accountants and business advisers
07 Apr 2020
With the exception of the last bulleted item about the proposed federal Data Protection Agency, this month’s edition of Cyber Roundup soberly sets out various cybercrimes that are morphing into even more destructive acts, resulting in ever-expanding harm to businesses and individuals. The ingenious evil that allows these cyber criminals to swindle money, wreck reputations and cause chaos speaks to the need for vigilance and to the engagement of professionals to help insulate your IT systems, devices and procedures. In order to succeed in the long-term, vigilance and professional help must be ongoing. Call us.
We also call your attention to our special e-newsletter on the coronavirus in case you missed it.
The following is a rundown of what happened during the month of February 2020. We welcome your comments, insights and questions.
Tom’s Takeaway: In 2014, BEC losses only accounted for approximately $60 million. On average, since 2014, the amount lost has almost doubled. BEC is not going to disappear any time soon; however, with proper employee training and well-established controls, you can avoid becoming a victim. If you need assistance in this area, please contact us.
Tom’s Takeaway: As the number of connected devices will inevitably increase, what will be important is that both businesses and consumers have a process of actively identifying and installing security patches issued by the vendors. This will be true for any connected device, be it your phone, your TV, or your refrigerator.
Tom’s Takeaway: Part of the increase, as noted in the report, is the result of more people installing the malware solution on their Macs. That’s actually a positive as it indicates that more people are moving away from the flawed notion that Macs are inherently safe from infection. As we have noted in prior Roundups, Macs need an anti-malware solution. If you haven’t installed one, it is strongly recommended to do so.
Tom’s Takeaway: While this issue is happening in the UK, the risk very much exists globally. If an attacker can gain physical access to your infrastructure, you have given a prime opportunity to allow them to bypass many of the logical controls you may have in-place. When we do our assessments, one of the issues we frequently remind management of is that any individual with access to your space, especially cleaning personnel who operate unattended after hours, creates risk that needs to understood and managed.
Source: PKF O'Connor Davies
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