Spear phishing is when hackers target a banking institution with convincing e-mails to fool them into clinging on malicious links. This gives them access to information to take over customers’ accounts when these emails are opened.
These e-mails can appear to come from upper management or staff within the institution itself. Sometimes they can appear to come from an outside source like a vendor or customer.
Employees Are Easy Targets
Many banking institutions have enhanced authentication for online and mobile banking. Many institutions have little invested to ensure the security of their employees’ accounts. Experts predict spear phishing attacks will target a broader range of bank employees. E-mail authentication standards, such as Domain-based Message Authentication (DMARC.) DMARC helps organizations authenticate the source of e-mails and block spam. Multifactor authentication for access can keep hackers from stealing credentials, such as passwords.
Spreading Malware
Spear phishing is one of the easiest and most used method to gain access to systems that are protected. Training employee is one of the best defenses for institutions security strategies. They should also implement stronger authentication requirements when accessing sensitive data and systems.
With e-mails being the main avenue for communicating with clients it’s important to know what fake and real. Spear phishing is when a hacker sends you a fake e-mail to gain access to its computer or system.