Extra Features and Video Online FloristsReview.com
R E A D O N L I N E
47
at key word is "procedures." Security
experts say that most business fraud
stems from social engineering—a
thief 's skillful engagement with
a company employee. "Social
engineering is responsible for 70
percent to 90 percent of all successful
digital breaches," says Roger Grimes,
a consultant at security firm KnowBe4
in Clearwater, Fla. " Yet the average
company spends less than 5 percent
of its cybersecurity budget to fight it."
Training your staff in preventive
procedures can nip such fraud in the
bud. To obviate BEC fraud such as the
one in our opening story, businesses
can require that wire transfers be
validated by a means other than
email. " Validation should be done
either by calling the [issuer of the
payment] using a known number
or, if feasible, by walking over to that
individual's office," says Schaeffer.
"However, the pandemic has made
this kind of verification more difficult.
Verifying sounds easy, but it can be
exponentially more difficult when
people work from home. Sometimes
the right person is not available
because of his or her schedule."
Adding to the risk is the fact that
home workers often have less-than-
ideal or mismatched technology,
which can result in costly errors.
In addition, security breaches can
occur when targeted employees
