CEO Fraud – Action Step Four And Wrap It Up!

Isolate security policy violations
For such an incident to happen, violations of existing policy are likely to be in evidence. Conduct an internal investigation to cover such violations as well as to eliminate any possibility of any collusion with the criminals.
Take the appropriate disciplinary action.

Draw up a plan to remedy security deficiencies
When the immediate consequences of the attack have been addressed and full data has been gathered about the attack, draw up a plan that encompasses adding technology and staff training to prevent the same kind of incident from repeating. Be sure to beef up staff awareness training as a vital part of this.


Wrap It Up!
There is no substitute for preparation when it comes to dealing with cybercriminals and the many flavors of CEO fraud. The CEO Fraud Prevention Checklist given here will guide you through the steps to take to proof the organization up against this type of incident.


While those steps will greatly reduce the likelihood of an incursion, all it takes is one gullible or inattentive user to let the bad guys inside. In those cases where CEO fraud is being perpetrated.


In the case of both checklists, security awareness training plays an essential role in creating a human firewall around your organization. Only when users are fully aware of the many facets of phishing will they be capable
of withstanding even the most sophisticated attempts at CEO fraud.

Contact my office for CEO Fraud Response Checklist.

Thank you for following this important series on CEO Fraud…Till next time..Think Before You Click!

Tina Louise – http://www.cloudplusservices.com – 888.871.6584

CEO Fraud – Action Step One!

Action is the cure to all business growth! As it is in security awareness training being proactive instead of reactive determines success of your data.

Resolution and Restitution
Should a CEO fraud incident take place, there are immediate steps to take:

1. Contact your bank immediately
Inform them of the wire transfer in question. Give them full details of the amount, the account destination and  any other pertinent details. Ask the bank if it is possible to recall the transfer. Get put in touch with the cybersecurity department of the bank, brief them on the incident and ask for their intervention. They can contact their counterparts in the foreign bank to have them prevent the funds from being withdrawn or transferred
elsewhere.

2. Contact law enforcement
In the U.S., the local FBI office is the place to start. The FBI, working with the U.S. Department of Treasury Financial Crimes Enforcement Network may be able to return or freeze the funds.

When contacting law enforcement, identify your incident as “BEC”, provide a brief description of the incident, and consider providing the following financial information:
• Originating Name:
• Originating Location:
• Originating Bank Name:
• Originating Bank Account Number:
• Recipient Name:
• Recipient Bank Name:
• Recipient Bank Account Number:
• Recipient Bank Location (if available):
• Intermediary Bank Name (if available):
• SWIFT Number:
• Date:
• Amount of Transaction:
• Additional Information (if available) – including “FFC”- For Further Credit; “FAV” – In Favor Of:

3. File a complaint
Visit the FBI’s Internet Crime Complaint Center (IC3) at http://www.IC3.gov to file your complaint.  Victims should always file a complaint regardless of dollar loss or timing of incident at http://www.IC3.gov and, in addition to the financial information, provide the following descriptors, in addition to the bullet points in the previous section:
• IP and/or email address of fraudulent email
• Date and time of incidents
• Incorrectly formatted invoices or letterheads
• Requests for secrecy or immediate action
• Unusual timing, requests, or wording of the fraudulent phone calls or emails
• Phone numbers of the fraudulent phone calls
• Description of any phone contact to include frequency and timing of calls
• Foreign accents of the callers
• Poorly worded or grammatically incorrect emails
• Reports of any previous email phishing activity

Next time..Action Step Two…till then Think Before You Click!

Tina Louise ~ www.cloudplusservices.com ~ 888.871.6584

 

 

CEO Fraud – Is Your Staff Teachable?

Simulated Phishing

Security awareness training is best accompanied by simulated phishing. The initial simulation establishes a baseline percentage of which users are phish-prone. Continue simulated phishing attacks at least once a month, but twice is better. Once users understand that they will be tested on a regular basis, and that there are repercussions for repeated fails, behavior changes. They develop a less trusting attitude and get much
better at spotting a scam email. Phishing should not just be blasts to all employees with the same text. What happens then is that one employee spots it and leans out of the cubicle to warn the others. Instead, send different types of emails to small groups of users and randomize the content and times they are sent.

Red Flags

Security awareness training should include teaching people to watch out for red flags. In emails, for example, look for awkward wordings and misspelling. Be alert for slight alterations of company names such as Centriffy instead of Centrify or Tilllage instead of Tillage. Hackers have gotten good at creating spoofed email addresses and URLs that are very close to actual corporate addresses, but only slightly different. Another red flag is sudden urgency or time-sensitive issues. Scammers typically manufacture some rush factor or other that can manipulate reliable staff to act rapidly. Phrases such as “code to admin expenses,” “urgent wire transfer,” “urgent invoice payment” and “new account
information” are often used, according to the FBI.

