Fraud and cyber crime—which includes any criminal act dealing with computers and networks—are the most common criminal offences in the United Kingdom, according to the most recent data from the Office for National Statistics. In fact, in 2015, approximately 8,000 people and companies each month reported being the target of a phishing scam, which involves fraudsters accessing valuable personal and company data—such as usernames and passwords.

While there are several types of cyber attacks that are considered to be phishing scams, the CEO fraud email scam (also known as ‘bogus boss’, ‘whale phishing’, ‘insider spoofing’, company exec spam and business email compromise) can be the most expensive. Although the average loss is £35,000, it can vary widely with some UK companies reporting losses of up to £18.5 million, according to the nation’s fraud and cyber crime reporting centre, Action Fraud.

By understanding the risks involved with the CEO email scam, you can boost your defences to better protect your company from cyber criminals. Continue reading for strategies for best practices on avoiding cyber risks:

Cyber Risks & Liabilities – Combatting CEO Fraud Email Scams