That number rose to 170 in 2017 - nearly a 200% increase! If the boss is busy, stressed, or overworked (and hopefully they're busy, at least . Finally, whaling is a specific type of spear phishing that targets high-ranking, high-value targets in a specific organization who has a high level of authority and access to critical company data. 94% of malware attacks originate from emails sent to victims Financial cost of phishing attacks Phishing now costs US companies an average of $14.8m per year. Tessian research suggests that more than half of employees felt they were more likely to make mistakes at work when they were stressed. It is less likely to be used as a tool to coerce and gain access—more a direct information-gathering exercise. Whaling. According to a press release by HP, whaling is soon to become one of the most prominent forms of cyberattacks, especially with firms that operate in remote and hybrid work environments.In this article, we describe: A whaling attack is a special form of spear phishing that targets specific high-ranking victims within a company. Clone Phishing 85% of all companies, organizations, and institutions have been victims of at least one phishing attack. Whaling is a variation of spear phishing that targets the highest of powers at an organization. 96% of phishing attacks arrive by email. 7 The . According to Check Point's Brand Phishing Report, Microsoft continued to be the most spoofed brand. Malicious actors know that executives and high-level employees (like public spokespersons) can be savvy to the usual roster of spam tactics; they may have received extensive security . Another 3% are carried out through malicious websites and just 1% via phone. Target prominent employees such as chief financial officers or chief executive officers to obtain and steal sensitive information from companies. In fact, there are only a handful of killer whale attacks that have been recorded in recent history. Whaling is a variation of spear phishing that targets the highest of powers at an organization. ESET's 2021 research found a 7.3% increase in email-based attacks between May and August . Whaling. The increase in phishing attacks means email communications networks are now riddled with cybercrime. Whaling attacks are also a type of phishing attack. Content used could include a customer complaint, a subpoena or some other legal content - any type of issue that might need dealing with by an executive-level employee. Phishing Statistics, Facts and Figures for 2020. In early 2016, the social media app Snapchat fell victim to a whaling attack when a high-ranking employee was emailed by a cybercriminal impersonating the CEO and was fooled into revealing employee payroll information. Whaling. This type of attack can also lead to an APT attack within an . Some industries were hit particularly hard, with retail workers receiving an average of 49. If the boss is busy, stressed, or overworked (and hopefully they're busy, at least), they're more vulnerable to these types of cyberattacks. A whaling attempt will use a counterfeit email communication of a website crafted specifically to target the "whale's" role in the company or organization. These scams target company board members, who are considered particularly vulnerable because they have so much authority within the company, but since they aren't full-time employees, often use personal email addresses for business correspondence . They usually try to get large wire transfers, sensitive information or insert malware with fraudulent links. Examples of Whaling Attacks According to cyber security provider Smarttech 247, the number of whaling attacks tripled in 2017, with companies of all sizes being targeted. In early 2016, the social media app Snapchat fell victim to a whaling attack when a high-ranking employee was emailed by a cybercriminal impersonating the CEO and was fooled into revealing employee payroll information. The whaling attack involved an email that requested copies of the employees' 2016 W-2 forms, as well as other sensitive information such as their Social Security numbers, names, home addresses, and income. When an attacker decides to spear phish a big, high-profile target, that's when it becomes whaling. Because whaling attacks are so difficult to identify, many companies have fallen victim to these attacks in recent years. The content of the email may be written as a legal subpoena, customer complaint, or other executive issue. Sustainability The FBI reported that companies lost nearly $215 million in 2014 as a result of phishing attacks. Organisations have a hard enough time preventing phishing attacks, but they are now facing a surge in a subcategory of phishing known as 'whaling'. Both types of attack generally require more time and effort on the part of the attacker than ordinary phishing attacks. Whaling is a form of phishing directed at high-level or senior executives within specific companies to gain access to their credentials and/or bank information. The below statistics show the number of incidents triggered by the Covid-19 pandemic. Whaling Attack Statistics The FBI reported that companies lost nearly $215 million in 2014 as a result of phishing attacks. Spear phishing attacks can target any specific individual. That number rose to 170 in 2017 - nearly a 200% increase! Phishing and Email Fraud Statistics 