Threat: Corporate Account Takeover
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Corporate Account Takeover (CATO) Risks and Mitigation
Corporate Account Takeover (CATO) is a form of cybercrime where attackers gain unauthorized access to a business's financial accounts. This can result in significant financial losses and damage to the company's reputation. CATO attacks often involve sophisticated methods and can target businesses of any size.
Risks of Corporate Account Takeover
- Unauthorized Transactions: Attackers may initiate unauthorized transfers or payments from corporate accounts.
- Fraudulent Activity: Fraudulent transactions, including fake invoices and unauthorized payroll changes, can occur.
- Identity Theft: Theft of corporate credentials and sensitive information can lead to identity theft and further exploitation.
- Reputational Damage: Loss of trust from customers, partners, and stakeholders due to financial losses and security breaches.
Best Practices to Mitigate CATO Risk
1. Implement Multi-Factor Authentication (MFA): Enable MFA for accessing corporate accounts to add an extra layer of security. BBTC offers token security to deliver one-time passcodes. Never share these one-time passcodes with anyone.
2. Regularly Monitor Account Activity: Monitor corporate accounts regularly for any suspicious transactions or unauthorized access attempts.
3. Employee Training: Provide comprehensive training to employees on recognizing phishing attempts, social engineering tactics, and other common CATO techniques.
4. Use Strong Passwords: Enforce strong password policies for all corporate accounts and encourage regular password updates.
5. Limit Access Privileges: Grant access to corporate accounts only to authorized personnel and limit privileges based on job roles and responsibilities.
6. Secure Communication: Use encrypted channels and secure communication platforms for sensitive financial transactions and discussions. When emailing Boone Bank & Trust Co., please do not include any sensitive account or transaction information.
DISCLAIMER
These suggestions are not meant to be an exhaustive list and do not guarantee safety. They are merely provided as a courtesy to our customers. The information provided on this webpage is for educational purposes only and does not constitute legal or professional advice. It is recommended to consult with a qualified cybersecurity professional or legal advisor for specific guidance on addressing cybersecurity threats in your organization.