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by admin last modified Jul 17, 2016 10:19 PM
Thoughts on this month's OUCH!
CEO Fraud is a concern for organizations. We know of one company, Ubiquity, whose CFO followed the instructions of an email apparently from the CEO and wired $30M to fraudsters. This OUCH! describes spear phishing well.

 

SANS OUCH! for July - CEO Fraud
What Is CEO Fraud?
Cyber criminals are sneaky—they are constantly coming up  with  new  ways  to  get  what  they  want.  One  of  their most effective methods is to target people like you. While cyber attackers have learned that unaware people are the weakest link in any organization, they have forgotten that knowledgeable people like OUCH! readers can be an organization’s best defense. 
Cyber criminals have developed a new attack called CEO Fraud, also known as Business Email Compromise (BEC). In these attacks, a cyber criminal pretends to be a CEO or other senior executive from your organization. The criminals send an email to staff members like yourself that try to trick you into doing something you should not do. These types of attacks are extremely effective because the cyber criminals do their research. They search your organization’s website for information, such as where it is located, who your executives are, and other organizations you work with. The cyber criminals then learn everything they can about your coworkers on sites like LinkedIn, Facebook, or Twitter. Once they know your organization’s structure, they begin to research and target specific employees. They pick their targets based on their specific goals. If the cyber criminals are looking for money, they may target staff in the accounts payable department. If they are looking for tax information, they may target human resources. If they want access to database servers, they could target someone in IT.