Biz accounts hacked at ‘unprecedented’ rate
April 6, 2010 by Sam NarisiPosted in: In this week's e-newsletter, Latest News & Views, Security
According to a recent survey, criminals are getting better at stealing from companies’ bank accounts — and banks have failed to keep up with their new tactics.
The number of business bank accounts hacked by cybercriminals was described as “unprecedented” in a recent report by Guardian Analytics and the Ponemon Institute, two online security firms.
Some highlights of the 2010 Business Banking Trust Survey:
- 55% of businesses reported they were hit with fraud in the last year, with 58% of the fraud involving online banking activities
- 80% of banks hit didn’t manage to catch the fraud before the money was moved
- In 87% of cases, the bank was unable to recover the money
- 57% of companies that had their accounts targeted were not fully compensated by their banks; more than a quarter of the victims (25%) got no compensation at all for their losses
- These losses and the banks’ actions both before and after the attacks caused 40% of businesses targeted to switch banks after the fact, and
- 24% of businesses said their banks didn’t provide a policy that explained the bank’s responsibilities regarding security and protection of accounts; 39% of customer businesses didn’t even know if their bank had such a policy.
Companies can take steps to protect themselves by learning banks’ policies on fraud and providing more security training to employees with access to accounts.
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Tags: banks, cybercriminals, Gartner, Ponemon
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