Show Notes
Business Email Compromise – it’s a major way that global thieves steal trillions of dollars. Bill Repasky, an attorney at Frost Brown Todd LLP, with years of experience in electronic payments and cyber-fraud defense, explains how attacks of this type occur, why they are growing, what can be done to prevent them, and what a business can do if attacked this way.
Common types of Business Email Compromise attacks are what appear to be incoming customer payments, outgoing payments to suppliers of goods and services, and internal attacks (where a mal-actor takes over an employee’s email account at the business). While anti-phishing training is important, it is not enough. Businesses can minimize risk of loss by upgrading institutional defenses this podcast discusses. Tune in for a tune up on how businesses can deal with the rising global crime wave of Business Email Compromise.
Time stamps:
00:46 - What is Business Email Compromise?
03:28 - What businesses are being targeted?
05:35 - What are the common threads we see in business email attacks?
08:24 - How do internal business email attacks occur?
11:00 - How is public information on social media used as part of email attacks?
11:38 - Key things businesses can do to prevent attacks?
14:20 - What is “out-of-band” verification and how can it help prevent attacks?
17:15 - What should a business do once it knows it has been attacked?
More from Frost Brown Todd Podcast
Episode 155 considers three important developments as 2024 opens:
Why do businesses create cookies for their websites – and what choices can visitors make when a popup asks us to choose? Can chatbots write privacy policies for businesses? How can we determine if a website shares personal information we provide to it – and if so, for what purposes?
When we visit websites, we increasingly see popups. Why is this? How does consent affect online advertising? And what’s changing in 2024?
Data clutter – we keep our homes tidy, at least some of us do. But what about digital data? It accumulates and grows over time. Unlike hard copy files, which can be pitched or sent to long-term (expensive) storage, data is silent and unobservable (except perhaps to IT personnel). Explore how organizations amass vast amounts of data containing personal information, some highly sensitive. There it resides, posing serious risks to organizations and individuals.
Major data privacy news from November - the meaning beneath the headlines: California issues proposed rules on ADTs – Automated Decision-making Technology. Applying California’s principal data privacy statute, the California Privacy Protection Agency proposes opt-out requirements, pre-use notices, and other measures for AI and related organizations. A New Landmark for Consumer Control Over their Personal Information: CPPA Proposes Regulatory Framework for Automated Decisionmaking Technology (ca.gov). The TSA is using biometrics at U.S. airports with little notice or disclosure. Some U.S. Senators have called “time-out.” What’s going on with biometrics at airports? BUR23A41 (senate.gov). The influential Data & Trust Alliance proposes eight cross-border Data Provenance Standards. Learn how international standards are being set by the private sector to increase transparency, reliability, and use of datasets essential for AI. Will data become labeled and tracked like food and art? How does private standard setting lay the groundwork for privacy conscious laws and regulations? Consider the immediate opportunity to provide your comments about AI and personal data privacy. The Data & Trust Alliance (dataandtrustalliance.org). Tune in to Episode 151 for analysis, as the world of data privacy spins toward 2024.