Tessian Defender detects all possible impersonation types, including the manipulation of internal and external contacts. ATO attacks are understandably extremely hard for traditional technologies to identify as the “genuine” email account is in use. BEC attacks, meanwhile, are geared around impersonation. A whaling attack is a spear phishing attack against a high-level executive. They sent the requested data, leaking the personal details of about 10,000 employees. Read our guide on email security for more information. In most phishing attacks, an attacker broadcasts an identical email to thousands of recipients. 5. The term whaling refers to spear phishing attacks directed specifically at senior executives and other high-profile targets. A similar whaling attack hit Ubiquiti in August 2015, but the attackers got away with $46 million. Read our guide on OPSEC for more information. How to Overcome the Multi-Billion Dollar Threat. Focusing on security basics, with game-changing technology. But all businesses have networks of suppliers and vendors, which dramatically increases the number of people attackers might choose to impersonate. BEC can be accomplished in two ways: 4. What needs to change about how most organizations are handling their IT? Another second-order effect could be knocking employees’ morale and denting confidence, making rebuilding work still more difficult. This is a complete guide to security ratings and common usecases. The Bureau’s flagship figure of $12.5bn was revised upwards by more than 100% on September 10th, hitting a staggering $26bn. So how are attackers able to extract such large sums of money from enterprises? Whaling is a kind of spear phishing attack that specifically targets senior executives (the “big fish”) in an organization. CEO’s Guide to Data Protection and Compliance →, Building a Human Layer Security Culture at ARM →, Securing the Future of Hybrid Working Report →. We can help you continuously monitor your vendors' external security controls and provide an unbiased security rating.Â. In one of the first big GDPR fines, the UK’s Information Commissioner earlier in 2019 announced its intention to fine British Airways £183m after a 2018 data breach. The request, when it comes, may be made in writing without the suspicious links or attachments that are easier for traditional security programs to flag. We are committed to automating processes and staying on the edge of innovation. Learn why security and risk management teams have adopted security ratings in this post. The major difference between UpGuard and other security ratings vendors is that there is very public evidence of our expertise in preventingÂ data breachesÂ andÂ data leaks.Â. And legislation designed to make fines more than a slap on the wrist is now ramping up all over the world. Learn where CISOs and senior management stay up to date. Consumers will be inundated with emails touting Black Friday deals this weekend. Examples of whaling attacks Whaling inevitably reaps far greater rewards for successful attackers and has been instrumental in numerous large-scale incidents: In 2016, a Snapchat employee fell for a whaling attack and revealed colleagues’ payroll information. Every business has a finite number of employees, which makes it easier for security products to keep on top of potentially suspicious activity on “employee” email accounts. In 2018, film company Pathé lost more than €19m after an attacker posed as the company’s CEO and asked another senior executive to wire funds to a fake account. Turn your email data into your biggest defense. Austrian plane company FACC lost 56 million dollars to whalers in January, 2016. The new figure of $26bn is the product of just three years of criminal activity, covering June 2016 to July 2019. In this blog, we are going to discuss the Whaling attack that evolved in the last couple of years targeting someone like a top-level executive like a senior executive at a corporation. About 55 percent of the 442 IT professionals Mimecast surveyed this month said their organizations have seen an increase in the volume of whaling attacks over the last three months. One way of tackling this could be to be very close to the users and remain up-to-date with how users are treating these threats. What are the greatest challenges you have overcome since you became CIO? Of course, a principal aim of BEC attacks is to extract money from targeted organizations. Always examine what the sender is asking you to do—are you being asked to carry out an urgent request? A good company security policy is an effective means to keep the hackers at bay. Snapchat reported the incident to the FBI and offered their employees two years of free identity theft insurance.Â, Another well-knownÂ whaling attack involved a Seagate executiveÂ who accidentally exposed the W-2 forms for all current and former employees. Learn why cybersecurity is important. A whaling attack is a type of spear phishing that focuses on a high-ranking target within an organization rather than lower level employees. Insights on cybersecurity and vendor risk. It’s harder to quantify on a balance sheet, but after a BEC-triggered data breach, hard-won brand reputations could be put at serious risk. Chief Information Officers sometimes have difficulty getting complex ideas across to the rest of the board. What is Typosquatting (and how to prevent it). 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