Why Do Cyber Attackers Use Social Engineering?

Almost every modern business uses the internet on a daily basis, and that leaves companies open to attack by cybercriminals. Did you know your business systems are at risk of an attack if your company has a website, social media accounts, email or an online e-commerce facility?

In recent years, social engineering has become a popular technique cybercriminals use to access customers’ personal information and sensitive data, potentially causing irreparable damage to your company’s reputation. 

So, why do cyber attackers use social engineering, and what does the term mean? 

This article explains the reasons behind social engineering and how hackers can use the tactic to exploit vulnerabilities in both technology and human behaviour.

What is social engineering?

Social engineering is a cyber attack involving cybercriminals persuading your employees to reveal and exploit sensitive customer or company information and exploiting it.

So, rather than directly targeting technology, social engineering targets human behaviour and psychology to fool employees into divulging sensitive data or performing specific actions. Social engineering attacks can occur via email, text, social media accounts, or even over the phone.

Types of social engineering attacks

Many different types of social engineering attacks could affect your business, including:

  • Various forms of phishing
  • Pretexting
  • Baiting
  • Tailgating
  • Quid Pro Quo
  • Watering hole
  • Online scams and confidence tricks
  • Human-based malware attacks
  • Elicitation
  • Reverse social engineering

The best way to protect your business from all these forms of social engineering cyber attacks is to educate your employees and make them aware of the dangers they face from cyber criminals. 

You should also put security measures and procedures in place to reduce the likelihood of your business falling victim to these tactics.

Most common type of social engineering attack

The most common type of social engineering attack is phishing.

Phishing attacks typically involve the cybercriminal posing as a trustworthy company, friend, colleague or government agency, such as HMRC. The attacker then persuades and manipulates the employee into revealing sensitive information like passwords, credit card numbers and other personal data.

Phishing takes various forms, including the following:

Email phishing

In this form of cyber attack, criminals send emails purporting to be from a reputable source. The email typically contains an urgent call to action, such as clicking a link or downloading an attachment, often containing malware or some kind of virus.

Spear phishing

Spear phishing is similar to email phishing but is more highly targeted. The messages are usually aimed at specific people or organisations and use personal information to make the message appear more convincing and genuine.

Phishing websites

Cybercriminals create bogus websites that mimic legitimate ones to trick users into entering their personal information.

Smishing

This type of phishing attack uses SMS or text messages to persuade victims to use a link or phone number included in the message to divulge information.

Vishing

Voice phishing or ‘vishing’ involves the attacker making a phone call and pretending to be an official or trusted individual, often from a bank, typically asking for personal or financial information.

Social media phishing

This form of fishing involves attackers creating fake social media profiles or messages designed to deceive victims into divulging personal information.

Business Email Compromise (BEC)

Business Email Compromise uses fake company emails to trick employees into performing financial transactions or sharing sensitive information with the attacker.

Why do cyber attackers use social engineering?

Cyber attackers use social engineering because these scams effectively persuade the unwary to give up sensitive information, install malicious software or do things that compromise your business security.

These attacks rely on human psychology and exploit people’s trust, fear, curiosity, or sense of urgency and are, therefore, typically more effective than simply trying to hack into secure networks.

What techniques do social engineering attackers use

As mentioned earlier, in addition to phishing, many other techniques are used by social engineering attackers, including the following:

Pretexting

Pretexting is a form of social engineering where the cyber attacker invents a scenario or pretext to get information from the victim. That can involve impersonating a figure in authority or creating a false reason for requesting the information. 

Baiting

Baiting uses a tempting offer, such as a free download, to lure the victim into doing something that compromises their online security, such as giving away their login details or downloading malware.

Tailgating

As the name suggests, in a tailgating attack, the hacker gains access to a restricted online area, such as a bank account, by following an authorised person. This kind of cyber attack often happens in busy office settings where someone allows the attacker access without taking the time to verify their identity first.

Quid Pro Quo

This is a common social engineering cyber attack in which the criminal offers the victim something in exchange for access or information. A typical tactic might see the attacker posing as IT support and offering to fix the victim’s computer. Of course, to do that, the cybercriminal needs the victim’s login details!

Impersonation

Impersonation involves a cyber attacker pretending to be someone the victim trusts, such as a family member, friend or work colleague, to get access to their personal information or access their bank account.

Watering hole attacks

In this type of social engineering attack, the criminal targets an online location frequently visited by the victim. That can involve planting malware or compromising a website to infect the victim’s system when they visit.

Reverse social engineering

A reverse social engineering attack involves tricking the victim into reaching out to the attacker, typically by creating a problem that requires assistance.

Protect your business against cyber attacks

Social engineering cyber attacks are becoming increasingly common in today’s internet-reliant world. Educate your employees about the techniques cybercriminals use in these attacks, promote a culture of online security awareness, and put policies in place to reduce the risk of your business falling victim to a social engineering attack.

In addition, it’s crucial to take out adequate cyber insurance coverage to protect your employees and your business from this criminal activity. In the worst-case scenario of a social engineering attack, cyber insurance can get your business back up and running, compensate you for any losses you’ve suffered, and protect against any third-party lawsuits and regulatory breaches resulting from the attack.

Contact the helpful team of experts here at Stanmore Insurance today to learn more about cyber insurance coverage and why your business needs it!