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Learn About CEO Fraud Cyber Attack & Tips to Prevent

Written by Anuraag Singh ~ Modified: 25-05-2022 ~ Cyber Tip ~ 3 Minutes Reading

CEO fraud is a sort of cybercrime in which the attacker adopts the identity of the CEO or another senior executive of a corporation. The fraudster would frequently use the CEO’s email address — or a very similar email address — to dupe an employee into disclosing critical data or sending money. In this article, we will talk about CEO fraud cyber-attack.

As is the case with all forms of phishing, CEO fraud assaults are extremely difficult for staff to detect. Certain lawful technical solutions, including such Secure Email Gateways, may also struggle to identify this form of criminality as it becomes more sophisticated.

However, effective CEO fraud assaults are still preventable. What is the critical factor? Combine training, policy, and technology to provide a more comprehensive approach.

How CEO fraud cyber-attack happens?

There are four typical ways of CEO fraud assault. Businesses that wish to avoid CEO fraud must be fully aware of these threats in order to prepare.

  • Phishing: Cybercriminals send phishing emails to several individuals concurrently. This is to fish for or steal personal data by mimicking credible or respectable sources. They may even include emails with legitimate-looking corporate logos to deceive email recipients.
  • Spear Phishing: Spear-phishing is a strategy that involves sending a spear-phishing email to a group of individuals or to an individual who uses a certain service or bank. Hackers typically gather information about target groups or people via social media platforms and then exploit that knowledge to deceive users.
  • Executive Whaling: Executive whaling is a sort of CEO fraud in which hackers target firm administrators. And senior executives in order to steal sensitive business data or just syphon off money.
  • Social Engineering: Social engineering is a term that refers to the psychological manipulation of users in order to coerce them into disclosing personal data or granting access to their assets. Social engineering is a term that refers to the activity of mining data from social media sites. Here are some e.g. Facebook, LinkedIn, and others.

How to prevent CEO fraud? Here are the Tips

There are various straightforward yet effective measures available. It can protect CEOs, corporate leaders, and workers against CEO fraud, and few of the finest are described here.

  • Educate and teach your employees properly on the four distinct sorts of CEO fraud strategies. Free phishing simulation tools may assist employees in quickly identifying CEO fraud, social engineering, and phishing hazards.
  • Employees may be educated about CEO fraud attempts via phishing simulation platforms and security awareness training.
  • Campaigns and discussions with your staff on social engineering, CEO scam, and cyber security will prevent the likelihood of falling prey to such assaults.
  • Also, assuring the security and up-to-date functionality of operating systems, applications, internal software solutions, and network tools

The Conclusion

Businesses must recognize that the most effective method of educating employees about and raising awareness about CEO fraud risks is through phishing simulation. In interactive phishing simulations, real-world examples are utilized to help employees obtain a thorough awareness of such dangers.

Speak with our Cyber Crime Expert to understand more about CEO fraud and similar assaults. Also, the many cybersecurity solutions you should employ to protect your firm.