Phishing 101: Understanding the Threat and SOC's Role in Prevention

The online world has become an increasingly challenging environment for consumers and business owners alike, as more and more “people” take over the Internet. First off, let’s start with an example: what if someone wanted access to your bank account? They could try to create a fake email that looks like it’s from your bank, but they would make sure that the email address in the subject line matched your real one. Then they’d send you an email saying something like “We’ve detected unusual activity on your account and need to verify some details.” You’d probably click on the link there because it seems legitimate and sounds like your bank would send out a message like that. But instead of checking their website or looking up the phone number they gave you on Google Voice or whatever other way most people typically do before sending off personal information over the internet, you click the link and… bam! You’ve given away all kinds of sensitive information about yourself without even realizing it! So, Cybercrime is a problem that is getting more and more common. People are still not aware about the risks of these cyber-attacks and how to prevent them. Not only do local ignorant people fall prey to these attacks but large businesses also get trapped into their spiral to the point that the losses are unbelievable!

To solidify this fact we have a great example of ‘Reddit’ which has confirmed its systems were hacked on 5th Feb 2023, as the result of a sophisticated and highly targeted phishing attack: the attackers gained access to documents, code, and some internal business systems.

According to Reddit, the attacker sent messages to some of its employees that appeared to come from a trusted source. The messages contained a link that redirected the employees to a fake website that looked like a legitimate Reddit login page. When the employees entered their login credentials on the fake website, the attacker was able to steal their usernames and passwords.

The attacker then used these stolen credentials to access some of Reddit's internal systems, including some of its source code and other sensitive data. Reddit claims that the attacker did not gain access to any payment information or user data.

In response to the attack, Reddit reset the passwords of all affected employees and implemented additional security measures to prevent similar attacks from happening in the future. Reddit also contacted law enforcement and launched an investigation into the incident.

What is Phishing?

The Internet is constantly changing and evolving. Today’s most sophisticated online attacks send messages disguised as official messages from your bank, government or other well-known institutions. They pretend to be trustworthy and legitimate companies asking you to provide personal information or a password. This way they gain access to your bank accounts and credit cards.

Phishing is a serious form of cybercrime that is often violent, if not deadly. Applying understanding of phishing terminology and the anatomy of a phishing attack can help you protect yourself from becoming the next victim of Internet crime. Phishing is the direct effort to obtain sensitive, personal information. Phishers use email and social media to target those they believe must have this data. This type of scam affects both individuals and businesses, as phishing often relies on social engineering and targeted attacks.

Phishing is a scam that fraudulently pretends to be something to gain access to your personal or financial information. Phishing schemes can have a negative affect on businesses and individuals, as they can be costly and time consuming. What makes phishing scams so effective is the fact that they often look very real; this could easily fool even an advanced user who is already expecting something else.

Fraud is the simple term for the use of deception, trickery and dishonesty to take something of value from another person or organization. It can be anything from a misplaced trust or an intentional targeting of information, to identity theft and phishing-style attacks. When it comes to cybercrime, fraud seems to be the go-to method for committing some of the most damaging acts imaginable – business heists, personal identity theft and even political attacks.

Phishing is a widespread and growing threat to businesses and organizations. By definition, phishing occurs when an attacker attempts to acquire sensitive information (e.g., passwords and credit card details) by masquerading as a trustworthy source. The term phishing was coined in 2003 by security consultant Aviv Raff for adult residents of Israeli community boards who attempted to convince local residents that the Web sites which appeared in their Internet browsers were legitimate websites.

How Do Phishing Attacks Work?

Hackers are going to great lengths, including mimicking real people and creating and updating fake social media profiles, to trick victims into clicking phishing links and handing over usernames and passwords. The end goal of the phishing attacks is to dupe the victim into clicking malicious links that direct to fake, but realistic-looking, login pages, where the victim will enter their login credentials, providing the attackers with access to their account, which hackers abuse directly or use to gain access to other victims.

Many of the malicious links are designed to look like commonly used cloud software and collaboration tools, including OneDrive, Google Drive, and other file-sharing platforms. In one case, the attackers even set up a Zoom call with the victim then sent a malicious URL in the chat bar during the call. They’ve also created multiple characters in the phishing thread (all controlled by the attackers) to add the appearance of legitimacy. Phishing assaults generally follow a similar sample. Here’s the way it works:

• Step 1: The attacker creates a faux electronic mail or message that looks like it comes from a valid supply, including a financial institution, an e-trade website, or a social media platform. The message can also use emblems, images, and textual content that look like the real issue.
• Step 2: The message carries a call to movement that encourages the recipient to do so, which include clicking on a hyperlink or downloading an attachment. The message may additionally create a feel of urgency or fear to get the recipient to behave speedy.
• Step 3: The hyperlink or attachment leads the sufferer to a faux internet site that seems like the real element but is in reality managed by way of the attacker. The sufferer is then asked to offer their login credentials or other sensitive records.
• Step 4: Once the victim provides their facts, the attacker can use it for his or her personal functions, which include stealing money or gaining access to touchy records.

As a result, victims often feel shame and embarrassment that they’ve been tricked – and that makes them less willing to talk about the experience, even if doing so could help stop others making the same expensive error.

