BEC can be accomplished in two ways: So how are attackers able to extract such large sums of money from enterprises? But going after an organization’s finances can have wide-reaching consequences, also affecting intangible factors like company morale and brand reputation. But spear phishing can take many forms. Secure Email Gateways do a great job of preventing run-of-the-mill spam and “bulk” phishing attacks, but they do this with static lists of rules that can only stop attacks the software has already seen. BEC is a catch-all term often conflated with other kinds of email attacks, like phishing, spear phishing and account takeover. Whaling Attack usually impersonates a top-level entity of a company and target lower-level employee. Here are some of the main consequences cybersecurity leaders should be wary of. Supplier / vendor fraud You have to get out of the office. Not only can hackers target your third-party suppliers to gain access to company information, but they can also impersonate suppliers’ domains and send seemingly legitimate emails to your staff, asking them to wire money or share credentials. Originally hired to restructure the bank’s IT operations, he overhauled the IT teams into a highly agile workforce and successfully led numerous IT implementations and migrations. Example 1 - Snapchat fell victim to a whaling attack. Working from home means that cybercrime is on the rise, and workers aren't as alert as they might be in the office - so we're here to explain how to spot them and what you can do about them. A whaling attack is aÂ type ofÂ phishing attackÂ that targets high-level executives, such as the CEO or CFO, to stealÂ sensitive informationÂ from a company. Indeed, some threats are confined to IP addresses hidden in email headers – undetectable by employees. This is usually a C-level employee, like a Chief Executive or Chief Financial Officer. Of course, a principal aim of BEC attacks is to extract money from targeted organizations. What are the greatest information security threats to the banking industry? Whaling attacks are designed to trick people into doing something like sending a wire transfer or clicking on a malicious link. A portion of phishing attacks are known as spear phishing, which is an attack focused on a specific individual, while a whaling attack is spear phishing that focuses on a high-level manager or executive. Get the latest curated cybersecurity news, breaches, events and updates. It’s a golden opportunity for cybercriminals looking to steal personal data and credit card information to pose as legitimate retail brands and lure consumers to fake sites. Additionally, if the target organization does not have adequateÂ email security, the attacker can employ email spoofing to make their emails appear to come from a trusted source within the organization, making it even harder to detect the attack. Working at a fast pace, on-the-go or outside work hours can lead to CxO’s to make critical mistakes on email and easily be duped into thinking a whaling email is legitimate. The December 2015 Ukrainian power grid attack was a history-making event for a number of reasons. Because they tend to be very busy, and because of their access to key systems, senior executives can be especially profitable targets for attackers. But going after an organization’s finances can have wide-reaching consequences, also affecting intangible factors like company morale and brand reputation. Meet with your peers and industry experts, go to workshops and networking events. 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