Social engineering remains a significant danger to businesses. Though there is a variety of social engineering attacks, four distinct types are used widely by cybercriminals to target businesses – phishing, baiting, business email compromise (BEC), and pretexting. Understanding these tactics is crucial for organizations to fortify their defenses against potential breaches and fraud. What do employees need to know to recognize these attacks? What tips and strategies can they use to do their jobs safely? Let’s dive into social engineering and how to protect against it.
-
Phishing
Phishing is a deceptive tactic where cybercriminals use fraudulent emails, messages, or websites to trick individuals into divulging sensitive information like passwords, credit card numbers, and social security numbers. They may also trick people into downloading malicious attachments that install malware on the user’s device.
The attackers often fool victims by disguising themselves as trustworthy entities, such as banks, government agencies, or reputable organizations. They may even (digitally) act like a trusted internal resource such as IT or an executive leader.
Common phishing scenarios include directing users to fake login pages and urgent messages demanding immediate action. Closely copied URLs, logos, and overall design can make it difficult for employees to recognize a fake. Wording requests in a way that creates a sense of fear and haste can lead many people to act quickly without adequately verifying the source. Phishing attacks are often a successful way for cybercriminals to gain a foothold within an organization and escalate an attack.
-
Baiting
Baiting involves enticing individuals with promises of something desirable, such as free software or exclusive content, to manipulate them into taking a specific action. Compared to other phishing attacks, baiting capitalizes on human curiosity, the urge to help others, or the desire for something exclusive or valuable.
Baiting attacks reward users for clicking a link, downloading a file, or entering login credentials. As a result, they may inadvertently download malware onto business networks or give away sensitive information, jeopardizing data integrity and giving cybercriminals a foothold within the corporate network. Baiting attacks can also trick a user into making a payment or transferring funds, leading to financial loss or fraud.
-
Business Email Compromise (BEC)
Business Email Compromise (BEC) is a sophisticated and targeted cyber attack where malicious actors compromise or impersonate email accounts within an organization to deceive employees, partners, or customers. BEC attacks manipulate individuals into completing financial transactions or disclosing sensitive information.
First, attackers gain unauthorized access to a legitimate email account within the targeted organization using phishing, credential theft, or exploiting vulnerabilities in email systems. Once inside the compromised account, the attacker studies communication patterns and gathers information about projects, finances, or decision-making processes.
The attacker then uses the compromised email account to send convincing emails that exploit trust and authority, often impersonating high-ranking executives, vendors, or business partners. The fraudulent emails typically contain urgent requests for wire transfers, changes to payment details, or disclosure of sensitive information. Attackers may use pressure or emotional appeals to manipulate recipients and get them to act without thinking. Many BEC attacks aim to trick employees into transferring funds to fraudulent accounts. The attacker provides seemingly valid reasons for the transfer, such as a change in payment details for a vendor or an urgent need to settle an invoice.
If employees fall victim to the manipulated requests and transfer funds to fraudulent accounts, the organization can suffer substantial financial loss. BEC attacks can also disrupt business operations, cause legal repercussions, and tarnish an organization’s reputation.
-
Pretexting
Pretexting involves creating a fabricated scenario to manipulate someone into divulging confidential information. Attackers may pose as a trusted colleague or service provider, creating a false narrative to abuse the target’s trust and obtain information for malicious purposes.
Pretexting is typically an individualized attack, where cybercriminals research their target’s personal life or work environment to create a convincing and tailored pretext. Using the fabricated scenario, the attacker approaches the target via phone, email, or in person, posing as someone trustworthy. The attacker skillfully exploits the target’s emotions, trust, or desire to help by presenting a plausible and urgent situation with requests for sensitive information, such as login credentials, account details, financial transactions, or access to confidential data.
If a pretexting attack succeeds, the cybercriminal can use the disclosed information to access corporate accounts, systems, or networks, resulting in a data breach or financial fraud.
Protective measures to combat social engineering
To protect against social engineering threats, employees should follow these critical practices:
Use a password manager: Encourage (or require) employees to utilize a password manager to generate strong, unique passwords for each account. Unique passwords help prevent unauthorized access even if one set of credentials is compromised.
Implement multi-factor authentication (MFA): MFA adds an extra layer of security by requiring users to verify their identity through multiple authentication methods. MFA significantly reduces the risk of unauthorized access, even if login credentials are compromised.
Don’t click on suspicious links: Train employees to avoid clicking on links or downloading attachments in unsolicited emails or messages. Encourage users to verify a link’s legitimacy by hovering over it to preview the URL before clicking.
Be skeptical of unsolicited communications: Train employees to scrutinize unexpected emails, messages, or requests for information, especially if they are urgent or unexpected. Encourage them to verify the legitimacy of such communications with known contacts or through separate and trusted channels.
Report suspicious activity: Establish a standardized process for timely reporting of potential threats. Ensure that if an employee sees anything suspicious or receives an unusual request, they immediately report it to the IT department or designated security personnel.
Be cautious with personal devices: Train employees to use the same security practices for personal devices, especially those used for work activities. Keep devices updated, use strong passwords, and be cautious about installing applications or clicking on links.
Regularly update security awareness training: Organize periodic training sessions to educate employees about the latest social engineering tactics. Consider routine simulations so employees can gain real-world experience with social engineering attacks. Regular practice ensures employees are informed and respond appropriately to potential threats.
Cybercrime is usually financially motivated, and fraudsters focus on the attacks with the greatest return on investment. Social engineering attacks are so popular because they are comparatively easy to execute with a high success rate. Businesses can more successfully deter social engineering threats by understanding the nuances of prevalent attacks like phishing, baiting, BEC, and pretexting, and then educating employees accordingly. Implementing proactive measures such as password managers and MFA, empowering employees with knowledge, and fostering a security-conscious culture are essential to safeguarding your business — and your bottom line. Learn more here.
