Spear phishing is a specialized form of cyberattack which, unlike traditional phishing, focuses on very specific targets.

According to the ENISA (European Union Agency for Cybersecurity) report, targeted attacks have grown significantly between 2014 and 2024, showing that Portuguese companies are not immune. 

The main tactic is personalization: the attacker researches details about the victim and creates messages that appear legitimate. This process gives authenticity to the intrusion attempt and increases the chances of success. According to data from Barracuda, (in its Spear phishing trends report for 2023) Spear phishing attacks are responsible for 66% of all breaches. 

In this article, we'll find out how this type of attack works and how to protect your company in the event of an attack. Are you ready?

1. What is Spear Phishing and why does it deserve attention?

Spear phishing differs from mass phishing mainly in the depth of the prior study of the victims, which gives it a much higher degree of effectiveness: the cybercriminals identify profiles of employees with privileged access and construct highly convincing emails and messages.

Some aspects that increase the risks in cases of Spear Phishing:

• Detailed Research: hackers use social networks and exposed databases to gather information;
  
  
• Specific Target: they focus above all on financial and IT managers and teams, where access to systems or funds is greater;
  
  
• High Success Rate: Because they are highly personalized, these attacks avoid many spam filters and fool even experienced users!

In addition, data from the National Cybersecurity Center (CNCS) in Portugal points to an increase in the use of social engineering tactics. Whether in SMEs or large organizations, the risk is proportional to the lack of training and cybersecurity resources available.

But how do these attacks work in practice?

2. Spear Phishing: The Most Common Attack Techniques

Most of today's methods use social engineering, but some approaches stand out for their effectiveness.

Fake Domain (or Domain Impersonation)

A domain almost identical to that of the legitimate company is created (for example, "empresacom.br" instead of "empresacom.pt"), fooling employees who don't notice the slight change.

Brand Forgery

Not only the names and contact details of colleagues are imitated, but also logos, digital signatures and email templates. In 2024, IBM recorded a significant increase in attacks that accurately copied the visual identities of major brands, the most targeted being: Google. Telegram, Microsoft Visa and Apple.

Business Email Compromise (BEC)

They pretend to be a senior executive or financial director, sending urgent instructions to transfer money or share credentials. As recently as 2023, this scam was already responsible for losses of over 2.9 billion dollars worldwide, according to the FBI.

➡️ Click to find out all about BEC Attacks

These tactics are very difficult to recognize immediately, as they often use internal data (such as references to projects or team names), obtained through pre-existing attacks or long phases of espionage. 

So...

How can you spot the signs and be prepared to avoid a Spear Phishing attack?

3. Recognizing the Signs of Possible Spear Phishing

Knowing how to identify Spear Phishing is the first line of defense and requires constant attention from users. 

These are some "RED flags" to watch out for:

• Excessive urgency: Messages threatening "serious consequences" if there is no immediate response;
  
  
• Request for Sensitive Information: Requests for login, passwords or bank details in an unusual context;
  
  
• Strange Links or Suspended Domains: Small spelling mistakes (e.g. "pagamnento" instead of "pagamento") or almost identical domains;
  
  
• Unexpected attachments: Files received out of context, especially from colleagues who don't normally send such documents.

Stopping and analyzing email before clicking on links or opening attachments makes all the difference. Did you know that most cyber attacks on companies start with employee mistakes?

4. Consequences of Falling for a Spear Phishing Attack

The repercussions go beyond the immediate loss of data or money. Spear Phishing attacks can trigger reputational problems, breach trust with customers and, in extreme cases, shut down the business.

Among the most common consequences are

• Theft of confidential data: intellectual, financial and personal;
  
  
• Chain infection: Installation of ransomware or other malware variants that spread through the network;
  
  
• Transaction manipulation: Diverting payments to criminals' accounts;
  
  
• Loss of Contracts: Partners or clients may withdraw from agreements fearing vulnerabilities and chain infection.

In terms of costs, IBM's "Cost of a Data Breach" report for 2024 already pointed to average losses of 4.8 million dollars per large-scale incident . 

In the case of SMEs, many simply don't have the liquidity to cope with such huge losses and end up closing down...

What to do?

5. Spear Phishing Protection Strategies

Effective defense requires not only state-of-the-art technological tools, but also a strong security culture in the organization. If IT security is far from your priorities, we recommend you start here: 

1. Continuous Training and Simulations

Carry out continuous training on cybersecurity so that your employees learn to recognize suspicious messages and possible social engineering tactics;

Carry out internal phishing tests, sending simulated emails to see how many people fall for the trick.

2. Multifactor Authentication (MFA)

Google says so: the adoption of MFA drastically reduces successful phishing attacks. And we've confirmed it! 

Even if an attacker finds out your password, they will be stopped by the second layer of authentication. Click to find out how MFA works.

3. Restricted Access Policies 

Not everyone needs administrative privileges or access to sensitive data. Make sure you choose who has access to what in your company;

Implement network segmentation and monitor critical access in real time. Morebiz can help you with this system: register here to find out more! 

4. Filtering and Monitoring Solutions

Firewalls and advanced email filters help to "clean up" suspicious communications before they reach users.

Tools such as SIEM (Security Information and Event Management) and EDR (Endpoint Detection and Response) make it possible to identify non-standard behavior.

5. Incident Response Plans

Define clear procedures for isolating and investigating compromised systems.

Train your employees to report incidents, avoiding panic or internal misinformation. Morebiz can help you with this training! 

6. Payment management policy 

Even with multiple layers of defense in place, it is essential to adopt an internal protocol for validating payment data. This process should include frequent verification of the data present on invoices, such as IBAN and TIN, in order to identify possible tampering or attempted fraud with counterfeit payment methods.

If this protocol is not in place, we recommend creating an internal database with suppliers' payment data, duly verified by alternative methods to email. This additional validation guarantees the authenticity of the information and minimizes the risk of financial loss.

Conclusion

Spear Phishing represents one of the biggest threats to companies of all sizes, mixing technology and psychological manipulation for ill-gotten gains.

Data from organizations such as the CNCS reinforces that without adequate training and protection measures, any organization can become an attractive target.

To avoid serious damage, it is essential to adopt a preventive stance and educate each employee to recognize warning signs: investing in multi-factor authentication, filtering solutions, monitoring and relying on partners like Morebiz will considerably increase your company's resilience.