Anyone can be a victim of a cyber fraud attack, including senior executives. A “whaling” attack is where cyber criminals attempt to “harpoon” an executive, often CEOs and CFOs, and steal log-in credentials. In the event their attack proves successful, fraudsters can then impersonate the executive and abuse email to authorize fraudulent wire transfers. Whaling is often successful because executives frequently do not participate in security awareness training with other employees. Seltek recommends all employees receive cybersecurity training and that organizations consider policies that preclude financial authorizations through email.
