What Is a Whaling Attack? How Cybercriminals Target CEOs?

Do you know, an Australian hedge fund lost $8 million to a cyber scam. The attackers didn’t use complex malware. They simply tricked the executives with a fake email. That’s the power of a whaling attack.

Whaling attacks are not your usual phishing scams. These are highly targeted attacks where the cybercriminals attack the biggest players in a company CEOs, CFOs, and other top executives. When cybercriminals go after these big fish, the damage can be huge both financially and reputationally.

In this blog we will talk about what a whaling attack is, how it works and how you can protect yourself from it.

What is a Whaling Attack?

A whaling attack is a specific type of phishing scam where cybercriminals zero in on high-profile individuals, such as CEOs, CFOs, or other C-suite executives. Unlike generic phishing attempts that cast a wide net via mass emails, whaling is more targeted and personalized.

These scams use highly personalized messages that often look like they come from trusted contacts. The goal is to trick the victim into taking an action like transferring money, sharing confidential data, or clicking a harmful link.

Attack Type	Who It Targets	Level of Personalization	Common Tactics Used	Main Goal
Phishing	General public or random users	Very low	Generic mass emails with fake links or attachments	Steal credentials or infect devices
Spear Phishing	Specific individuals or teams	Moderate	Personalized emails based on limited research	Gain access to systems or sensitive info
Whaling	Top executives (CEO, CFO, etc.)	Very high	Highly customized emails, urgent tone, formal language	Trick executives into sending money or data
CEO Fraud / BEC	Employees within the organization	Very high	Impersonates the CEO to manipulate staff	Initiate fake wire transfers or data leaks

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Why Are CEOs and Executives Prime Targets for Whaling Attacks?

Cybercriminals don’t just pick random victims for whaling attacks. They go after CEOs and top executives for a reason. Here’s why:

1. They Have High Authority and Access

Can approve large financial transactions instantly
Have access to sensitive company information (like employee data, legal contracts, or business deals)
Their decisions carry weight so staff are more likely to follow orders without question

2. They’re Extremely Busy

Often check and respond to emails quickly, especially when traveling or in back-to-back meetings
May use personal devices or unsecured networks, especially outside the office
Attackers take advantage of this fast pace to create urgent, believable scams

3. A Lot of Their Information is Public

Hackers use Open-Source Intelligence (OSINT) to study their targets. They gather information from:

LinkedIn (job role, team structure, past jobs)
Company websites (executive bios, press releases)
News articles (ongoing deals or company news)
Social media (travel updates, hobbies, personal milestones)

This helps attackers to copy the executive’s writing style, mention real company events and then make fake emails feel authentic and personalized.

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How Cybercriminals Execute a Whaling Attack: Common Tactics?

Whaling attacks are not random. Cybercriminals follow a planned and careful process to trick executives. Here’s how they usually do it:

1. They Start with Deep Research

Attackers first gather all the information they can. They look into:

The target’s job role and responsibilities
Who reports to whom in the company
Current business deals or projects
How the executive writes and communicates

This research helps them craft a fake message that looks real, urgent, and trustworthy.

2. They Use Smart Impersonation Tricks

Once they know the target well, they start pretending to be someone trusted. They use techniques like:

Email Spoofing: Making an email look like it’s coming from the CEO or a known contact (e.g., using ceo.name@company.co instead of company.com)
Domain Spoofing or Typosquatting: Buying similar domain names to trick people (e.g., companny.com instead of company.com)
Hacked Accounts: Sometimes, they get into the real CEO’s email account and send fake messages directly
Deepfakes (New Threat): Some attackers now use AI to create fake audio or video messages that sound and look like the executive
Tip: Using cybersecurity software like email threat protection, AI-driven phishing detection, and domain monitoring tools can detect these impersonation attempts before they reach executives.

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3. They Send Highly Convincing Baits

The final step is sending a fake message that seems urgent and important. Common scenarios include:

Urgent Payment Requests: Please transfer $200,000 to this account for a confidential deal.
Sensitive Data Requests: Send me the latest payroll records or employee tax forms.
Fake Legal Issues: We have a pending court order. I need this resolved before the end of the day.
Deals or Business Announcements: Keep this quiet, but I need you to review this contract for the acquisition.
Credential Theft: Reset your password using this link for security.
Fake Meeting Invites: Join this urgent Zoom call with a malicious link or attachment

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How to Protect Your Organization from Whaling Attacks?

You can’t stop hackers from trying, but you can make it much harder for them to succeed. Here are the most effective ways to protect your executives and your business:

Train Everyone: Every employee, including top executives, should know how to spot a fake email. Teach them to look for signs like unusual email addresses, urgent tone, or unexpected requests. Always verify such messages through a phone call or direct confirmation. Regular training and phishing simulations help build awareness and make people think twice before clicking.
Use Strong Technical Defenses: Technical tools can block many threats before they reach people. Set up email security protocols like SPF, DKIM, and DMARC to stop fake emails. Use filters that warn when messages come from outside the company. Also, enforce multi-factor authentication (MFA) and strong password policies to keep executive accounts safe from hackers.
Set Clear Policies and Procedures: Have strict rules for handling financial requests or sensitive data. For example, large money transfers should always require a second approval and direct confirmation. Limit who can access important information, and make sure everyone knows the steps to follow if a whaling attempt happens. A strong plan helps teams act fast and reduce damage.
Improve Social Media Hygiene: Hackers often use public info to plan attacks. Encourage executives to be careful about what they post online. Avoid sharing travel plans, business updates, or personal details on LinkedIn or social media. Review and update privacy settings regularly. Even a simple post can give attackers the clues they need to write a convincing scam email.

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What to Do If You Suspect or Fall Victim to a Whaling Attack?

If you ever fall victim to the whaling attack, worry not! Follow these steps to minimize the damage:

Act Immediately: If you suspect a whaling email, don’t reply or click on any links. Report it to your IT or security team right away. If money has already been transferred or sensitive data shared, contact your bank and local cybercrime authorities immediately. Quick action can reduce damage and improve your chances of recovery.
Contain the Threat and Investigate: Once reported, your IT team should isolate any affected systems or accounts to stop further harm. Then, begin a full investigation to find out how the attack happened. Look at email headers, login logs, and access records. This helps identify weaknesses in your system and prevents similar attacks in the future.
Control the Damage and Communicate: Inform all necessary stakeholders, including top management, legal teams, and if needed your customers. Transparency builds trust. Update your security protocols based on what went wrong and consider bringing in cybersecurity experts for a full review. The goal is to close gaps, rebuild trust, and avoid future attacks.

Conclusion

Whaling attacks are one of the most dangerous cyber threats facing businesses today. Cybercriminals use smart tricks to target the people with the most power your executives. But with the right mix of awareness, strong security tools, and clear company policies, you can stay one step ahead. Stay alert, train your team, and protect your top leadership.