Senior executives of corporate companies have become a target of choice for cybercriminals with 70% reporting they have been targeted at least once in the past 18 months.
GetApp’s 2024 Executive Cybersecurity Report highlights the increasing sophistication of attacks, including a marked rise in artificial intelligence (AI) driven deepfakes, accounting for 22% of attacks.
Document fraud appears to be one of the weapons of choice against Australian executives in particular, with 49% reporting such an attack compared to the global average of 38%.
Of those surveyed, 48% report that their company has been affected by at least one identity fraud incident involving a senior executive over the last year and a half with 69% experiencing repeated cyberattacks.
Business must adapt to emerging threats
GetApp’s survey also revealed many companies have inadequate security measures in place to protect against cyberattacks.
Some 42% of those surveyed seemed unaware of the risks of sharing sensitive information over unsecured channels and 41% neglected to update their software and systems regularly, meaning they’re not receiving the latest security updates.
“Increasing cyberattacks targeting Australian senior executives means that senior executives cannot rest on their laurels,” GetApp content analyst Andrew Blair said.
“Cybercriminals are consistently innovating and harnessing technology to deceive senior executives, making it imperative for company leaders to always be prepared for what may come next.”
Both globally and in Australia 28% of companies don’t provide specialised cybersecurity training for the senior executives, potentially leaving themselves open to increasingly more common and sophisticated cyberattacks.