Also known as CATO, the corporate account takeover is a form of identity theft where hackers use malicious malware to access and steal the financial and sensitive information of employees for carrying out illegal activities. Some of the common hotspots for carrying our Corporate Account Takeover attack are gaming, travel, hospitality, media, finance, and retail industries.
With the spread of Coronavirus people have been forced to stay indoors. Work from home is the new normal now but has resulted in a spike in the rate of cybercriminal attacks including Corporate Account Takeover Attacks.
Apart from these small and medium scale industries, municipalities along with various other Non-profit organizations are the constant targets for conducting a CATO attack.
How does The Scam work?
Cybercrooks use destructive tactics like phishing scams to gain unauthorized access to user’s accounts. They usually mimic providing account-related assistance and ask for a payment for this.
These account credentials are then used to exploit and carry out illegal financial transactions. Corporate Takeover attacks can have a greater impact and can cost any organization both money and time.
Phishing scams, Credential Surfing, Brute Force Attack, Man-in-the-middle attack, Social Engineering, Password Spraying, and Session Hijacking are some of the other tactics that lead to a Corporate Account Takeover attack.
Recent Examples of CATO Attack
What To Do If Your Account Has Been Compromised?
If you discover that your account has been compromised here are few steps that you should take on an immediate basis.
Preventive Measures | Best Practices to Avoid CATO
Here are some of the best and effective practices that every business should practice to counter a Corporate Account Takeover attack.
A Corporate Account Takeover (CATO) Attack can impact the financial stability and reputation of any organization. You need to stay educated and follow all preventive measures to avoid being a victim of this lethal attack.
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