Executives are the primary target of cybercriminals, with 72% of U.S. cybersecurity professionals surveyed saying this group had been the target of cyberattacks in the past 18 months. This trend, highlighted in GetApp’s 2024 Executive Cybersecurity Report, underscores the increasing sophistication of attacks, including the growing use of AI-generated deepfakes, which were involved in 27% of attacks.

Despite the obvious and present threat, many companies are failing to adapt their cybersecurity strategies to protect their top talent. Over a third (37%) of companies globally do not provide their senior executives with specific cybersecurity training, creating a critical gap in their defenses.

“Company executives have critical business data at their fingertips, making them a target for cybercriminals,” said David Jani, senior security analyst at GetApp. “Companies must urgently prioritize dedicated cybersecurity training for their executive teams.”

The frequency of attacks is also increasing, with 69% of U.S. organizations that have been attacked reporting an increase in attacks over the past three years—higher than the global average of 58%. This increase coincides with the increasing sophistication of attacks. In particular, incidents involving AI-powered deepfakes and phishing attacks have increased, with executives being the primary targets.

More than half (54%) of U.S. companies have experienced at least one identity fraud incident involving a senior executive in the past 18 months, 13 percentage points higher than the global average of 41%. Compared to the global average, senior executives in the U.S. are also at significantly higher risk of fraudulent financial transactions.

In response to these escalating threats, organizations are encouraged to implement comprehensive cybersecurity strategies that include ongoing training, the use of advanced security tools such as multi-factor authentication (MFA) and data encryption. Proactive measures such as regular software updates, monitoring network activity and preparing for emerging threats such as deepfakes are also critical.

Read the full report to gain further insights into how organizations can protect their executive ranks from costly cyberattacks.