This e-week article says "Online criminals trying to pry passwords and other sensitive information out of companies have started using phony e-mails to pose as powerful executives of the targeted organizations, experts said on Wednesday.
Spear phishing can be devastatingly effective even among employees who are aware of online threats. At the U.S. Military Academy in
"It's the colonel effect. Anyone with the rank of colonel or higher, you execute the order first and ask questions later"."