In recent years, the topic of cyber security has become much more prevalent amongst Canadian businesses. Cybercriminals develop new methods every day, with multiple massive businesses being targeted every day. More recently, a new report from Getapp.ca, a Canadian software blog, finds that the senior executives of companies are the latest targets for cybercriminals. So, why is this the case? What exactly is catching them off guard? isure has everything you need to know!
Senior executives becoming target for cybercriminals
According to the Getapp.ca report, a full 65% of Canadian senior executives have been the target of at least one cyberattack in the past 18 months. To make matters worse, preparedness doesn’t seem to be at the top of most executives’ lists. The report also stated that 43% of these senior executives have never received any extra cybersecurity training, despite being an elevated risk. On top of this, 30% of these executives don’t believe they need any extra cybersecurity training in the first place.
“Senior company managers control large amounts of data and have privileged access to some of the most sensitive files, making them a major target for bad actors,” the report states. “Despite the urgency, executives may sidestep cybersecurity training due to time pressures, putting corporate identity theft protections on the back foot.”
Unfortunately, cybercriminals targeting senior executives are a trend that is continuing to rise. More than half (56%) of Canadian senior executives say that in the last three years, they have seen a higher rate of cyberattacks against senior-level staff. This shows a huge shift from the average employee with lower authority, who used to expose their work to cyber threats more commonly.
How are senior executives targeted?
As technology and computers continue to become more advanced, so do the techniques of hackers and cybercriminals. These criminals have a wide array of tactics used to target businesses, many becoming increasingly popular. According to the report, the top methods of attack used against these senior executives are malware (50%) and phishing (47%). Ransomware (36%), password attacks (32%) and domain name system spoofing (28%) also proved to be issues.
GetApp states that artificial intelligence (AI), assisted deepfakes, and ID fraud are additional risks. In particular, deepfake attacks are much less prevalent (14%) in Canada compared to the rest of the world (31%). “Despite fewer deepfake attacks in Canada than elsewhere, companies should remain vigilant as they are likely to grow amid the rising popularity of AI tools,” the report states. “Furthermore, many more common and familiar errors made by executives are putting companies at risk today, which should ideally be the priority when addressing vulnerabilities.”
Leaders are often caught off guard by even the most simple of attacks. More often than not, it’s not always the most sophisticated attacks that end up causing harm to businesses. One of the biggest cybersecurity errors made by Canadian senior executives is downloading files from untrusted sources. Canadian senior staff are more likely (45%) to make this mistake compared to the rest of the world (42%.)
Is lack of security training the issue?
With senior executives being a common target for cybercriminals, some may wonder how they are often responsible. According to GetApp, these easy attacks are likely slipping through the cracks more easily due to senior executives in Canada not receiving additional security training.
The report states that resistance from leaders including time constraints (34%) and lack of time and resources across the company (33%) are the two main reasons training is being skipped. On top of this, 30% of senior leaders believe their cyber security knowledge is good enough to skip training altogether. “The data clearly shows that Canada lags in some forms of cybersecurity preparedness,” the report says. “Senior staff of local businesses in the country are an easy target for cyber attackers due to the lack of seriousness given to special executive cybersecurity training compared to global peers.
How can I keep my business safe from cybercriminals?
No matter the size of your business, being prepared when it comes to cybersecurity risks is crucial. There are multiple strategies and measures you can implement to safeguard your data. This will ensure any sensitive information is kept safe. Some tips for making sure your business is secure include:
- Keeping software up to date
- Do not click any dodgy links
- Practice good password management
- Use a VPN
- Keep up to date on anti-virus and cybersecurity protection
If your business encounters a cybersecurity threat, it is important to implement a cybersecurity incident response plan. This assures your business can properly respond to and recover from all types of incidents. Additionally, it is important to make sure your business is equipped with cyber liability insurance. This will cover the cost of replacing or restoring any electronic data or programs. On top of this, covering income losses that were sustained. If you’re in the market for insurance for your business or have any questions, be sure to contact us at isure!
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