Corporate Account Takeover: Guide

Corporate Account Takeover: Guide to Protecting Digital Identities In today's world, corporate account takeover (CATO) is becoming a more serious threat to businesses worldwide. According to research, corporate account takeover was responsible for 72 % of all data breaches reported in the previous year. "corporate account takeover" refers to various cyberattacks on money flows and corporate bank accounts.

While these cyberattacks could take many different forms, they all include the theft of the company's identity to carry out deceptive operations.

What is Corporate Account Takeover CATO (Corporate Account Takeover) is a sort of enterprise identity fraud in which unofficial users steal or misappropriate employees' access keys and passwords to access the company's most sensitive data.

The hotel, media, retail, banking, supply chain, gaming, and travel industries are some of the most popular targets for cybercriminals looking to steal corporate accounts.

According to current figures, around 57 % have seen increased losses due to online corporate account takeover.

How does CATO Fraud Take Place?

CATO (Corporate Account Takeover) attacks do not always target financial institutions' or banks' security interfaces or networks. Instead, these online attacks seek out clients who can initiate capital transfers from bank accounts through their systems or use online banking services.

The main goal of this attack is to steal the client's access credentials, such as their password, username, and other sensitive information, without their knowledge so that they can impersonate the customer and conduct unlawful financial transactions.

Social engineering (a malicious activity) is frequently used by cybercriminals to get confidential information.

Some of the most typical forms of vulnerable accounts that result in CATO are listed below. ● Banking ● Public Administration ● E-commerce ● Social Media

Reliable Business Practices That Can Prevent CATO Losses Over the previous few years, limiting and reducing the impact of Corporate Account Takeover (CATO) attacks has remained a major focus for venture management departments. The lucrative nature of the victims makes these attacks appealing. They are, however, rarely successful due to the ongoing deployment of trustworthy business procedures by both businesses and financial institutions to mitigate risk.

The most reliable business procedures that businesses and financial institutions can use to avoid CATO losses are listed below. ● Think before you act: Before opening an email or responding to a text or phone call, you should always consider the consequences of your actions. ● Deny or decline: If you ever get a request for your personal information, such as your passwords or user ID, you must immediately decline. ● Never trust blindly: You should never trust a website, email, or phone caller until you are certain that they are authentic. ● Carry out training sessions: Conduct training sessions regularly to keep your employees and clients informed about the current CATO threats. ● Link escape ● Automatic log-off setting ● Firewall and anti-spy malware ● Multi-Factor Authentication (MFA) ● Operate passwordless

Conclusion: Many digital enterprises do not have a greater level of protection anymore, and they are easily targeted because of their lucrative nature. These Corporate Account Takeover (CATO) attacks typically get access to a company's financial information, which significantly influences digital business and results in significant losses.

In this guide, we'll look at corporate account takeover, how it happens, the methods fraudsters use to obtain access to illegal accounts, how CATO affects digital businesses, and how regulators work together to help you avoid it.

Guide Corporate Account Takeover