When it comes to cyber security, there are a lot of threats that could plague your business. Some of these threats, such as malware and viruses, can usually be detected and dealt with by using a high quality antivirus or antimalware software program. Some cyber threats, however, aren’t as straightforward as that, such as CEO fraud.
Although CEO fraud is considered a part of cyber security, it also involves a customized interaction between the cyber criminal and the victim. To combat this type of fraud, employee education can help considerably especially when training is paired with other measures, such as more effective email scans. Here’s more information on the best way to prevent CEO fraud:
Definition of CEO Fraud
CEO fraud is often referred to as a BEC, or Business Email Compromise, incident. This is because it usually starts when the victim receives an email that impersonates the CEO or other high level executive. In it, the CEO or other executive convinces the victim to make a money transfer into a certain bank account from the company’s funds. This type of scam works because the criminals are often successful at playing the role of the CEO or the executive, which allows the victim to feel confident making the money transfer. However, the reality is that the person in the email was only impersonating the CEO and that the funds transfer went to the criminal’s bank account.
Educate Employees About CEO Fraud
The key to preventing your business from becoming victimized by a CEO fraud, you need to educate your employees as to what it looks like so that they won’t be taken in by the scam. They should not only be able to recognize CEO fraud when they see it, but they should also have a solid plan for what to do once they do identify the fraud. Sure, email filtering can help stop this scam from occurring, as well.
However, cyber criminals who specialize in CEO fraud will likely know how to beat the filters. Education also needs to be ongoing since scammers are skilled at adapting their strategies as soon as they realize that people are no longer taking the bait. As their tactics become more sophisticated, the employees need to always stay one step ahead. A good training program will allow for ongoing education.
As businesses implement strategies for combating the various cyber threats, the cyber criminals have had to develop new ways to defraud the companies. Some cyber criminals do what they do because they simply want to cause problems. However, others are motivated by the prospect of stealing money, as is the case with CEO fraud. The good news is that this kind of fraud can be handled simply by properly educating employees. If they know how to spot it, they won’t be taken in by the scam. For more information on how to best handle CEO fraud, contact Roan Solutions.