Next time…Resolution and Restitution…till then Think Before You Click!

Tina Louise ~ www.cloudplusservices.com ~ 888.871.6584

My Mom Always Says ” You Learn Something New Everyday” Security Awareness Training

And my mom is 93 and I listen to my mother! Training is a critical piece of every business model. No matter your product or service and your not training your staff get out of the game your going to lose…everything!

Training

No matter how good your prevention steps are, breaches are inevitable. But user education plays a big part in minimizing the danger. Make it a key aspect of your prevention strategy. Start by training staff on security policy. Augment this by creating a simple handbook on the basics of security. This should include reminders to never to insert USB drives from outside devices into work machines. It should also review password management, such as not reusing work passwords on other sites or machines.

As it represents one of the biggest dangers, phishing demands its own training and instruction. Let users know that hovering over email addresses and links in messages shows the actual email address or destination URL. Just because it says “Bank of America,” or “IT department” with all the right logos doesn’t mean it’s from that
source. Add further instruction to not open unknown file types, click on links, and open attachments from unknown people or entities. Coach them into a suspicious frame of mind regarding requests to send in their passwords or account details. If for instance, educating a student body in this manner isn’t feasible, put them on a separate network and severely restrict their access to sensitive data.

Security awareness training is strongly recommended. The best programs baseline click rates on phishing emails and harness user education to bring that number down. But again, don’t expect 100% success. Good employee education can reduce phishing success significantly, but it won’t take it down to zero. There is always someone who doesn’t pay attention, is in a hurry that day, or is simply outsmarted by a very clever cybercriminal. Comprehensive data security best practices must also be in force.

Next post find out about…Simulated Phishing & Red Flags…Think Before You Click!

Tina Louise ~ www.cloudplusservices.com ~ 888.871.6584

 

Don’t Get Punched In The Mouth! Cyber Risk Planning

You know the saying ” Everyone has a plan until they get punched in the mouth”, so what’s your plan!

Cyber-Risk Planning

Cybersecurity has historically been treated as a technology issue. However, cyber-risk must be managed at the most senior level boardroom in the same manner as other major corporate risks. The CEO must fully understand the company’s cyber risks, its plan to manage those risks, and the response plan when the inevitable breach occurs. CEOs also must consider the risk to the company’s reputation and the legal exposure that could result from a cyber incident. CEO fraud must be part of the risk management assessment. While this assessment is of a technical nature, it is more about organizational procedures.

Executive leadership must be well informed about the current level of risk and its potential business impact. This is rarely the case within organizations inflicted with phishing and CEO fraud. Management must know the volume of cyber incidents detected each week and of what type. Policy should be established as to thresholds and types of incident that require reporting to management. In the event of an outbreak, a plan must be in place to address identified risks. This is another weak point in many organizations. Yet it is an essential element of preserving the integrity of data on the network.
Best practices and industry standards should be gathered up and used to review the existing cybersecurity  program. Revise the program based on a thorough evaluation. One aspect of this is regular testing of the cyber incident response plan. Run a test of a simulated breach to see how well the organization performs. Augment the plan based on results.

Lastly, call your insurance company and go over the fine print regarding your coverage. If no cyber insurance exists, acquire some rapidly. Go over the details of cyber security insurance to ensure it covers the various type of data breaches and includes the various types of CEO fraud.*

Note: Normally human error like CEO fraud is NOT covered by cyber security insurance.

Forgive the delay on our posts ….next time find out about training just like my 93 year old mother say’s ” You learn something new everyday”!

Think before you click!

Tina Louise ~ www.cloudplusservices.com ~ 888.871.6584

 

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 ~ www.cloudplusservices.com ~ 888.871.6584

 

Part IX: CEO Fraud ~ Policy What Policy!

Every organization should set security policy, review it regularly for gaps, publish it, and make sure employees follow it. It should include such things as users not opening attachments or clicking on links from an unknown source, not using USB drives on office computers, password management policy (not reusing work passwords on other sites or machines, no Post-it notes on screens as password reminders), completing specific types of security training including training on security policy, and the many other details of employee and overall security diligence. Policy on WiFi access, for example, should be reviewed. Include contractors and partners as part of this if they need wireless access when on site.

Policy should also exist on wire transfers and the handling of confidential information. It should never be possible for a cybercriminal to hijack a corporate email account and convince someone to transfer a large sum immediately. Policy should limit such transactions to relatively small amounts. Anything beyond that threshold must require further authorizations.  Similarly, with confidential information such as IP or employee records, policy should determine a chain of approvals before such information is released.

Next week find out about ~ Procedures….Think Before You Click!

Tina Louise ~ www.cloudplusservices.com ~ 888.871.6584