One of the most common and harmful cybercrimes faced by organizations is phishing, which, due to its ease of development, can reach people from different sectors simultaneously.
This action is dangerous and can deceive from workers to the executives of a company, in fact, the attacks on the C-level layer have grown more and more and are frightening for their sophistication.
That's because anyone who thinks that phishing attacks are amateurish, with gross errors and messages that don't make sense, is wrong. Criminals are increasingly improving their tactics to deceive everyone.
On the other hand, we know that it is not always easy to involve the organization's leaders and executives, making them understand the importance of cybersecurity.
But with some actions, it is possible to prevent attacks and engage the entire C-level layer in the awareness process.
How does phishing work at the C-level layer?
Phishing targeting the C-level layer, which includes executives such as CEOs, CFOs, and CTOs, is one of the most sophisticated and dangerous forms of cyberattack.
Unlike common phishing, this attack, known as spear phishing, is extremely personalized and aims to exploit the strategic position of these leaders to gain access to confidential information and thus carry out their scams.
The attack begins with a reconnaissance phase, where criminals conduct detailed research on the target executive, using public sources such as social networks, corporate websites, and even financial reports.
The goal is to gather as much information as possible to create a compelling and targeted message. After all, it is this veracity that makes attacks so effective and dangerous.
With this data, attackers develop emails that accurately mimic internal company communication, using corporate language and mentioning colleagues, recent events, and ongoing projects to make the message even more persuasive.
One common tactic is the use of spoofing, where the sender's email address is spoofed to appear legitimate.
These details often go unnoticed, especially when the executive is under pressure and needs to respond quickly.
The emails usually ask for urgent actions, just like in other phishing attacks, where criminals use emotional triggers to be able to apply their scams. Therefore, they request:
Approval of bank transfers;
Provision of access credentials;
Sensitive Data Request.
Always claiming confidentiality and urgency to prevent people from seeking confirmation, they end up acting under pressure.
This is because criminals take advantage of strategic contexts, such as mergers and acquisitions periods or executives' business trips, making it even more difficult for the target to verify the authenticity of the request.
After all, they research their victims to the millimeter, which gives them a good advantage to be able to deceive them.
What impacts do attacks on the C-level layer?
The impacts of a phishing attack targeting C-suite can be devastating, including financial losses, data compromise, and damage to the company's reputation.
A notorious example of this action occurred in 2016 and involved a company that manufactures aviation components.
The attack began with a simple but sophisticated spear phishing attempt. The criminals sent an email to the CFO, posing as the company's CEO.
The email utilized spoofing techniques to appear authentic and requested urgent approval of a financial transfer as part of a purported confidential transaction related to a strategic project.
As we said, criminals know exactly how to target executives and what they should say. The message mentions company details and a sense of urgency, which led the CFO to believe that the request was legitimate.
As a result, the executive ended up authorizing the transfer of approximately €50 million (about $54 million) to an account controlled by the criminals.
The amount was extremely high and was only perceived as suspicious after the transaction was confirmed, when it was too late to recover it. The financial impact was so great that it significantly affected the company's operations and its market value.
The consequences of this attack were devastating in many ways, in addition to the immediate financial loss, the company faced a crisis of confidence and damage to its reputation, both internally and with its partners and investors.
The situation led to the resignation of the CEO and CFO, as both were held responsible for the lack of verification and control in the process of authorizing financial transfers.
The case also highlighted the lack of adequate security measures to prevent phishing attacks, especially aimed at senior management.
These attacks only highlight the importance of implementing strict controls and verification measures in financial processes, even on requests that appear to come from people with a certain degree of authority.
In addition, it is essential to train executives so that they know how to recognize phishing attempts, emphasizing that even senior positions are not immune to attacks.
Techniques for preventing C-light layer attacks
Preventing phishing attacks targeting the C-level layer requires a combination of awareness, processes, and protection technologies to mitigate risks.
In addition, it is necessary to make executives understand that they are preferred targets for criminals, as they have access to sensitive information and decision-making power.
In this way, like any employee of the institution, he needs to participate in awareness actions and protect himself from the actions of criminals.
Education and awareness are essential pillars
In order for executives to know how to protect themselves and how to act in case of phishing attacks and other cybercrimes, they need to understand these actions, know how it works, what the consequences are, and how to identify them.
Thus, personalized training is essential, they should focus on identifying suspicious emails, recognizing phishing techniques, and understanding the importance of not acting impulsively in the face of urgent requests.
It is important for the C-level layer to participate in digital security awareness sessions, including examples of real attacks and their consequences.
In addition, conducting frequent phishing simulations can help reinforce this learning by testing executives' ability to identify threats in controlled situations.
Verification processes increase security
The organization needs to invest in technologies and actions that provide additional layers of security, such as authentication processes, which help employees to perform actions more truthfully.
Therefore, it is very important to establish two-step verification processes for financial approvals and access changes to critical systems.
This means that any request involving money transfers or access to sensitive data must be verified through a second channel, such as a phone call or message on a secure app.
This practice significantly reduces the chance of success of phishing attacks, as it requires additional confirmation that the criminal cannot simulate. This verification associated with training is essential for protection.
Encryption and authentication are required
Remember: security is never too much, so it is essential to promote the use of encrypted emails and secure communication systems for sensitive information. With this you reinforce the security of transactions.
After all, encryption ensures that even if the message is intercepted, the content cannot be read. Making it difficult for criminals to act and giving them a chance for actions to be taken before the attacks happen.
In addition, digital authentication technologies, such as electronic signatures, help validate the origin of messages, providing an extra layer of security.
The security policy needs to be reviewed always
One of the big mistakes made by the company, which we use as an example, was not keeping security policies up to date, which gave cybercriminals room to commit their crimes.
Therefore, it is essential for organizations to regularly review and update their security policies, adapting them to meet new threats and technologies.
Policies need to address a variety of cybersecurity topics, but specifically C-suite protection, including clear guidelines on how to handle urgent and sensitive requests.
Adopting a policy of not approving transfers, including request protocols, and specifying some guidelines for actions, are practices that can avoid many incidents.
Regular simulations and testing protect your business
Just as all teams go through regular simulations and security testing , the C-level layer needs to be included in these actions.
After all, they wield a lot of power in companies and if a phishing attack is successful it can have serious consequences, as we have seen throughout this text.
As such, running phishing simulations aimed specifically at the C-level layer is an effective practice and helps test executive readiness and identify areas of vulnerability.
These simulations help educate leaders on the latest tactics used by attackers and reinforce the importance of following established security protocols.
PhishX in C-level layer protection
PhishX is an ecosystem specializing in digital security solutions, with a focus on cyber risk awareness and mitigation. We have a platform that protects companies against threats such as phishing.
We integrate advanced technologies and customized training programs designed to identify and prevent targeted attacks, including those targeting the C-level layer.
Recognizing that high-ranking executives are prime targets for spear phishing due to their access to sensitive information, PhishX has developed specific tools to analyze and identify suspicious communications, bolstering security.
Through attack simulations and continuous training focused on the latest techniques used by criminals, PhishX empowers executives to efficiently recognize and respond to phishing attempts.
With an effective approach and dedicated support, PhishX protects the C-suite layer against digital threats, reducing the risk of incidents and strengthening the overall security of the organization.
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