Cyber-security has been identified as one of the financial industry’s top risks, with the rapid increase in the intensity of cyber-attacks and the emergence of new types of fraud that require attention. 

With phishing’s dark cousin “whaling” a new type of fraud that targets C-level corporate executives, financial institutions are urged to develop and implement effective systems, processes and protocols with the C-suite and the board to prevent damaging incidents from occurring.

Senior Executives should be aware of the vulnerable and exposed nature of their emails, therefore they must be trained and provided with on-demand access to security protocols and procedures to help them avoid being at the source of this type of data loss.

On the other hand, companies should implement secure, encrypted technologies alongside necessary policy and cultural organizational changes, thus decreasing the likelihood of a breach, and at the same time strengthening how the company responds to a cyber incident.