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Phishing Analysis Playbook: visual preview
Playbook

Phishing Analysis Playbook

Email Forensics & Indicator Extraction Procedures

Overview

A user forwards an email that "looks off". Usually it is spam or a clumsy marketing blast. Sometimes it is the first message of a campaign that landed in many other inboxes at the same moment, and nobody else reported it. Phishing is still how most intrusions start, so each report deserves a proper look. Below is the phishing email analysis routine we would hand a new SOC analyst: headers, links, attachments, IOC extraction, containment.

Analysis Workflow

  • Get the reported email as an attachment (.eml or .msg) so the headers survive, and keep an untouched copy
  • Read the headers bottom-up to find where the message really came from
  • Inspect URLs without clicking: expand shorteners, then load the page in a sandbox or URL scanner
  • Check sender domain and IPs against threat intelligence and blocklists
  • Detonate attachments in a sandbox, never on an analyst laptop
  • Extract IOCs: sender domains, IPs, URLs, file hashes, subject lines
  • Work out the goal. Credential harvesting, malware delivery, BEC and reconnaissance each need a different response
  • Search the mail platform for other recipients of the same or similar message; the reporter is rarely the only one
  • Contain: block domains, quarantine matching mail, reset credentials for anyone who entered a password
  • Document findings and close the ticket with the IOCs attached

Header Analysis Fields

Header fieldWhat to checkRed flags
Return-PathWhere bounces go, which is the envelope sender used for the SPF checkDomain unrelated to the From address
ReceivedThe chain of mail servers and the originating IPUnknown relays, or a first hop on residential or cloud hosting space
Authentication-ResultsSPF, DKIM and DMARC results recorded by your own gatewayFailures on a sender that claims to be a bank, supplier or internal team
X-Originating-IPClient IP of the sender, when the platform adds itKnown malicious ranges, VPN exits or hosting providers
Reply-ToWhere a reply will actually landA different domain from From, a classic BEC setup
Message-IDIdentifier created by the sending systemDomain that does not match the sender; weak alone, since many mailing services set their own

Attachment Analysis

  • Sandbox first. Nobody opens the attachment on a workstation, including the analyst
  • Hash it and check VirusTotal and your threat intelligence; zero detections means unknown, not clean
  • Metadata is worth a minute: an invoice from a Mumbai supplier authored by a user named "admin" in a tool the supplier does not use is a tell
  • Office documents: embedded macros, OLE objects, and external template references that fetch a payload when the file opens
  • PDFs: embedded JavaScript, launch actions, form fields that submit to an outside URL
  • Archives (ZIP, RAR, 7z): a password in the email body is there to blind the gateway scanner. Open it in the sandbox and look for nested payloads like an LNK or ISO

Containment and Response

When the verdict is malicious, act before writing anything up. In Microsoft 365 that means Threat Explorer or a content search; in Google Workspace, the security investigation tool. Search by sender, subject or a distinctive phrase from the body, because campaigns rotate subjects. Purge every copy. Then block the sender domain and the URLs at the gateway and web proxy.

Anyone who clicked or opened the attachment is a possible compromise until you show otherwise. Reset their credentials, scan the endpoint, and check for new inbox rules, OAuth app consents and sign-ins from places they have never logged in from. Push the IOCs to your threat intelligence platform so the campaign's next wave is blocked without anyone reporting it.

Frequently asked questions

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