CEO Targets: The Easy Hackable Reality
Cyber Intrusion Methods
Hackers target executives and C-suite members by focusing on their personal email accounts and online presence, rather than solely through corporate networks or employee email accounts. This shift in tactics has been noted as a significant change, with cybercriminals aiming to breach sensitive organizational data by attacking executives in their personal lives. The approach of targeting high-ranking individuals outside of their corporate accounts and devices has become more prevalent, as these individuals are often less protected in personal online accounts, making it easier for hackers to execute successful breaches (Cybersecurity Dive, Tech Report, Fortune).
Hackers stand to gain financial authority, confidential information, and intelligence of ongoing deals and projects from executives (KnowBe4).
Hackers gather intel on executives before hacking through methods such as email account takeovers, breached passwords from the dark web, reconnaissance and research to collect intelligence, launching phishing attacks, sending malware to users, and by targeting accounting and financial data of organizations. (Fortune, Hkcert, Mayhem)
Impact of Security Breaches
The consequences of successful attacks on executives can include increased business risk, financial and reputational damage, compromised sensitive data and intellectual property, potential loss of competitive advantage, and potential negative impacts on the organization’s overall cybersecurity posture. Executives targeted by cyber threats are at risk of falling victim to schemes such as business email compromise (BEC) and insider threats, which can result in significant harm to the organization they lead (Verizon, CrowdStrike, CIO).
Some past executive hacking incidents include LulzSec’s attack against Fox.com, the Sony PlayStation Network, and the CIA, where the group leaked several passwords, stole private user data, and took networks offline (Trend Micro). Additionally, hacktivist activity over the past decade has included monstrous data breaches, prolific hacktivism, nation-state cyber-espionage operations, financially-motivated cybercrime, and destructive malware that rendered systems unusable (ZDNET).
Executives’ Weak-points
Common cybersecurity vulnerabilities for executives include misconfigurations, code flaws in operating systems and applications, system and services misconfigurations, poor or immature processes and technology implementations, and end users susceptible to attacks. These vulnerabilities can be exploited by cybercriminals and hackers to gain unauthorized access to networks, compromise data privacy, and cause serious harm to an organization’s systems. Executives need to be aware of these vulnerabilities and take proactive measures to address them through appropriate actions, tools, processes, and procedures (CrowdStrike).
Hackers can exploit exec roles for unauthorized access by leveraging privilege escalation attacks. This can be achieved through various methods such as exploiting vulnerabilities in the authorization system to elevate to administrator privileges, stealing admin credentials via social engineering, or finding a way to inherit permissions from another role. Once hackers obtain elevated privileges through these means, they can perform unauthorized actions such as deleting databases, installing malware, stealing sensitive files, or disabling crucial services (One Identity).
Hackers use email attacks against executives by hijacking their email accounts through phishing attacks and then sending fraudulent requests for urgent wire transfers of funds or confidential information. These attacks rely on social engineering, leveraging the executive’s authority to persuade recipients to act without thinking. They may also involve impersonating vendors or suppliers to redirect payments, sending emails with malicious attachments for data theft or ransomware attacks, or impersonating company executives for internal payment fraud. These tactics have resulted in fraudsters making nearly $2.4 billion in 2021 and are prevalent in breaches, with about two-thirds involving phishing, stolen credentials, and/or ransomware (Verizon, Cisco). Executives are particularly vulnerable to these attacks due to working in fast-paced environments and potentially overlooking signs of impersonation fraud (Verizon). To mitigate these risks, using endpoint protection to strip out malware attachments, updating systems frequently, and patching are critical practices (CIO).
Hackers can also use executives’ online presence for attacks by targeting their email accounts to gain access to confidential information and financial authority, executing privilege escalation attacks to elevate privileges within the organization, and potentially using social engineering tactics to trick authorized users into revealing credentials or performing actions that grant additional privileges to the attacker (KnowBe4, One Identity, BeyondTrust).
Strategies to Counter Cyber Threats
Executives can enhance personal cybersecurity by creating a cybersecurity culture within their organizations, ensuring that cybersecurity education programs are in place and regularly updated to train employees on recognizing potential network threats. Executives should also overcome the view of compliance as a mere “check-box” exercise and emphasize the importance of cybersecurity as a strategic imperative rather than just a cost-center. In addition, they should conduct and participate in simulated cyber drills, fortify networks with diverse security layers, and ensure continuous updating and patching of systems to maintain a strong cybersecurity posture (DataGuard, LinkedIn).
Executives can recognize and respond to targeted attacks by implementing endpoint protection to strip out malware attachments, updating frequently, ensuring patching is done regularly, and being cautious of emails from attackers spoofing other executives to send payments (CIO). Additionally, they should be aware that attackers can adapt and improve their attacks over time, customize their methods based on the target sector, and utilize various attack vectors such as stolen credentials, misconfigurations, malware, and social engineering (Trend Micro, Proofpoint US). Executives should maintain proactive detection measures in place to detect privilege escalation attacks, as no single method will catch every possible attack vector (Proofpoint US).
