Business Email Compromise and Ransomware - Red Flags and Mitigation

Why Should You Attend:

Cyber frauds continue to drain billions from unsuspecting organizations and consumers around the globe. Two cyber frauds, business email compromise (BEC) and ransomware, are the toughest to avoid and the most costly.

In addition to losing money if the fraud is successful, organizations have to shell out again in the aftermath in the form of thousands more for the loss of productivity, legal fees, technology services, and sometimes to buy credit monitoring services for affected employees and/or customers.

This session will identify these growing attacks, including detailed examples and explanations of both forms of fraud, and highlight sound business practices to minimize your exposure to loss. We will also discuss tips to consider when reviewing cyber security insurance policies since many organizations eventually learned their policy did not cover these forms of fraud.

Learning Objectives:

• Review the risks of business email compromise (BEC) and ransomware
• Isolate red flags
• Document sound business practices to minimize exposure and loss
• What to present to your board of directors before an incident
• Understand the current state of how these frauds affect common cyber security insurance policies

Areas Covered in the Webinar:

• Business Email Compromise (BEC)
• Define and provide examples
• Review case studies
• Red flags of a BEC attack
• Sound business practices to minimize exposure and loss
• Ransomware
• Define and provide examples
• Review case studies
• Identify why ransomware is so difficult to prevent
• Sound business practices to minimize exposure and loss
• Cyber Security Insurance Policies

Who Will Benefit:

• Internal Auditors
• Risk Officers
• Director of Security
• Compliance Officers
• Compliance Professionals
• Operational Risk Professionals
• CFO/Finance Professionals
• Board Members
• External Auditors
• Audit Committee Members
• Operational Risk Managers
• Departmental Managers
• Information Security
• Information Technology
• Fraud Investigators

Rayleen M Pirnie
CEO, RP Payments Risk Consulting Services LLC

Rayleen M. Pirnie, AAP, is CEO and founder, RP Payments Risk Consulting Services, LLC, based in Missouri. She is a nationally recognized payments risk and fraud expert. Her programs educate financial institutions and businesses on topics ranging from payments fraud to information security. She is the author of several payments risk and fraud blogs geared toward helping organizations recognize threats and protect themselves from loss.

With her avid interest in risk management, she has supported many notable organizations over the years. She is a member of the International Association of Financial Crimes Investigators, supporting their training programs since 1998. She sat on NACHA’s Risk Management Advisory group for two terms, and assisted with FSISAC’s first CAPP exercise.

For 16 years, Ms. Pirnie has spoken at national and regional conferences. Recent events include NACHA’s Payments Conference, the American Bankers Association Risk Management Forum, The Security Matters Annual Conference at Murray State University, the Risk Management Association, and the Federal Reserve Bank of Kansas City Risk Management Conference. She holds a Bachelor’s of Science in Criminal Justice Administration and is an Accredited ACH Professional (AAP).

Topic Background:

The Internet Crime Complaint Center (IC3) recently reported organizations around the world have lost over $3.1 billion to BEC alone. Many researchers believe this loss figure is low. Worldwide ransomware losses are difficult to calculate because there are so many varieties and not all losses are reported. IC3 reports that U.S. victims alone lost $18 million in 15 months to just a single form of ransomware.

Follow us :