How to prevent a whaling attack?
‘Whaling’ is a sophisticated form of cybercrime through which cybercriminals target high-profile or senior executives of a company, by posing as its CEO.
A ‘whaling attack’ is a sophisticated form of cybercrime in which cybercriminals target high-profile or senior executives of a company, with the aim of deceiving them into revealing sensitive company information or making them transfer money.

How is whaling different from other methods of cybercrime?
Whaling differs from phishing scams in that the latter targets non-specific individuals. ‘Spear-phishing,’ on the other hand, is similar to a whaling attack in that both target particular individuals.

 
Whaling, however, goes a step further, with criminals impersonating the company CEO or senior manager so that the victim has no option but to reveal the information the ‘CEO’ wants them to.

Any alternative name for whaling?
For the aforementioned reason, it is also sometimes referred to as a ‘CEO fraud.’ It is called ‘whaling’ because those targeted are ‘big phish (fish)' or ‘whales,’ as are those under whose names the emails are being sent (without their knowledge, of course) to the victims.

What methods are deployed for whaling?
Email spoofing (crafting convincing emails so that these appear to have been sent by the real CEO); social engineering (gathering information about the target so as to personalize the message); and impersonation.
  
How to prevent a whaling attack?
This can be done by educating employees about such an attack and training them to recognize suspicious requests. Other methods include multi-factor authentication (MFA) for an extra level of protection for sensitive accounts; email authentication protocols, regular security audits, and an incident response plan.

Any recent incident of whaling?
In 2016, a Snapchat HR employee was tricked into revealing payroll information of ‘some current and former staffers.’ More recently, as many as six cases were reported from Pune last year, including one involving global vaccine major Serum Institute of India (SII).

Distinguishing ‘Whaling’ from Other Cybercrimes
While phishing casts a wide net, ‘whaling’ is more strategic, akin to ‘spear-phishing,’ honing in on specific high-value targets. This cybercrime involves impersonating top-level company officials, and coercing victims to divulge confidential information or perform unauthorized transactions.

Unveiling the Terminology: ‘CEO Fraud’ or ‘Whaling’
Given the focus on high-profile targets, ‘whaling’ is often interchangeably referred to as ‘CEO fraud.’ The name stems from targeting significant entities in a company, aptly termed ‘whales,’ and impersonating influential figures like CEOs to dupe unsuspecting victims.

Tactics Employed in ‘Whaling’ Attacks
Cybercriminals utilize various strategies, including email spoofing to fabricate convincing messages mimicking authentic CEO correspondence. Social engineering plays a pivotal role, as criminals gather personal information to tailor messages for increased authenticity, enabling successful deception.

Safeguarding Against ‘Whaling’ Attacks
Protective measures against ‘whaling’ attacks involve comprehensive employee education to recognize suspicious requests. Implementing multi-factor authentication (MFA) enhances security for critical accounts. Additionally, stringent email authentication protocols, routine security evaluations, and robust incident response plans are vital defenses.

Noteworthy ‘Whaling’ Incidents
Snapchat Payroll Breach (2016): An HR employee revealed payroll information to an attacker posing as the CEO, resulting in a $1 million loss.

Pune Whaling Cases (2022): Six whaling cases were reported in Pune, including one targeting the Serum Institute of India, where an employee almost transferred a large sum of money.

Manipal Education Institution Scam (2015): The CFO transferred over ₹6 crores (₹60 million) to an overseas account based on a fake email from the board chairman.

Emkay Global Financial Services Scam (2013): The MD transferred over ₹10 crores (₹1 billion) to an overseas account based on a fake email from the CEO.

PNB Fraud (2018): PNB transferred over ₹12,000 crores (₹1,200 billion) based on fake SWIFT messages instructing transfers to overseas accounts.

Visual Aid: Infographic
Comparison of Cyber Threats
Cyber Threat    Target Audience    Methodology
Phishing    Non-specific targets    Mass emails for unauthorized data extraction
Spear-Phishing    Specific individuals    Targeted emails for personal data acquisition
Whaling (CEO Fraud)    High-profile figures    Impersonation of top executives for data/money
‘Whaling’ represents an elevated cyber threat, exploiting the trust and influence of top-level executives. Understanding its nuances and implementing robust security measures remain imperative to safeguarding against such targeted attacks. Cyber vigilance, coupled with proactive training and technological defenses, is crucial in combating this evolving cyber menace.