A CEO of an Austrian aerospace manufacturer has been sacked after apparently making a mistake that led to the company being defrauded out of €50 million ($55.8m) in a whaling attack. These attacks are increasing in number and are where a fraudster impersonates a CEO or senior board member through email and requests money to be transferred from the finance department.
DirectorsTalk spoke to John Blamire the CEO of Falanx Group Ltd (LON:FLX) for his view on the subject:
“CEO’s and main board directors are highly vulnerable as they become more and more culpable and ultimately responsible for Cyber breaches of all forms within their companies. Our experience in the main being directors feel they do not understand the challenges they face or how to tackle them. The majority of failures within companies are due to relatively simple methods of attack or internal failures. A combination of practical assistance and education, alongside continuous monitoring of a corporates digital environment are the basis for piece of mind in the modern boardroom.” – John Blamire, CEO of Falanx Group Ltd
Falanx Group Limited, is a global intelligence, security and cyber defense provider working with blue chip and government clients.