Organizations can improve cybersecurity training for executives by investing in professional training courses provided by cybersecurity companies that offer quality, engaging, and up-to-date content, along with a platform for automated training. Additionally, training should be engaging, interactive, and enjoyable, delivered in manageable chunks that can be easily assimilated, and include multimedia content, quizzes, and exercises to enhance learning and retention (Risk Management Magazine, Spamtitan). Executives should be educated on their crucial roles in protecting the organization from cyber threats and kept informed about the ever-evolving threat landscape to ensure the effectiveness of cybersecurity awareness training programs (TechTarget).
References
- BeyondTrust. Privilege Escalation Attack and Defense Explained. Retrieved from https://www.beyondtrust.com/blog/entry/privilege-escalation-attack-defense-explained
- CIO. Safeguarding your biggest cybersecurity target: Executives. Retrieved from https://www.cio.com/article/228243/safeguarding-your-biggest-cybersecurity-target-executives.html
- CrowdStrike. 10 Most Common Types of Cyber Attacks Today. Retrieved from https://www.crowdstrike.com/cybersecurity-101/cyberattacks/most-common-types-of-cyberattacks/
- CrowdStrike. 7 Most Common Types of Cyber Vulnerabilities — CrowdStrike. Retrieved from https://www.crowdstrike.com/cybersecurity-101/types-of-cyber-vulnerabilities/
- Cybersecurity Dive. Cybercriminals target C-suite, family members with sophisticated attacks. Retrieved from https://www.cybersecuritydive.com/news/cybercriminals-target-c-suite/652052/
- DataGuard. Improving Cybersecurity: 6 Strategies for CEOs. Retrieved from https://www.dataguard.co.uk/blog/improving-cybersecurity-6-strategies-for-ceos
- Fortune. Hackers are targeting C-suite executives through their personal email. Retrieved from https://fortune.com/2023/06/08/hackers-targeting-c-suite-executives-personal-email-cybersecurity/
- Hkcert. Malicious Information Gathering — Now I See You. Retrieved from https://www.hkcert.org/blog/malicious-information-gathering-now-i-see-you
- KnowBe4. CEO Fraud & Executive Phishing Email Attacks. Retrieved from https://www.knowbe4.com/ceo-fraud
- LinkedIn. Cybersecurity Practices for Executives: A Guide. Retrieved from https://www.linkedin.com/advice/1/what-best-cybersecurity-practices-executives-7jwlc
- Mayhem. Common Techniques Hackers Use to Penetrate Systems and How to Protect Your Organization. Retrieved from https://www.mayhem.security/blog/common-techniques-hackers-use-to-penetrate-systems-and-how-to-protect-your-organization
- One Identity. What is privilege escalation and how to prevent it?. Retrieved from https://www.oneidentity.com/learn/what-is-privilege-escalation.aspx
- Proofpoint US. What Is Privilege Escalation? — Definition, Types, Examples. Retrieved from https://www.proofpoint.com/us/threat-reference/privilege-escalation
- Risk Management Magazine. How to Make Cybersecurity Training More Effective. Retrieved from https://www.rmmagazine.com/articles/article/2024/02/20/how-to-make-cybersecurity-training-more-effective
- Spamtitan. How to Improve the Effectiveness of Your Security Awareness Training — Web Filtering. Retrieved from https://www.spamtitan.com/web-filtering/how-to-improve-the-effectiveness-of-your-security-awareness-training/
- Tech Report. C-Suite Executives Becoming Targets for Hackers via Personal Mail. Retrieved from https://techreport.com/news/c-suite-executives-becoming-prime-targets-for-hackers-via-personal-email/
- TechTarget. How to Create a Cybersecurity Awareness Training Program. Retrieved from https://www.techtarget.com/searchsecurity/tip/Cybersecurity-employee-training-How-to-build-a-solid-plan
- Trend Micro. Hacktivism 101: A Brief History and Timeline of Notable Incidents — Noticias de seguridad. Retrieved from https://www.trendmicro.com/vinfo/es/security/news/cyber-attacks/hacktivism-101-a-brief-history-of-notable-incidents
- Trend Micro. Targeted Attacks — Definition. Retrieved from https://www.trendmicro.com/vinfo/us/security/definition/targeted-attacks
- Verizon. A Guide to Executive Cyber Security Protection | Verizon Business. Retrieved from https://www.verizon.com/business/resources/articles/s/a-guide-to-executive-cyber-security-protection/
- ZDNET. A decade of hacking: The most notable cyber-security events of the 2010s. Retrieved from https://www.zdnet.com/article/a-decade-of-hacking-the-most-notable-cyber-security-events-of-the-2010s/