Types of Phishing Attacks:

There are numerous exclusive varieties of phishing assaults, every with its personal precise strategies and goals. Here are most of the maximum not unusual styles of phishing assaults:

• Spear Phishing: A spear phishing assault is a sort of phishing that uses the idea of a spearhead to get individuals to click on a malware-carrying message. The message looks like it's from an authority figure or an organization you're doing business with, and it includes a link that takes customers to malware-carrying pages.
• Whaling: A whaling attack uses an email address in the name of another entity to imitate it. The email addresses are completely different, however they have some similarities, such as being from a similar supplier or company name and having similar logos and colors. Whales will also include similar subject lines and messages in order to make them look like official communications.
• Vishing: Voice phishing uses the concept of voice over IP (VoIP) telephone calls along with emails as possible attack vectors for sending malicious emails and texts. This kind of attack is often launched against staff at enterprise establishments who are engaged in conference call conversations over VoIP phones, so that they can be tricked into clicking on fraudulent links.
• Smishing: This is a form of phishing assault that is carried out thru text messages. The attacker can also ship a message that looks to be from a legitimate source and ask the victim to click on a link or offer sensitive information.
• Clone Phishing: This is a kind of attack wherein the attacker creates a faux email that looks like it comes from a legitimate source, however with mild variations. For example, the attacker may additionally trade a link inside the message to result in a faux website.

How to Protect Yourself from Phishing Attacks?

Now that you realize what phishing attacks are and the way they paintings, it is essential to take steps to shield yourself and your business enterprise. Here are a few things you may do to protect yourself from phishing attacks:

• Be cautious of unsolicited messages: If you get hold of a message from a person you don’t know, or if the message seems suspicious in any way, do not click on any links or offer any touchy records. It’s nice to err at the facet of warning and delete the message.
• Check the sender’s electronic mail deal with: If you obtain an e-mail that appears to be from a legitimate supply, which include a bank or e-commerce website, test the sender’s e-mail cope with to ensure it suits the domain name of the corporation. If it would not, it is possibly a phishing email.
• Don’t provide sensitive records: Be cautious of any message that asks you to provide sensitive records, such as your login credentials, credit score card statistics, or social security variety. Legitimate organizations will in no way ask you to offer these statistics through email or message.
• Use two-thing authentication: Two-aspect authentication provides an additional layer of security for your bills through requiring a 2nd shape of identity, together with a code despatched to your smartphone, further on your password. This can help save you attackers from accessing your bills despite the fact that they have your login credentials.
• Keep your software updated: Phishing attacks often take advantage of vulnerabilities in software program or working systems. By retaining your software up to date, you could assist save you attackers from exploiting those vulnerabilities.

What needs to be done as a SOC?

As a Security Operations Center (SOC) dealing with phishing, some of the key tasks that need to be performed include:

1. User awareness: User should be able to understand the risks and tactics associated with phishing attacks. It involves understanding the common signs of phishing, such as suspicious email addresses, links or attachments, and the ability to distinguish between legitimate and fake websites. It also includes knowing how to respond to a suspected phishing attempt, such as not clicking on links or downloading attachments, reporting the incident to the appropriate authorities, and taking steps to secure one's account or information.
2. Identify attack: The SOC team should be able to identify the attack involves the use of fraudulent emails, social engineering tactics, and spoofed websites to trick victims into providing their sensitive information.
3. Isolate infected device: SOC team is responsible for isolating the device which involves disconnecting the device from the network, quarantining the device, performing malware scans, and investigating the incident to prevent further damage and protect sensitive data.
4. Investigate attack: SOC team is responsible for investigating an attack for phishing which involves collecting and analyzing evidence, determining the scope of the incident, containing and remediating the incident, and reporting the incident to appropriate stakeholders.
5. Remediate attack: SOC team is responsible for remediating an attack for phishing which involves isolating infected devices, removing malware, patching vulnerabilities, resetting passwords, monitoring for further activity, and conducting user awareness training to prevent similar attacks from occurring in the future.
6. Follow up and learn from attack: SOC team is responsible for following up and learning from an attack for phishing which involves conducting a post-incident review, identifying areas for improvement, developing a remediation plan, implementing the plan, monitoring for effectiveness, and updating the incident response plan to prevent similar attacks from occurring in the future.
7. Blocklisting domains/IP addresses: SOC team is responsible for blocklisting domains and IP addresses for phishing which involves identifying malicious domains and IP addresses, creating a blocklist, testing the blocklist, updating the blocklist regularly, and monitoring for false positives to prevent users from accessing malicious websites and prevent attackers from communicating with their command-and-control servers.

By performing these tasks, the SOC can play a critical role in protecting the organization and its users from the damaging effects of phishing attacks.

In short, the role of the SOC in terms of phishing is to protect organizations and their users from the damaging effects of these attacks by detecting and responding to incidents, and by implementing measures to prevent future attacks.

Conclusion:

Phishing assaults continue to be a widespread hazard to individuals and businesses alike. By information how these assaults paintings and taking steps to guard yourself and your organisation, you could lessen your threat of falling sufferer to a phishing assault. Remember to be careful of unsolicited messages, test the sender's e-mail deal with, and in no way provide touchy information. By following those guidelines, you may help shield yourself from phishing attacks and keep your non-public information secure. Remember: when doubtful, it's usually higher to err at the facet of warning and not click on any suspicious hyperlinks or provide any sensitive records.