CEO fraud is a growing and dangerous problem for companies of all sizes in today’s digital age. Also known as whaling phishing, this type of attack targets top-level employees, such as CEOs, who have access to sensitive data and corporate bank accounts. If successful, CEO fraud scams can be incredibly expensive with an average loss per incident of $2.3 million according to the FBI 2019 Internet Crime Report. In other cases, this fraud can significantly disrupt your business operations and put valuable customer data at risk. To help protect against these types of cyber attacks, it is important to understand the warning signs and take proactive steps to secure your systems from hackers so that you do not fall victim to a costly scam. Sectricity can help you with the steps you need to take for effective prevention.
CEO fraud is a phenomenon that has been circulating among large institutions for several years, but now also affects small businesses and associations. In CEO fraud, a cybercriminal assumes the identity of the CEO in order to make payment requests to the executive secretary, CFO or other individuals within the company with payment authority. In…
