A latent danger in corporate cybersecurity, the CEO FRAUD

We live in a digital era where cybersecurity has become essential for the survival of companies. In this post we present the scam that disguises itself as a manager to deceive employees and suppliers. Imagine you receive an email that appears to come from the CEO, requesting an urgent transfer of funds, however, it is not really the CEO sending it!

What is CEO Fraud? The impersonation of executives, such as the CEO, in order to obtain confidential information or illicit gains. In it, fraudsters use persuasion tactics, such as phishing or social engineering, to achieve their goals.

It’s important to be alert to the warning signs and know the security measures to prevent it, which is why the role of cybersecurity can be your best defense.

In shocking numbers, 90% of companies have experienced some type of CEO Fraud attempt, these scams cost companies billions each year. Most employees underestimate the impact of these scams and in addition to financial losses, companies can face serious legal consequences and reputational damage, this cybersecurity negligence causes a loss of trust from customers and business partners.

How can companies act against this scam?

• Provide ongoing fraud detection training and engage in sound cybersecurity practices, as awareness reduces vulnerability.
• Implement security measures, such as identity verification for financial transactions.
• Keep confidential data secure, key to preventing fraudsters from accessing sensitive information.

CEO Fraud is a real and constantly evolving threat. That’s why at Wise Security Global, we are continuously providing cybersecurity solutions so that you can invest in protecting your company and prepare to face these challenges.

This European Cybersecurity Month, we want to emphasize that keeping your security measures up to date and having continuous training on cyber attacks is essential to protect your company. Cybersecurity is a fundamental defense against CEO Fraud and other cyberattacks.

#CyberSecMonth2023 #ThinkB4UClick #BeWiser