General phishing scams cast their nets wide. By contrast, whaling attacks hunt the biggest fish in your organisation. That is, senior executives and key decision makers.
In a 2023 BlackCloak survey, 42% of organisations reported that one of their senior executives or their family members had been the target of a cyber attack in the previous two years. A 2024 GetApp survey found that 72% of US senior executives had been targeted at least once in the previous 18 months.
Let’s explore how whaling phishing works, and how to protect your senior executives from attack.
What is whaling in cyber security?
Whaling is a form of phishing attack that targets an organisation’s C-suite executives and senior leaders.
Like other types of phishing, the goal is to trick the victims into handing over data, authorising fraudulent transactions, or installing malware. However, whaling is particularly dangerous. It targets people with power and authority, high levels of trust, and privileged access to strategic systems and information.
Today’s businesses rely increasingly on real-time communications and rapid decision-making. Whaling attacks exploit this always-on culture by sidestepping an organisation’s defences and pressuring its key people into hasty and damaging actions.
Whaling versus phishing: How whaling differs from other phishing attacks
In general phishing, the attackers play a numbers game. They send large volumes of untargeted messages in the hope that a percentage of the recipients will take the bait.
In spear phishing, the attackers target one or more specific individuals. They research their victims online, gathering information about their roles, projects, colleagues, and partners. The attackers then craft personalised scam messages referring to people, initiatives, or events that the victim is familiar with. The tactic behind spear phishing is social engineering. That is, using the victim’s personal information to abuse their trust and manipulate them into action.
Whaling phishing is a form of spear phishing in which the attackers go after the “big fish.” They target senior executives and people in positions of power or command.
How cybercriminals gather intelligence about their victims
Whaling attacks are based on careful research. The attackers build a detailed profile of their victim by gathering information from various sources.
Open-source intelligence (OSINT) mining
Sharing our interests, passions, and achievements on social media is fun and can help to build our professional profiles. However, it can also play into the hands of cybercriminals.
Open-source intelligence (OSINT) mining means systematically gathering information that’s publicly available. Cybercriminals plan whaling attacks using sources such as:
- LinkedIn profiles.
- Social media posts, on personal and professional platforms.
- Corporate websites, About us pages, and executive profiles.
- News media and press releases, especially announcements about new appointments or organisational changes.
Criminal forums and the dark web
Attackers can also use information shared in criminal forums or traded on dark web marketplaces where cybercriminals buy and sell packages of stolen data.
This information comes from high-profile data breaches and increasingly from infostealer malware. Infostealers are malicious software that quietly collects sensitive information such as login credentials, browser cookies, and autofill data directly from compromised devices.
This means attackers can obtain up-to-date and highly detailed information about employees, including senior executives, even if the organisation itself hasn’t suffered a direct breach. Attackers can purchase comprehensive identity bundles or specific details like a CEO’s saved passwords, bank login session cookies, or document details.
By tapping into these illicit resources, attackers can enhance their victim profiles with sensitive, confidential information, greatly increasing the chances that their whaling campaigns will succeed.
Impersonation and pretexting
A successful whaling attack depends on winning the victim’s trust and setting up a credible high-pressure scenario. To do this, the attackers impersonate an important colleague or partner. For example:
- A CFO asking their CEO to authorise an urgent payment to facilitate a confidential deal or a missed invoice.
- External auditors demanding financial records.
- Board members requesting confidential information or updates about a strategic initiative.
- IT staff requiring password verification.
Who are the prime targets for whaling phishing?
CEOs, CFOs, and COOs are the primary targets. However, anyone with significant authority is at risk. Beyond the C-suite, attackers target:
- Vice presidents with budgetary authority.
- Directors handling sensitive data.
- Department heads with access to key systems and information.
- Board members with strategic information.
The whaling attack process explained
A typical whaling attack works through the following steps:
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Researching the victim. The attackers identify a victim and gather information about them. They also study the victim’s colleagues, partners, and customers and choose someone to impersonate. For example, a CEO and their CFO.
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Crafting a convincing scam message. Using the information they’ve gathered, the attackers craft a message to trick the victim into action. The message will seem to come from someone they trust and will reference an initiative they’re working on. For added authenticity, it might also mention something going on in their personal or family life. Above all, however, the message will pressure them to address a sudden emergency that requires immediate action.
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Launching the attack to trick the victim into action.
Recognising whaling attack warning signs
The warning signs of a potential whaling message include:
- Urgency and pressure: Action is needed right away to avoid negative consequences.
- Sudden payment requests: For example, a major client may be chasing an unpaid invoice and threatening to take their business elsewhere. Alternatively, the firm may be about to close a confidential big-money deal, which could fall through unless funds are transferred right away.
- Asking for sensitive information via unexpected channels: Someone needs financial information or payroll data in a hurry. They know the request is unusual, but it’s an emergency.
- Attempts to avoid or deflect verification: The message sender won’t be contactable for the next few hours. They might be boarding a plane or starting an important meeting. The goal is to pressure the victim to act without verifying that the request is genuine.
Proven defence strategies against whaling
Even though senior executives are a prime target for cyber attacks, many organisations don’t do enough to protect them. Here are some essential strategies to keep your senior leadership safe.
Provide executive-focused training
C-suite executives often skip the security awareness training provided for everyone else. They might be too busy, or they might not think the content is relevant to them.
Provide training tailored to the needs of your senior leadership. Ensure they understand the danger and how to spot a potential whaling attack. Security awareness is vital for everyone at all levels of your organisation, and the C-suite must lead by example.
Deploy technical safeguards
Deploy multiple layers of protection:
- Advanced email filtering that flags suspicious content targeting executives.
- Multi-factor authentication (MFA) for all transaction approvals
- Domain monitoring to detect spoofed corporate addresses.
- Behavioural analytics identifying unusual communication patterns
Implement verification protocols
Implement strict verification protocols for requests for sensitive information, and four-eyes approvals for large transactions. Always confirm requests by phone or in person. Don’t rely on email alone.
Provide regular security updates
Keep all your stakeholders informed about:
- Emerging whaling techniques.
- Recent attacks and the lessons to be learned from them.
- Updates to your organisation’s security protocols.
Enable safe reporting of suspicious messages
Encourage everyone in your organisation, including senior executives, to report suspicious communications without fear of judgement. A false alarm is always better than a successful attack.
Use a cyber threat intelligence (CTI) and credential monitoring solution
CTI solutions such as Cybercheck help you to stay safe by continuously monitoring for exposed credentials and personal data, providing early warning to stop attacks before they breach your defences. This wipes out the cybercriminals’ information advantage.
If cybercriminals are trading information about your organisation’s executives or senior leaders, we alert you immediately. Knowing that your personal data is in criminal hands means you can take proactive steps to prevent an attack. For example, changing passwords, blocking cards, or locking down access. That means you can shut out the attackers before they make you their next victim.
