Many leaders still think that the biggest cyber threat to a company lies somewhere „out there“ – in hackers, viruses or IT systems. The reality is harsher: the biggest risk starts with the leader himself.
If your signature rights or authentication tools fall into the wrong hands, your entire company's cash flow can be lost in seconds. Cybersecurity is no longer a technical concern for the IT department, but board survival issue.
Why are managers at the greatest risk in cyberattacks?
Signature rights mean access to money
Attackers don't need to break into servers or complex systems. All they need is one stolen authentication code and one payment order.
Attacks on leaders are targeted
Cybercriminals do not act randomly. They monitor decision-makers with access to large sums of money, prepare for attacks for a long time, and wait for the right moment.
This has already happened in Estonia too.
In recent years, several Estonian companies have fallen victim to attacks where stolen credentials were used to compromise not only money, but also jobs for hundreds of employees.
Ask yourself: how quickly can you cancel your codes?
In the case of a cyber attack, Time is the most critical factor. If an attacker gains access, money can move from accounts in seconds.
- Does your company have a clear process for stopping payments immediately?
- Does anyone besides you know what to do if your access is compromised?
Three practical steps for every manager
- Two-approver system
Each payment must be confirmed by at least two people.
This may seem cumbersome, but it is actually the cheapest and most effective insurance against your company.
- Spread risks between banks
If you have large amounts in your company accounts, don't keep them in one bank.
A recent case showed that three out of four banks were able to stop the attack – money disappeared from only one account.
- Cyber insurance
According to Telia, the number of cyber attacks in Estonia reaches over 28 million cases per year.
Fires are rare, cyberattacks are commonplace. Yet most companies are insured against fire, not cyberthreats.
A practical manager's checklist for cyber attack preparedness
- Access and signature rights
- Are your authentication tools protected by multi-factor security?
- Do you have a clear plan for immediately revoking stolen codes?
- Payment confirmation
- Does each payment have at least two approvers?
- Diversification of bank accounts
- Are cash flows distributed between multiple banks?
- Don't large sums of money stay in one place?
- Insurance
- Does the company have cyber insurance?
- Does it cover both direct and indirect damage?
- Have you compared different offers?
- Technical protection
- Are email and payment systems protected against phishing and malware?
- Are employees trained regularly?
- Personal readiness of the driver
- Have you thought through the crisis scenario?
- Do you have contacts to call within the first 10 minutes?
- Has the board discussed how the company will survive if cash flow is disrupted?
Final conclusion
Manager, your signature authority is the most vulnerable point in the company.
If you don't think about how to protect it, neither the IT department nor the security company will save you.
Cybersecurity starts with you – your decisions, your discipline, and your willingness to act before, not after, the attack.