2019 The average financial cost of a data breach is $3.86m (IBM) Phishing accounts for 90% of data breaches 15% of people successfully phished will be targeted at least one more time within the year BEC scams accounted for over $12 billion in losses (FBI) Phishing attempts have grown 65% in the last year The content of the email may be written as a legal subpoena, customer complaint, or other executive issue. Whaling attacks can take weeks or months to prepare and as a result, can have a very high success rate. According to a press release by HP, whaling is soon to become one of the most prominent forms of cyberattacks, especially with firms that operate in remote and hybrid work environments. Spear phishing - Spear phishing is when an attacker singles out a specific organization or individual in order to gain access to sensitive data. In many whaling attacks, the attacker aims to manipulate the target and allow high-value transfers to themselves from the victim. Senior employees commonly have a lot of information in the public domain, and attackers can use this information to craft highly effective attacks. 1. The reason whaling attacks target high-ranking employees is because they hold power in companies and often have complete access to sensitive data. In 2016, the Verizon DBIR reported 61 phishing attacks targeting finance teams. According to IBM's Cost of a Data Breach report, companies have spent $4.24 million on data breach costs through 2021, up from $3.86 million in 2020. A whaling attack is a form of phishing attack aimed at high-profile executives. A whaling attack, also known as whaling phishing or a whaling phishing attack, is a specific type of phishing attack that targets high-profile employees, such as the chief executive officer or chief financial officer, in order to steal sensitive information from a company. The whaling attack involved an email that requested copies of the employees' 2016 W-2 forms, as well as other sensitive information such as their Social Security numbers, names, home addresses, and income. Best Buy — 4%. Image Source: Microsoft Below is an examination of some of the ways malicious actors have been adopting to accomplish their phishing objectives. By impersonating a highly-ranked professional, cybercriminals try to trick their victims into doing unfavourable actions. In a whaling attack, hackers use social engineering to trick users into divulging bank account data, employee personnel details, customer information or credit card numbers, or even to make wire transfers to . Whaling. C-level executives, board members, presidents, and founders are all targets in whaling attacks. Google — 3%. A whaling attack is a type of phishing attack that targets high-level executives, such as the CEO or CFO, to steal sensitive information from a company. The general graphs of cyberthreats or phishing attacks today have an exclusive component for Covid-19-related attacks. Posing as leaders within an organization often lures colleagues and/or employees into leaking data or credentials that help cybercriminals infiltrate the targeted organization. For cyber criminals, whaling and spear-phishing are the perfect means for performing a broad array of damaging attacks. C-level executives, board members, presidents, and founders are all targets in whaling attacks. Whaling attacks target senior management and other highly privileged roles. Whaling Attack Tactics Whaling emails from "colleagues" This is the most basic whaling tactic - the malicious actors try to trick company employees by using a compromised email address or a spoofed one to convince them that a colleague has a legitimate request for them. In this article, we describe: Key elements of the debate over whaling include sustainability, ownership, national sovereignty, cetacean intelligence, suffering during hunting, health risks, the value of 'lethal sampling' to establish catch quotas, the value of controlling whales' impact on fish stocks and the rapidly approaching extinction of a few whale species. A whaling phishing attack is a cyber attack wherein cybercriminals disguise themselves as members of a senior management team or other high-power executives of an establishment to target individuals within the organization, either to siphon off money or access sensitive information for malicious purposes. According to cyber security provider Smarttech 247, the number of whaling attacks tripled in 2017, with companies of all sizes being targeted. While whaling played a huge role in reducing the populations of whales over the centuries, when it comes to whales attacking humans, the accounts of potential attacks have been historically low. They usually try to get large wire transfers, sensitive information or insert malware with fraudulent links. A whaling attack email usually asks the target to make a high-pressure decision. A whaling attack is a form of phishing attack aimed at high-profile executives. Forty-five percent of phishing spoofs tied back to them in Q2 2021: Microsoft - 45%. DHL —26%. Phishing attacks accounted for 22% of data breaches in the past year. Whaling Attack Examples and Statistics The technology company Seagate, in 2016, was tricked into releasing the W2 forms of 10,000 employees. Here's an example of the type of email a company executive might receive as part of a whaling attack: In this example of a whaling attack, Kaitlyn - the target - is the CFO. By impersonating a highly-ranked professional, cybercriminals try to trick their victims into doing unfavourable actions. Whaling Attack Examples and Statistics The technology company Seagate, in 2016, was tricked into releasing the W2 forms of 10,000 employees. These attacks aim to steal credentials or even compromise the system. 