How confident are you that your employees would recognize a phishing email if they received one? Would they be able to identify the difference between an email from a C-level manager and a fake? What if your executive’s email account was hacked?

Executive Impersonation Fraud provides cyber criminals with a variety of opportunities. Why? Because bosses often issue demands to their staff involving large amounts of money or essential data, these requests are usually fulfilled without question.

The victims do not belong to any one industry. Instead, cybercriminals often discover a company’s hacked email system through a phishing scam or by intentionally targeting a weak corporate network.

As a result, thousands of employees allow imposters to penetrate firms and steal millions of dollars without their knowledge.

What can you do to avoid becoming the latest victim in a long line?

1. Establish a culture of “cyber skepticism.” | Executive Impersonation Fraud

Obviously, every firm wants a good culture, but skepticism is a crucial weapon when it comes to internet security. Employees should be encouraged to query unexpected communications from their immediate management or the CEO, especially when initiating financial transactions.

Educate staff on the importance of re-reading emails and looking for hints. For example, would your employer greet you like this? Is this name spelled correctly?

2. Keep up with the most recent Executive Impersonation Fraud

It is recommended that you keep your entire staff updated on current scams, not just the IT specialists. This is especially true because IT specialists are the least likely to fall victim to the attack!

Being alert is crucial when a new scam emerges that can potentially deceive your employees. The more informed your employees are about what’s possible, the more likely they are to take the first step and question everything.

3. Improve financial controls

Every firm should have strong internal controls when it comes to financial transactions – but just because they’re robust doesn’t mean they have to be complicated. For example, in many circumstances, requiring a direct phone call to a financial controller might prevent a large number of errors.

The importance of multi-factor authentication cannot be overstated. It is up to your organization whether an authorization code via a medium other than email (such as SMS) or a phone call with voice confirmation works best.

4. Maintain proper email and password hygiene

Prevent fake emails from entering your organization by configuring your email systems with DMARC and, if feasible, requiring employees to reset passwords regularly.

We also highly advise all accounts to use two-factor authentication. If a password is obtained, the hacker will not have quick access to the account, reducing the likelihood of executive impersonation fraud.

5. Make a record of all security procedures | Executive Impersonation Fraud

Don’t presume that your team members know what they’re doing! It is critical to retain a record of all security processes so that employees may examine them if they discover potential hazards.

This is also useful if a breach occurs. Your team will be aware of the measures that must be taken in order to remedy the issue as soon as possible.

6. Collaborate with a seasoned internet security staff

The digital world is constantly changing, and as technology advances, cyber activities become more sophisticated and widespread. While there are many preventative measures you may use internally, it is always suggested that you collaborate with a professional team that you can trust.

Rhyno Cybersecurity has decades of experience safeguarding businesses from online fraud, including CEO impersonation, across all sectors. Contact one of our consultants now to see how we can help your business.