CEO fraud, also called CEO deception, fake president fraud and fake CEO e-mail, is a hot topic at the moment. There are more and more attacks. And the loss is generally huge: one medium-sized enterprise in Switzerland suffered a loss of around 50,000 Swiss francs. Experts expect losses to run into the billions.
Fraudsters instruct the finance department on behalf of the company’s head to make a payment. The instruction is sent either from either a counterfeit e-mail address or a real e-mail account that has been hacked. To put the recipient under pressure, the mail containing the instruction usually gives a reason purporting to be urgent and highly sensitive.
To protect your company from CEO fraud and – if possible – to recognize it as such, raising your employees’ awareness of it is especially important. The following additional measures will help to minimize the risk of an attack:
Anyone who becomes suspicious should always contact the sender in person, ideally by telephone – and senior managers and IT security managers should be notified as soon as possible.
No matter how careful you are, there is always a residual risk. In the event of fraud, a cyber insurance policy covers the costs arising from the loss. Helvetia also offers customers access to a network of experts with members including PR advisors, legal advisors and specialists in IT security and data protection.