
Whaling Attacks: When Cybercriminals Go After the Big Fish
In the huge ocean of the cyber threat, there are attacks that are aimed at the masses, such as phishing emails or social engineering, which target ordinary users. However, others are much more strategic as they target the big fish, C-suite executive, seniors managers, or high-value individuals in an organization. They are referred to as the whaling attacks, and it is one of the riskiest types of a cyberattack in the modern digital world.
Whaling attacks are a very well planned and executed effort to manipulate powerful executives to misuse finances or provide them confidential information or open doors to their inner systems. What is even more worrying about them nowadays is the utilization of deepfake technology that provides attackers with an alarmingly realistic opportunity to impersonate the key personnel.
Today, we will discuss the nature of whaling attacks, the shift toward deepfake attacks, and protect your business against these growing attacks.
Whaling Act: What Is It?
Whaling attack is a spear-phishing attack that is aimed at a senior executive or a decision-maker, usually a CEO, CFO, or other top-level official. Whaling is so called because of the fact that the cybercriminals are hunting the largest fish in the corporate pond.
Whaling is unlike general phishing, because in general phishing, the attack uses a wide net type of approach. It is common to have hackers use weeks/months of researching on the company they want to attack, including learning about their social accounts, interacting networks and functions. They use this intelligence to design believable mails or messages that seem to originate in reputable bodies- usually copying other executive officers, legal counselors or business associates.
The goal? Either swindle the victim into sending money as a wire transfer or pass log in details or authorize illegal transactions.
The Emergence of Deepfake Assault in Whaling
Lately, whaling became more sinister and more threatening as deepfake attacks came up. Using deepfake technology, hackers can now (with terrible plausibility) dupe voices, faces, and even whole video calls to sound and look like executives.
Consider the following situation: A CFO gets a video call dispatched by someone who appears and appears to be a CEO of the company. The CFO receives an urgent request to transfer USD 1 million to a new vendor account by the so-called CEO because they want to close a secret transaction. All is in place- the voice, facial expressions, not forgetting the office background. It is pure fake, as something created by artificial intelligence.
It is not a futuristic science fiction but it is already occurring.
Deepfake fraud was recorded in a number of high profile cases. In another example, fake CEOs in 2019, also overcoming voice checking systems deployed by the companies, exploited AI-created voices to impersonate the CEO of a German firm, duping an executive in the UK into wiring 220,000 euro to an account controlled by the scammers. As the deepfake generation tools become more available, the threat of such an attack is increasing.
How Deepfake Technology Supports The Whaling Attacks
Deepfake is the technology that implements machine learning to produce the synthetic media of a person based on GANs (Generative Adversarial Networks). It has the ability to produce:
Counterfeit voice clips that are in similar tone, in cadence, and accent.
Videos made by AI of individuals giving words which were not spoken by them.
Face swaps, which can be done in real time in video conferencing software.
In whaling scenario this technology allows cybercriminals to pose as top-level staff during communications by emails, phone or in-live meetings raising the level of their frauds to new heights.
Read Also: Balancing Technology and Human Touch: A Guide to Successful Self-Ordering System Implementation
The Notable Significance of Deepfake Detection
Seeing how whaling attacks are changing to deepfake attacks, any company will have to invest in deepfake detection skills. Detection tools available may assist organizations to detect the presence of synthetic media by identification of its signs such as:
Irregularities in lips-sync or eyeball actions on video callings.
An abnormal speaking dynamics or impaired sound frequencies.
The pixel effects or the glitches in lights of the AI generated videos.
One result is that some companies are now incorporating deepfake detection into video conferencing platforms, particularly on such high-risk communications as finance or security.
Organizations also need to use the concept of multiple-layered identity verification in their internal correspondence especially in cases where sensitive requests are being made. As an example, the voice call that demands a money transfer must be supported with the authenticated written confirmation by means of secure communications.
What to do in case of Whaling and Deepfake Scams
These are some of the best practices to shield your organization against whaling and deepfake fraud:
Employee Training
Train leaders and employees on the whaling techniques and the uprising of the deepfake technology. Education is the initial relief.
Install Multi-Factor Authentication (MFA)
Demand numerous methods of confirming identity to approve sensitive procedures such as fund transfers or access to data.
Apply Verification Protocols of Money Transactions
Have stringent internal policies of verifying financial requests, and in particular those requested through video call or correspondence.
Make Investment on Deepfake Detection Tool
Take advantage of the AI-run products capable of identifying dangerous audio, video or imagery that is utilized during communications.
Minimise Publicity of Media by Executives
The deeper cybercriminals can use photos, videos, and audio recordings of executives online, the simpler they will be able to make hassle-free deepfakes.
Safe Information Transmission Connectivity
Encrypt your messaging and conferencing software to high levels of internal communication and especially where there are discussions of a financial or legal strategy.
Final Thoughts
Whaling attacks are not only a well-written phishing letter any longer; instead, they have become supercharged with the application of state-of-the-art AI that can recreate human voices, create bogus video calls, and attack even the most tech-savvy professionals. The deeper the technology of deepfake is developed, the higher is the need to rely on the defense.
Organizations have to understand that it is high time that they apply deepfake detection mechanism and establish rich methods of identity confirmation. Things are different in the realm of cybercrime because the last time you get another call titled by the term CEO, it might be the least thing you would expect to see in the world of the cybercrime- the illusion of yourself being ripped off, not only of money, but also of trust.