The Rise in SIM-Swap Attacks: What Executives Should Know
SIM-swapping attacks targeting executives are on the rise. In 2023, the FBI investigated 1,075 SIM-swapping attacks, which resulted in nearly $50 million in losses. SIM swapping has become so pervasive that it has prompted the Federal Communications Commission to consider strengthening regulatory actions for protecting consumers and businesses as it relates to this attack vector. Criminals increasingly target senior-level executives in an attack that can impact their corporate and home office environments and even extend to family members. In this article, we will cover the mechanics of SIM-swapping and what executives need to know to mitigate this risk. What Is a SIM Card? SIM is an acronym for a subscriber identity module, which is smart card or a unique identifying number (e-SIM) and acts as the key to a user's cellular network. It stores information like the unique identification number, the users contacts, and other data, and activates calling, texting, and data serv...