'Whaling' attacks are on the rise Several hackers are pretending to be high-level executives in the shipping industry to launch 'whaling attacks'. Image Source: Microsoft Below is an examination of some of the ways malicious actors have been adopting to accomplish their phishing objectives. Whaling - A whaling attack is in the category of phishing emails and specifically targets high profile individuals and executives with valuable information. Whaling is a targeted attack aimed at high-level executives, often those in the C-suite (CEO, CFO, CIO, etc.). Whaling is a common cyber attack that occurs when an attacker utilizes spear phishing methods to go after a large, high-profile target, such as the c-suite. The below statistics show the number of incidents triggered by the Covid-19 pandemic.. Whaling attacks are also a type of phishing attack. Human Attacks. A whaling phishing attack is defined as a cyber attack wherein cybercriminals disguise themselves as members of a senior management team or other high-power executives of an establishment to target individuals within the organization, either to siphon off money or access sensitive information for malicious purposes. Organisations have a hard enough time preventing phishing attacks, but they are now facing a surge in a subcategory of phishing known as 'whaling'. Simply put, a whaling attack is a phishing attack that targets and/or impersonates C-suite-level members of an organization. Whaling Attack Tactics Whaling emails from "colleagues" This is the most basic whaling tactic - the malicious actors try to trick company employees by using a compromised email address or a spoofed one to convince them that a colleague has a legitimate request for them. In many whaling phishing attacks, the attacker's goal is to manipulate the victim into authorizing high-value wire . Phishing Attacks Are at Their Highest Level Since 2016. In this example of a whaling attack, Kaitlyn - the target - is the CFO. Whaling is a form of phishing directed at high-level or senior executives within specific companies to gain access to their credentials and/or bank information. Whaling attacks increased by 200% in 2017. Phishing is a huge threat and growing more widespread every year. One popular method involved a phishing email sent to those with a Microsoft account. In many whaling attacks, the attacker aims to manipulate the target and allow high-value transfers to themselves from the victim. In 2016, the Verizon DBIR reported 61 phishing attacks targeting finance teams. Whaling is a highly targeted phishing attack - aimed at senior executives - masquerading as a legitimate email. Whaling attacks increased by 200% in 2017. The general graphs of cyberthreats or phishing attacks today have an exclusive component for Covid-19-related attacks. Phishing Attack Types During Covid-19. Whaling Attack Statistics. The tactic proves particularly efficient when it involves an email . Whaling. When it's done over the telephone, we call it vishing and when it's done via text message, we call it smishing. Common whaling targets, like media spokespersons or C-level executives, by nature have more information about them publicly available for attackers to gather and exploit. Because whaling attacks are so difficult to identify, many companies have fallen victim to these attacks in recent years. What to Do in a Whaling Phishing Attack Target prominent employees such as chief financial officers or chief executive officers to obtain and steal sensitive information from companies. This more focused approach to phishing is commonly called spear phishing . It is less likely to be used as a tool to coerce and gain access—more a direct information-gathering exercise. 2020 Phishing Statistics That Will Blow Your Mind The number of reported cyberattacks in the US alone reached 540 by June 2020. The ultimate goal of whaling is the same as other types of phishing attacks, but the technique is often very subtle. Whaling. Phishing attacks have risen to a level that we haven't seen since 2016. Alarming trends As per the latest phishing statistics from Security Boulevard, by mid-2020 the trends have become alarming as phishing attacks have become highly creative, exploiting the Covid-19 global pandemic. In this section, we'll be taking a look at the cybersecurity statistics, facts and figures that shape the state of the phishing "industry" in 2020. This type of attack can also lead to an APT attack within an . Whaling is a targeted attack aimed at high-level executives, often those in the C-suite (CEO, CFO, CIO, etc.). Amazon —11%. How do Whaling Attacks Work and Why Are They Successful? This could include financial information or employees' personal information. Whaling Whale phishing is a form of spear phishing directed at CEOs and other high-value targets. 2021 Tessian research found that employees receive an average of 14 malicious emails per year. 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