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“This rise in CEO email crime highlights the increasing sophistication of cyberattacks and the monetary and reputational impact it can have on businesses, leaders and their employees. With only 45 per cent of businesses worldwide confident in their security posture, according to the Cisco’s Annual Security Report (ASR), it is more crucial than ever that security is put at the forefront of business priorities.

With the estimated annual cost of cybercrime to the global economy anywhere between $375bn to as much as $575bn, and the persistence of cybercriminal activity today it is essential that cybercrime is taken seriously as a business risk, particularly given the potential for lost intellectual property, compromised customer information and loss in confidence and valuation impact.

The only way to ensure it maintains its rightful place in boardroom discussion is by realising the gravity of the issue – only then will it receive adequate attention and investment. Yet awareness of the risks to businesses needs to extend beyond the boardroom, as this particular method highlights, it is important that the whole organisation is made aware of the latest methods cybercriminals are using to try and compromise business security, so that employees at all levels can help to take steps to protect the business.

Today an integrated, holistic approach to security that addresses the entire threat continuum – before, during and after an attack – is necessary and it needs to evolve with the threat landscape, as well as the changing needs of the company, to give any business the chance of staying one step ahead of adversaries.”