Spear-phishing attacks are evolving at such a rate, that every month we are witnessing another new, advanced form in action. Whaling is one such example that seeks to target executives’ personal funds and corporate access.

What is Whaling Phishing?

Whaling is a type of targeted and sophisticated spear-phishing attack that exploits the authority and access of C-suite leaders to bypass security measures and execute high-value fraud—and they’ve only become more common in recent months.

Whaling phishing, often referred to as a “whaling attack,” is a form of social engineering. Unlike broad phishing campaigns that cast a wide net, whaling attacks are meticulously crafted using personal details harvested from social media, company websites, and public records. Increasingly, these attacks may also involve using publicly available video footage to create deepfakes, making social engineering tactics even more convincing.

Attackers impersonate CEOs, CFOs, or other senior leaders to trick other high-level recipients—the “whales” that are being hunted—into transferring money, revealing confidential information, or approving unauthorized transactions.

6 Effective Strategies to Protect Executives

1. Advanced Executive Cybersecurity Training

The first step to prevent an attack should always be education. Executives need specialized training that goes beyond general phishing awareness. These sessions should cover real-world whaling examples, the latest attack techniques, and how to verify high-risk requests before taking action. Cybersecurity should be as ingrained in leadership as financial oversight or strategic planning.

2. Enforce Multi-Factor Authentication (MFA) on All Executive Accounts

Whaling attacks often succeed when executives rely solely on passwords. MFA—requiring an additional verification step, such as a biometric scan or a temporary access code through authentication apps like Google Authenticator or Authy—creates an additional security layer that dramatically reduces the risk of unauthorized access.

3. Deploy AI-Powered Email Security Filters & Real-Time Monitoring

AI-driven threat detection tools analyze patterns in executive email communications, flagging unusual activity indicative of whaling attempts. These solutions can identify anomalies such as an unexpected financial request, subtle email spoofing, evidence of AI deepfake technology in both audio and video, or other signs of business email compromise, such as linguistic abnormalities within a message.

To defend against these attacks, deploy monitoring systems that detect anomalies in executive email behavior. If a high-ranking official suddenly requests an urgent wire transfer or sends an email from an unusual location, an automated security alert can flag the activity for immediate investigation.

However, keep in mind that these cyberattacks can also occur off-the-clock—not just during office hours. Real-time monitoring for executives must be available whenever—and wherever—they are accessing their work email.

4. Establish Enhanced Verification Process for Financial Transactions

A simple verification protocol can prevent multimillion-dollar fraud. Implement a dual-approval system for large transactions, requiring phone confirmation or an in-person check before any wire transfer is processed. Train assistants and financial officers to recognize and question urgent, high-pressure requests.

5. Limit Publicly Available Executive Information

Cybercriminals gather intelligence on executives from LinkedIn, corporate websites, and media articles. Reducing the amount of available personal and professional details—such as direct email addresses, vacation schedules, and specific roles—makes it harder for attackers to craft convincing impersonation emails.

Data broker removal services can help eliminate many of the publicly available resources cybercriminals use while targeting their victims.

6. Conduct Whaling Attack Simulations

Regular whaling attack simulations help executives experience phishing attempts in a controlled environment. These tests reinforce training and help identify security gaps before an actual attack occurs.

These simulations should cover all potential avenues of compromise, including work accounts as well as executives’ personal accounts or home networks.

The Rise of Pig Butchering Scams—A Prolonged Whaling Attack

Whaling attacks can take many forms, and one that has been in the news in recent months is a complex and prolonged form of phishing known as pig-butchering scams.

These elaborate financial fraud schemes prey on long-term trust, manipulating victims into investing in fake business opportunities and cryptocurrency scams.

Given their wealth and investment activity, executives are particularly vulnerable. Their businesses are at equal amounts of risk, and these whaling cybercriminals will often begin by scamming their victims out of personal funds before moving on to the corporate funds, information, and resources that their high-level access allows them.

What is Pig Butchering in Cybercrime?

The term “pig butchering” comes from the scammer’s approach—fattening up the victim (the “pig”) by gaining their trust before eventually stealing their money (the “butchering”).

Criminals initiate contact through social media, text messages, or professional networking platforms, posing as friendly acquaintances or investment advisors. They slowly build rapport before introducing an irresistible investment opportunity for the executives’ personal benefit or the benefit of their businesses—typically a fraudulent cryptocurrency platform (though these scams can take many forms).

Warning Signs of Pig Butchering Scams

  • Unsolicited investment advice from a stranger or a long-lost acquaintance
  • Guaranteed high returns with little to no risk
  • Pressure to act quickly before the “opportunity” disappears
  • Requests to move funds to unfamiliar investment platforms
  • Excuses when victims try to withdraw their supposed earnings

How Executives Can Protect Themselves from Pig Butchering Scams

Protecting yourself from long-term phishing scams looks similar in many ways to protection against more traditional whaling attacks. However, there are some unique facets to pig-butchering cybersecurity that can help protect executives.

  1. Verify the legitimacy of investment platforms: Always conduct thorough research before transferring money—even with contacts you’ve known for years. Many times, these whaling attacks take months or even years before cybercriminals propose moving your funds over to an illegitimate platform.
  2. Be skeptical of unsolicited financial opportunities: If it sounds too good to be true, it probably is—even if you’ve come to trust the contact offering you the advice.
  3. Report suspicious messages immediately: If you receive a questionable investment pitch, report it to your IT team and financial institution. Victims should contact the Federal Trade Commission (FTC), the Internet Crime Complaint Center (IC3), and local law enforcement.

BlackCloak: Personal Executive Cybersecurity For All Whaling Attacks

BlackCloak personal cybersecurity technology and concierge services encompass all six strategies on behalf of busy executives and corporate CISOs to mitigate the threat of whaling phishing attacks through our award-winning, tailored cybersecurity platform.

Request a demo to learn how BlackCloak’s personal security solutions, ongoing training, and proactive real-time monitoring help organizations significantly reduce the risk to C-suite employees.