January 11, 2023
Five types of common phishing attacks
For Kenyan businesses, two of the most serious consequences of phishing attacks are financial loss and business data compromise. Cyber criminals are growing more skilled at infiltrating business systems, stealing data, and infecting networks with malware by using social engineering techniques.
Without the proper tools and training, teams can go weeks or months without discovering a phishing-related data breach. A business can suffer significant financial losses as a result, particularly if its client data or intellectual property is compromised.
Ransomware and DDoS attacks are two other serious threats that can result from phishing. Digital assets may become unavailable, thus preventing employees from doing their jobs. The client and user experience is also impacted, which costs the company money as a result of reputational damage. Overall, performance is severely compromised.
Given this, there is a compelling business case for protecting your company from phishing attacks. Tools such as enhanced email protection, DDoS protection and SIEM technologies are used by companies to monitor and protect their digital systems. These tools serve to deal with impersonation attempts, malicious users and unauthorised access to digital assets stemming from a phishing attack.
The type of protection your business requires depends on the size and structure of the network. To educate employees about common phishing attacks and to develop a solid cyber security strategy to deal with them, it's important to take into account the different types of these attacks. There are five common types of phishing attacks that use social engineering, according to a study.
Type 1: Email Phishing
Email phishing is probably the most prevalent type of phishing attack, and it has been used for decades to deceive recipients into disclosing sensitive information or making financial transactions. Cyber criminals send out emails that appear to be legitimate, while using impersonation techniques to further their harmful intentions.
Threat actors impersonate a brand and send legitimate-looking emails to a mass audience designed to solicit a recipient into sharing personal information. Employees who have received staff training are more likely to be aware of email phishing and know what to look out for.
Spam emails often have poor-quality graphics and are strangely worded. Any last-minute, urgent requests should also be treated with suspicion, particularly when the sender requires a change to personal information or an immediate transfer of funds.
Although user awareness training is essential, cyber security tools are also available that can automatically scan business emails for signs of deceptive phishing attempts. With email phishing, threat actors often send mass emails to a large number of contacts. The hope is that at least one recipient will be fooled and respond to the attacker's demands.
Type 2: Spear Phishing Attacks
Attacks that are directed at a specific person within the company are referred to as spear phishing. Cyber criminals conduct research and gather information about their target. Like the first type of phishing, spear phishing uses impersonation to further its malicious objectives.
Spear phishing can be much more damaging, even though it takes more effort and time to execute. A few months may pass while the victim is being groomed for an attack. In these situations, the goal could be to infiltrate a business network. This could result in a full-blown ransomware attack, where the threat actor shuts down the company network until they get paid.
Type 3: Clone Phishing Attacks
With this type of phishing, criminals resend an email that the recipient has already received, but this time attaching a malicious link. Malware can be installed on the IT system when the recipient clicks on that link.
This type of attack can be mitigated by training staff members about the risks associated with embedded links. To scan email for any potential threats, large organisations must use enhanced email protection. Oftentimes, employees are too focused on doing their jobs to notice a potentially damaging URL.
Type 4: Whaling
Similar to other types of phishing, this attack deceives the victim into believing that the correspondence is coming from a legitimate source. Cyber criminals target someone lower down in the organisation while posing as a member of the senior leadership team within the company in a whaling attack.
Impersonating an executive is an effective way to tease out sensitive client or financial information, or gain access to credentials and login details. Junior employes are more likely to respond with urgency if they believe that an email has come from a senior member of staff. With advanced email protection software, internal correspondence is also monitored for malicious attempts to extrapolate data or make fraudulent transactions.
Type 5: Man-in-the-middle attacks
The fifth type of phishing attack is the most technical. A man-in-the-middle attack occurs when a hacker intercepts correspondence between two parties. They can then keep an eye on messages for any information that can help them gain access to company data or financial systems. These attacks are also used to launch other phishing attacks.
Protect your business against common phishing attacks
While phishing typically involves some sort of email hacking, there are other ways to use social engineering tactics through various communication systems. Phishing attacks can be conducted using social media platforms, voice calls, or instant messaging software.
Organisations must, therefore, use the appropriate cyber security software to cover their attack surface. For more information or to get a quote for our cyber security solutions, email us at marketing@seacom.com or leave us a message.
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