Problem: Chinese plane parts manufacturer FACC lost nearly $50 million in a so-called "CEO fraud scam" where scammers impersonated high-level executives and tricked employees into transferring funds. After the incident, FACC then spent more money trying to sue its CEO and finance chief, alleging that they had failed to implement adequate internal security controls.
While the case failed, it's an important reminder: Cybersecurity is business-critical and everyone's responsibility. In fact, Gartner predicts that by 2024, CEOs could be personally liable for breaches.
Within your group, find ways to prevent CEO fraud. Write one paragraph on ways to prevent CEO fraud.