed. Attackers use various techniques to deceive their targets and get them to disclose sensitive information or conduct financial transactions.

Typical approaches in Whaling attacks

1. Detailed Research:
   Attackers gather detailed information about targets from public sources like social media and company websites. In state-sponsored campaigns, intelligence services can contribute relevant information.
2. Personalized Communication:
   Emails or messages are enriched with personal details and business information to build trust. LLMs allow formulating emails to match the supposed sender's style.
3. Creating Urgency:
   Time pressure is often created to provoke hasty actions and prevent critical questioning. For example, certain materials might not be delivered unless payment is received "immediately."
4. Manipulation of Email Addresses:
   Fraudsters use similar-looking domains or compromised real email accounts for their attacks. Occasionally, so-called subdomain/domain takeovers are also used.

Why are Whaling attacks particularly dangerous?

Whaling attacks pose a particularly serious threat as they target individuals who have extensive privileges and access to sensitive company data. The potential damage is correspondingly high. Additionally, due to their sophistication, these attacks are often harder to detect than conventional phishing attempts. The attackers sometimes employ considerable personnel and financial resources to achieve their goal.

Possible consequences of successful Whaling attacks

1. Financial Losses:
   Companies can lose millions through unauthorized transfers.
2. Data Loss:
   Sensitive company data or personal information of employees and customers can fall into wrong hands.
3. Reputational Damage:
   Publicly known incidents can permanently damage the trust of customers and business partners.
4. Compromises:
   Successful whaling attacks can also lead to compromise of the entire company network.

How can companies protect themselves against Whaling?

Protection against whaling attacks requires a multi-layered approach that combines technical measures with training and awareness. Therefore, it is important that companies implement various protective measures.

Effective protective measures against Whaling

1. Training and Awareness:
   Regular training for executives to recognize whaling attempts is essential.
2. Implementation of strict verification processes:
   Introduction of four-eyes principles for important transactions and data access.
3. Use of advanced security technologies:
   Use of AI-powered analysis systems to detect suspicious communication patterns.
4. Regular security audits:
   Conducting penetration tests and simulated whaling attacks to identify vulnerabilities.