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June 7, 2016
What You Should Know About Spear Phishing Attacks
June 7, 2016
In the past few months, we've heard about a range of business email compromises. Spear phishing, the method used in these attacks, represents consistent threats that have companies on high alert.These attacks are growing in number and are getting more sophisticated in nature - targeting individuals and employees in various organizations to gain entry into a corporate network. Traditional solutions can't prevent such attacks all the time and the question is no longer if you'll be breached, but when.When we talk about business email compromises, we're referring to a type of spear phishing attack that scams the victims to wire funds. The typical pretext is built around secret or urgent business matter. There are several other variations, but generally that’s the main focus. Sadly enough, it works. The bad guys are typically targeting Chief Financial Officers (CFOs) or any other individuals in the organization that posses the ability to process wire transfer requests.This type of attack is performed by sending an email that impersonates someone in the organization with high authority - typically the Chief Executive Officer (CEO). The message asks the unsuspecting recipient to send funds quickly to a bank account that's actually owned by the attacker.Some other variations of business email compromise include:
- invoices from suppliers (also known as Supplying Impersonation)
- payment requests by executives (CEO Fraud)