Cyber Attack now What! by Guest Blogger P.J. “Trish” Fritsche, CPA, CFF, CGMA, CITPPosted: March 20, 2017
Businesses and other entities will suffer at some point from a computer hack or other event that affects business reputation or client relations. The idea is….Not if, but when and the question follows; does your business have a response plan in place?
Computer hacking refers to the practice of modifying or altering computer software and hardware to accomplish a goal that is considered to be outside of the creator’s original objective by cyber.laws.com/hacking. An example could be a keylogger. While a keylogger in itself is not necessarily malicious, some people hear keylogger and think of a malicious event. A keylogger used with the intent to gain information like passwords, banking information or other sensitive data is a business issue that should have policies and procedures attached so when your turn comes, the response plan is effective and efficient. The response plan could include a specific team, mitigation and investigation, and internal and external communications.
Whether the cyber event is by an employee or sophisticated digital criminal, losing cash that is vital to a business’s ongoing operations is a disruptive event including changing bank accounts, forensic investigations, reporting to enforcement and required disclosure to clients about compromised information.
While revenue generation is a key business concern, taking the time to address limited security budgets, outdated security, appropriate insurance coverage and employee training can reduce your risk. The threat is just a click away.
In closing, when was the last time you talked to your insurance representative to understand coverages related to cyber threats.
Who to report to can be found here.
For response plan assistance go here.
Disclosure information at Cyber Privacy Fortification Act of 2017 is here.
Just remember your turn is coming….
Ms. Fritsche has more than 25 years of experience providing services related to forensic accounting, litigation support, audit assurance and tax services to public sector, profit entities and individuals. Her areas of expertise include leading special investigations, financial data analysis and conducting forensic interviews.