Cybersecurity and Fraud Protection
What’s New in Cybersecurity Awareness
Explore the evolution of cybersecurity threats, the current trends in payments fraud and the solutions companies can invest in to help mitigate risk.
Starting with the first cyber “worm” that infected computer systems more than three decades ago to cybersecurity threats targeting critical infrastructure today, cybercriminals continue to develop increasingly sophisticated schemes while organizations counteract with stronger security measures and technological strategies. The five pieces below, originally published in Commercial Banking’s cybersecurity magazine, delve into the changing technologies and tactics of cybersecurity threats and how organizations and employees can stay vigilant and protect themselves.
Cyberattacks have grown in complexity and effectiveness over the decades, ranging from destructive malware attacks that destroy critical data and infrastructure to sophisticated fraud schemes designed to steal tens of millions of dollars from organizations. Learn how companies have become more aware of the importance of data protection and the need to implement stronger cybersecurity practices and technology controls.
Awareness and prevention remain critical steps in stopping fraud as cybercriminals target companies of all sizes around the world. JPMorgan Chase’s Global Chief Information Officer, Lori Beer, discusses how new technology, such as machine learning, can help build a strong cybersecurity program along with investing in broad-scale training. Read more from our interview with Beer to learn how she helps protect the firm and its clients from cyberattacks.
Criminals frequently impersonate company executives or known vendors via email to convince employees to send money to fraudulent bank accounts. And if an employee sends payment to a criminal, there’s no guarantee those funds will ever be recovered. Developing a strong callback process can help remind employees to authenticate a request before sending funds. Learn best practices employees can follow when authenticating a request that involves a change in payment instructions.
A data breach or business email compromise (BEC) could lead not only to reputational risk, but also financial losses and corrupted business transactions. By raising cyber awareness among all employees within an organization, each person can help mitigate risk and protect personal information. Learn how to reduce the likelihood of a successful cyberattack on employees, clients and third-party vendors through four cyberfraud scenarios.
Education and training are significant tools for helping organizations thwart fraud attempts. The Commonwealth of Kentucky’s Treasurer’s Office was able to draw on their cybersecurity awareness training to stop a sophisticated BEC scheme. Learn how the staff flagged a wire transfer that didn’t pass the “smell test” and prevented a cyberattack that could have resulted in millions of dollars in losses.
