Cyber security in business – how to avoid the pitfalls of Whaling and Business Email Compromise?

In a cyber world full of threats, concepts such as Whaling and Business Email Compromise are no longer just abstract technological terms and are becoming real challenges for businesses. Anyone in a decision-making position should be aware that they could become the target of a perfectly planned cyberattack. Are you sure you haven’t already fallen victim to cyber fraud and just don’t know it? This article exposes the mechanisms of two sophisticated forms of attacks and suggests how to make your organization more resilient to such threats.

What is Whaling? – A different point of view

Whaling is not just another variation of phishing, it’s a technique that targets a much more specific and valuable loot – company executives and decision-making teams. Analyzing the threat through the lens of infrastructure security, one can see that the effectiveness of a Whaling attack is often due to advanced infiltration and manipulation methods that are much more subtle and deliberate than standard phishing attacks.

You can read more about phishing here: https://ith.eu/blog/phishing-w-sklepach-internetowych-jak-sie-przed-nim-chronic/.

While classic phishing can be compared to fishing with a net, where quantity counts, Whaling is more akin to the targeted throwing of a spear at a specific, large fish. In both cases, the goal is to catch the victim, but the techniques and tools used in Whaling are much more specialized. They include fake emails, fake websites, fake social media profiles and other methods of deception that target specific high-status individuals within the organization.

Understanding the difference is an important element in shaping an effective cyber security strategy for your company.

Business Email Compromise – email scams are not limited to the top of the corporate ladder

Although whaling attacks typically focus on senior management, email scams, known as Business Email Compromise (BEC), pose a threat to a much wider group of people in an organization.

BEC does not choose – from the accounting department to the human resources department, anyone can become a target. It’s a different kind of attack that exposes technical weaknesses, but also exploits human emotions and communication habits at different levels of the company.

This distinguishes BEC from Whaling, where targets are primarily those with higher levels of access and authorization. Understanding these differences not only shows how clever cybercriminals can be, but also underscores the importance of comprehensive security and employee education at all levels of the company.

Hybrid attacks – when Whaling and BEC come together

It is no longer enough to know just one form of cyber threat. Some hackers are taking it a step further, combining Whaling with Business Email Compromise to create a new, more insidious form of attack. Here’s a look at how these methods can work hand in hand to create a much higher risk.

• Two in one – Whaling with elements of BEC

Whaling in itself is already quite a threat, as it attacks individuals in high positions within companies. If BEC elements are added, such as falsified invoices or requests for funds, the risk increases exponentially. In such a scenario, hackers pretend to be people with authority and mix this with fraudulent requests for funds, making life very difficult for security departments.

• Complicated schemes – Whaling and BEC in introduction processes

Here is another example where Whaling and BEC can work together. Criminals pretend to be new employees or the HR department, asking them to provide confidential data or perform specific tasks. All of this can look like a normal part of the induction process, which only compounds the risk.

How to guard against hybrid attacks?

In the face of such complex threats, simple precautions are not enough. You need sets of different security measures, regular updates, and a culture within the company that promotes caution and common sense.

How are Whaling and BEC developing?

Understanding the dynamic nature of cyber threats such as Whaling and Business Email Compromise (BEC) is a must. Especially since these attack methods use the latest technological advances to be even more effective.

• Artificial intelligence

Artificial intelligence (AI) is not just a helper in day-to-day work. It turns out that in the hands of villains, it can dramatically increase the effectiveness of Whaling and BEC. AI algorithms can learn how to mimic a specific person’s writing style, making fake emails even harder to recognize.

• Automation

Technology is enabling criminals to automate attacks on a scale we have not seen before. Using bots to send emails is just the beginning. Advanced scripts can simulate interactions, making victims less vulnerable.

• Fraud at the global level

A scam that starts at one end of the world can end at the other, leaving no trace.

Resilience in the new reality

In the face of growing challenges, it is not possible to rely only on old security methods. More advanced solutions are needed that take into account the evolution of threats and allow organizations to maintain a step with criminals.

Emergency procedures – what to do when an attack occurs?

