Hackers are finding new ways to make their attacks both more elaborate and precise. While phishing scams are usually known, another cyberattack called whaling is growing in popularity and can do more harm. Unlike the usual phishing attempts, whaling attacks are carefully crafted for high-ranking people in an organization such as C-level executives, directors or financial decision-makers. Cybercriminals target these companies in hopes that they can deceive them.
Here, we’ll cover what a whaling attack means, how it happens and why it is a big problem for companies today.
What exactly is a whaling attack?
A whaling attack is a kind of spear-phishing attack aimed at top executives, for example, CEOs and board members. The name “whaling” refers to aiming for the biggest fish, since attackers put more effort into planning and sending messages made to influence certain people.
Emails, fake websites or spoofing are the main forms of whaling attacks and they usually hope to achieve:
- Obtain and use important business information.
- Be able to manage your money through banking accounts.
- Permit the use of fraudulent wire transfers.
- Send malware or ransomware to the victims.
- Use login credentials to get access to other systems.
The consequences of these attacks may be very serious, as they usually target people who handle the most sensitive information and systems.
How Whaling Attacks Are Carried Out
In whaling attacks, attackers manipulate people’s actions instead of using software flaws. This is how such processes usually take place:
1. Reconnaissance
When they begin, the attackers study the target using easily findable data. Information on executives’ names, what they do and their responsibilities can be found on LinkedIn, company websites, press releases, social media and SEC filings.
2. Spoofing & Personalization
What they’ve picked up enables them to write emails that seem to come from a respected person or company you already deal with. Phishers sometimes send emails from similar domains or continue a discussion from a genuine email to make it look real.
3. Urgent Request
Such emails frequently seem to be urgent or important. For example:
“Hi Jane, please transfer $150,000 as soon as you can to complete the deal for us. I’m at a meeting now, so send me a text when everything is finished.
The idea is to encourage the executive or employee to act quickly without properly checking the request.
4. Execution
If the target is tricked by the ruse, they may unintentionally transfer sensitive files, send money or give access to the system without knowing what happened.
Real-World Examples
Ubiquiti Networks (2015)
Ubiquiti Networks lost $46.7 million after employees received messages from imposters, telling them to carry out international wire transfers without proper checks.
Mattel (2016)
The company was on the verge of losing $3 million because of a finance executive who sent money after receiving a fake email from the CEO. Luckily, the company managed to get back the stolen money after working quickly with the authorities.
Scoular Company (2014)
A worker at the firm sent $17.2 million after getting emails that seemed to be from the CEO. Everything in the scam was very detailed, using information about real projects and legal terms.
They reveal that a whaling attack can damage a company’s finances immediately and its reputation in the future.
Here’s why Whales are easy targets.
- Top executives and senior employees are important targets due to many factors.
- They are able to obtain confidential information about the company’s finances or its plans.
- Their email accounts usually have more power and access than other accounts.
- They can give others tasks to handle or make regular payment approvals.
- People below them are more likely to accept their decisions.
- Their knowledge of cybersecurity could be less advanced than that of the IT staff.
- These aspects help attackers increase the impact of their scams.
Ways to Defend against Whaling
You need to use deepfake detection technology, provide training and stick to proper procedures to protect your organization from whaling attacks.
1. Being Aware in Executive Security
It is important for executives to know what to watch out for in phishing or whaling scams. Elite leadership training that lasts a short time can be more useful than general training for all staff.
2. Multi-Factor Authentication is known as MFA.
Use MFA on your important email accounts and important systems. Even when hackers get your account details, MFA still protects you.
3. Verification Protocols
Make sure you confirm any important financial requests or data transfers with a second method, for example, a call or chat within the company.
4. Tools for Blocking Phishing Emails
Choose email security tools that can check for impersonated addresses, block dangerous files and bring up any questionable language.
5. Avoid Being Out in Public
Be careful not to post too much information about your executives online. Decrease the details that are available about you both at work and in public to avoid social engineering attacks.
Read Also: Top AI Tools for Face Swap Technology in 2025
Final Thoughts
One of the worst kinds of cybercrimes is whaling, since it uses social engineering to breach an organization from the top. Since cybercriminals’ methods are improving, companies must also improve their cybersecurity. You should train, verify and stay attentive to protect your business from cyber assaults.
Now is the time to start acting on whaling if your business hasn’t already made efforts to tackle it. In the current digital era, being aware could keep your business going rather than lead to multi million-dollar losses.
