Cyber Security (CONT’D FROM PAGE 24)
Board Converting NEWS INTERNET DIRECTORY
Electronic Payments Wire transfers and ACH (Automated Clearing House) transactions are juicy targets for cyber thieves as the busi- ness world moves away from paper checks. “The right procedures can help spot electronic payment fraud be- fore the money goes out the door,” says Schaeffer. “That’s much better than trying to recover what’s been lost.” That key word is “procedures.” Security experts say most business fraud stems from social engineering--a thief’s skillful engagement with a company employee. “So- cial engineering is responsible for 70 percent to 90 per- cent of all successful digital breaches,” says Roger Grimes, a consultant at security firm Knowbe4 (knowbe4.com). “Yet the average company spends less than five percent of its cybersecurity budget to fight it.” Training the staff in preventive procedures can stem such fraud in the bud. To obviate BEC fraud such as the one in our opening story, for example, businesses can re- quire that wire transfers be validated by a means other
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than email. “Validation should be done by either picking up the phone and calling the executive using a known number, or if feasible by walking over to that individual’s office,” says Schaeffer. The pandemic has made this kind of verification more difficult. “Calling and verifying sounds easy in the abstract, but it can be exponentially more difficult when people work from home,” says Schaeffer. “Sometimes the right person is not readily available because of their schedule.” Adding to the risk is the fact that home workers often have less than ideal technology. “Accounts payable peo- ple have become accustomed to using two screens,” says Schaeffer. “When they get sent home they may only have a laptop with a single small screen.” The result of this tech- nology mismatch can be costly errors. “Just trying to enter data by going back and forth between applications takes longer and can create confusion.” The above conditions can lead to security breaches when targeted employees are pressured into quick action. “Thieves will often request transactions when they know people are more likely to be overworked or harried,” says
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April 19, 2021
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