accountants and business advisers
07 Oct 2019
The following is a rundown of what happened during the month of August 2019. We welcome your comments, insights and questions.
Tom’s Takeaway: In April ‒ based on a FBI study ‒ we reported that business email compromise schemes have almost doubled year-over-year for the past few years, reaching 1.2 billion in 2018. If you haven’t done so, it is critical that you make sure you have a strong set of controls around the receipt and updating of any banking information from a vendor.
Tom’s Takeaway: As a firm, we have a strong history in supporting numerous municipalities in the tristate area. While we understand the budgetary constraints, it is critical that all municipalities begin to view the implementation of a cybersecurity program as a key component of public safety. If your municipality does not know where to start, we encourage you to contact us to learn about how we can assist.
On a separate note, the Texas and dental office incidents underscore how important it is to perform third party due diligence on any IT managed service provider (MSP) or Cloud service you use. Over the past six months, it is clear that the cybercriminals are starting to focus on IT MSPs and Cloud service providers. It is critical that you have a complete understanding of what security controls are in place at those providers. If you need assistance in this area, we would be happy to help.
Tom’s Takeaway: While biometrics can perform secure authentication and ease the burden of end users needing to remember passwords, no different than a Social Security number, providers need to exercise extreme care in how they collect and protect this data. Unlike a password, a biometric cannot be changed.
Source: PKF O'Connor Davies
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