What Is Whale Phishing?

The name comes from the size of the target. While regular phishing casts a wide net for small fish, whaling goes after the “big fish” who can authorize significant transactions.

A successful whaling attack can cost millions. The attacker impersonates the CEO to request an urgent wire transfer. The finance team complies because the request appears legitimate. By the time anyone realizes it was fake, the money is gone.

How Do Whaling Attacks Work?

Whaling requires more preparation than mass phishing. Attackers invest in reconnaissance to make their attacks convincing.

Research. Attackers study the target. They gather information from LinkedIn, company websites, press releases, and social media. They learn the target’s role, responsibilities, communication style, and business relationships.

Email crafting. Using the gathered intelligence, attackers create highly personalized emails. The message might reference real projects, use industry terminology, and mirror the communication style of the person being impersonated.

Urgency creation. Whaling emails typically demand immediate action. An acquisition closing today. A tax deadline. A sensitive legal matter. Urgency prevents the target from taking time to verify.

Request execution. The email asks for something: a wire transfer or sensitive documents. If the target complies, the attacker gets what they want.

Why Are Executives Vulnerable?

Executives make attractive targets for several reasons.

Authority. They can approve large transactions without additional oversight. A wire transfer request from the CEO bypasses normal verification.

Access. Executives have access to sensitive information: financial data and strategic plans.

Public visibility. Executive profiles are public. LinkedIn, company bios, and conference appearances provide attackers with personal details that make impersonation convincing.

Busy schedules. Executives make quick decisions constantly. They’re conditioned to act fast. Verification feels like unnecessary delay.

Trust networks. Communication between executives is based on trust. An email appearing to come from a fellow executive is less likely to be questioned.

Real-World Whaling Attacks

These incidents show the damage whaling can cause.

FACC (2016). Austrian aerospace manufacturer FACC lost approximately €50 million. Attackers impersonated the CEO and requested a transfer for an “acquisition project.” The finance department complied without verification. The CEO and CFO were both fired.

Ubiquiti Networks (2015). The technology company lost $46.7 million. Attackers used spoofed emails appearing to come from executives, directing employees to transfer funds to overseas accounts.

Toyota Boshoku (2019). Japanese auto parts supplier lost $37 million. Attackers impersonated executives and convinced an employee to transfer funds to a fraudulent account.

How Do You Identify Whaling Attacks?

Recognizing whaling requires attention to detail.

Unusual requests. Be suspicious of unexpected requests for money, sensitive data, or credentials. Especially from executives who don’t normally make such requests directly.

Urgency pressure. Attackers create artificial deadlines. “This must be done today” or “don’t discuss this with anyone” are red flags.

Email address discrepancies. Check the actual email address, not just the display name. Attackers use domains like “yourcompany.co” instead of “yourcompany.com” or add extra characters.

Communication style. Does the email match how this person normally writes? Unusual phrasing or tone can indicate impersonation.

Verification resistance. Legitimate requests don’t fall apart under verification. If someone discourages you from confirming through another channel, that’s suspicious.

How Do You Protect Against Whaling?

Prevention combines technical controls with organizational procedures.

Executive training. Security awareness for executives should specifically cover whaling tactics. Executives who understand the threat are harder to fool.

Verification protocols. Require out-of-band verification for financial requests. A phone call to a known number or in-person confirmation. Make verification part of normal procedure, not an insult.

Email authentication. Implement SPF, DKIM, and DMARC to make email spoofing harder. Email security gateways can flag suspicious messages.

Dual authorization. Require multiple approvals for significant transactions. Even if one person is fooled, the second verifier can catch the fraud.

Executive credential monitoring. Monitor dark web sources for executive credentials. Compromised email accounts enable more convincing attacks than simple spoofing.

Limited public information. Reduce the personal information available about executives. Less data means less material for convincing impersonation.

Conclusion

Whaling attacks target the people with authority to cause the most damage. Executives can authorize transfers, access sensitive systems, and make decisions that affect the entire organization.

Protection requires both technical controls and cultural change. Email authentication reduces spoofing. Verification protocols catch fraudulent requests. Training helps executives recognize social engineering.

Check if your executive credentials are exposed with a free dark web scan.