Part X: /CEO Fraud ~ Let Them Know About The Procedures!

IT should have measures in place to block sites known to spread ransomware, keeping software patches and virus signature files up-to-date, carry out vulnerability scanning and self-assessment using best practice frameworks such as US-CERT or SANS Institute guidelines, conducting regular penetration tests on WiFi and other networks to see just how easy it is to gain entry. These and many other security procedures will go a
long way towards protecting your organization.  Procedures must also be developed to prevent CEO fraud. Wire transfer authorization is one scenario demanding careful attention. Set it up that any wire transfer requires more than one authorization, as well as a confirmation beyond email. Phone, or ideally, face-to-face confirmation should be included. That way, a spoofed email attack is thwarted as confirmation is done on a different channel. If by phone, only use a pre-existing number for your contact, not one given to you in an email.

The subject of time should also be part of procedure. To guard against urgency injected by a cybercriminal into an email, standard procedure should call for a 24 hour waiting period before funds are transferred. This gives ample time for the necessary authorizations and side-checks for authenticity to be completed.

Next week find out about ~ Cyber-Risk Planning…Think Before You Click!

Tina Louise ~ ~ 888.871.6584


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