Safeguarding financial professionals
A guide to recognizing and defending against phishing attacks
By Tony Chiappetta, CHIPS
October 2, 2023
As October marks Cybersecurity Awareness Month, it's essential for financial professionals — especially CPAs, CFOs and financial controllers — to sharpen their defenses against cyber threats.
Phishing attacks are a persistent menace and this article aims to equip you with the knowledge needed to protect your financial assets and confidential data. In particular, we'll discuss the heightened risks during late Q4 and early Q1, focusing on phishing emails that often accompany financial year-end tasks. We’ll also explore the crucial role of AppGuard in thwarting undetected weaponized attachments.
The seasonal spike in phishing attacks
For finance professionals, the end of the year brings a flurry of financial activities, such as payroll processing and bonus calculations. These activities, coupled with tax-related tasks like W-2 distribution in Q1, create an ideal breeding ground for phishing attacks. Cybercriminals understand that these processes involve sensitive financial data — making finance departments prime targets.
Recognizing phishing emails
Before delving into how to thwart phishing attacks, let's first understand how to spot them:
- Sender verification: Pay close attention to the sender's email address. Cybercriminals often use email addresses that mimic trusted sources but contain subtle differences, like extra characters or domains.
- Urgent language: Phishing emails often employ urgency to manipulate recipients into taking hasty actions. Be cautious of messages that demand immediate attention or threaten dire consequences.
- Suspicious links: Hover over links before clicking to reveal the actual URL. Beware of misspelled domains or URLs that do not match the purported source.
- Attachments: Be wary of email attachments, especially from unknown senders or when the email seems out of context. Cybercriminals often use weaponized attachments to exploit vulnerabilities.
- Generic greetings: Phishing emails often use generic salutations or impersonal language. Legitimate organizations usually address recipients by their names.
Weaponized attachments: A hidden threat
Phishing emails aren't just about deceptive content; they can also contain weaponized attachments designed to infiltrate your system. These malicious files can evade traditional security measures like spam filters and antivirus or endpoint detection and response (EDR) solutions.
Here are some common scenarios:
- Malicious macros: Cybercriminals embed malicious macros within seemingly harmless documents (e.g., Word or Excel files). When opened, these macros execute code that can compromise your system.
- PDF exploits: Attackers can exploit vulnerabilities in PDF files to deliver malware. Opening a seemingly benign PDF can lead to a system compromise.
- Infected archives: Phishing emails may contain compressed files (e.g., ZIP or RAR) with malware hidden within. Once extracted, the malware may go undetected until executed.
How AppGuard stops malicious code detonation
AppGuard, an advanced cybersecurity solution, offers a critical defense against the detonation of malicious code within attachments. Unlike traditional antivirus and EDR systems, which rely on detecting known threats, AppGuard adopts a proactive approach.
Here's how it works:
- Application control: AppGuard allows only trusted applications to execute code on your system. When an attachment attempts to run an untrusted or suspicious process, AppGuard intervenes, preventing the malicious code from executing.
- Behavioral analysis: AppGuard continuously monitors application behavior, identifying any unusual activities that may indicate an attack. It prevents execution of these unexpected activities in real-time, preventing harm to your system.
- Zero-trust model: AppGuard operates on a zero-trust model, assuming that all processes could potentially be malicious. It allows only approved processes to run, minimizing the risk of undetected threats.
Cybersecurity all year
As finance professionals, safeguarding your organization's financial data is paramount. By understanding the seasonal spike in phishing attacks and learning to recognize the signs of phishing emails, you can protect yourself and your company from financial disasters. Furthermore, with solutions like AppGuard, you can enhance your defense against weaponized attachments that evade traditional security measures.
Stay vigilant, stay informed and make cybersecurity a year-round priority, not just during Cybersecurity Awareness Month.
Tony Chiappetta is the president of CHIPS, a business-focused technology provider based out of White Bear Lake, MN. You may reach Tony at tony@chipscs.com.