It’s worth having a plan of action in case a Whaling or Business Email Compromise (BEC) attack occurs. Policies for dealing with such situations are a way to minimize damage and a key consideration in terms of legal obligations. We will outline the steps that are worth knowing and applying.

1. First steps – secure the scene of the incident

Whether it’s a suspected or already confirmed attack, the first step is to secure all evidence. That means isolating the computer or device from which the suspicious message was sent, and stopping all communication with the suspected e-mail address.

2. Assess the risk – is it actually an attack?

Conduct a preliminary analysis of the situation. Is the identified suspicious activity really an attack, or is it a false alarm? The answer to this question will help you decide what the most appropriate next steps are.

3. Consult with experts – introduction of investigative procedures

Contact your security team and notify relevant services, such as CERT (Security Incident Management Center). If possible, also consult with cyber security lawyers to understand legal obligations and potential consequences.

4. Information and communication

This is the stage where you should decide who should be informed of the incident. This includes internal communications to employees, as well as possible notifications to business partners or customers if their data was also compromised.

5. Analysis and repair

Once the situation was stabilized, it was time to analyze: what went wrong and how to avoid similar situations in the future. This may require additional safeguards or changes to existing procedures.

In crisis situations, which cyberattacks undoubtedly are, an experienced action plan is invaluable. It enables a quick and effective response, minimizing the negative effects of an attack and helping to maintain the organization’s reputation.

Active defense – how to protect yourself?

Choose the right tools

• Implement robust passwords and two-step authentication.
• Update software and security systems regularly.

Meet the enemy – simulations of attacks

• Conduct simulated phishing and whaling attacks.
• Analyze the results to identify security weaknesses.

Plan your strategy – optimize your processes

• Make sure your procedures for checking digital signatures are rigorous.
• Automate scanning of emails with large attachments or unknown senders.

First-line activities – training for the team

• Train employees on cyber security.
• Make sure that both managers and employees in lower positions are aware of the risks.

Fault tolerance – corrective actions

• Implement alert systems for suspicious financial transactions.
• Develop procedures for rapid response to various types of security incidents.

Proper preparation and implementation of security policies is a process that requires commitment and attention. But the result is an organization that not only copes better with threats, but also becomes more resilient to unforeseen events.

What works and what doesn’t? – Analysis of security tools

Source: compiled by copyman.co.uk.

This is a table analyzing a variety of security tools, focusing on their effectiveness against Whaling and Business Email Compromise threats. The table is divided into four main categories, each of which is described in terms of its advantages, disadvantages and general conclusions.

Proven tools are those that have gained recognition and are widely used. Examples:

• A secure intelligent Firewall that allows you to analyze network traffic and detect potential threats at their early stage of occurrence as well as – at a later stage by blocking dangerous applications and websites.
• Symantec Endpoint Protection: Recognized as one of the leaders in cyber security, it offers comprehensive protection solutions.
• McAfee Total Protection: Provides advanced email scanning and filtering capabilities.

Lesser rated tools are specialized solutions that are effective but may not be comprehensive. They usually come from smaller suppliers and may be less expensive. Examples:

• Barracuda Sentinel: Specializes in protection against phishing and BEC attacks.
• Zerospam: Lesser known, but effective at filtering out unwanted e-mail.

Hot new releases are the latest products on the market that are promising but insufficiently tested. They are worth watching, but also worth approaching with caution. Examples:

• Darktrace: Uses artificial intelligence to detect threats in real time.
• Cofense PhishMe: Offers simulated phishing attacks for employee training.

The human element is the human factor, which, despite advanced technology, still remains one of the biggest threats. That’s why training and employee awareness are important here. Examples:

• KnowBe4: Offers cyber security training programs for employees.
• SANS Security Awareness: Provides educational materials and competency tests for employees.

The table is intended to provide a clear and concise analysis of the available tools to help organizations choose the most appropriate options for their needs.

A properly configured and managed IT infrastructure is the first line of defense against advanced attacks such as Whaling and Business Email Compromise. The choice of hosting also plays a key role, the confidence of being able to contact the provider quickly in case of problems is invaluable. By using the services of ITH and KRU.PL, you ensure a high level of security for yourself and your business. With comprehensive Internet services, the risk of sophisticated attacks on your company is significantly reduced.