Owners May Not Be Covered When Hackers Wipe Out A Business Bank Account

[InfoSec News <alerts () infosecnews org>]

https://www.nytimes.com/2012/06/14/business/smallbusiness/protecting-business-accounts-from-hackers.html

By PAMELA RYCKMAN
The New York Times
June 13, 2012

In May 2010, Golden State Bridge, an engineering and construction 
company based in Martinez, Calif., was robbed of more than $125,000 when 
cybercriminals hacked into its bank account.

The hackers made two automated clearinghouse batch transactions with the 
office manager’s user name and password, routing stolen money to eight 
other banks across the country.

Ann Talbot, Golden State’s chief financial officer, learned later that 
the office manager had violated policy by visiting a social networking 
site, which the company said it believed was how her computer was 
infected with malicious software, or “malware,” that antivirus software 
did not detect.

Computer security specialists say these crimes, called “corporate 
account takeovers,” have become increasingly common, and small 
businesses are especially easy prey because many lack firewalls and 
monitoring systems. Gartner, an information technology research company, 
says regulators have not compiled statistics on the extent of the fraud, 
but the company estimates that more than 10 percent of small businesses 
have had funds stolen from their bank accounts — losses totaling more 
than $2 billion.

[...]

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