are obtained via hacking or social engineering—where someone talks an individual into giving out information he or she normally wouldn’t, and this can be avoided through properly train- ing employees on how to better protect the information. According to Nagle, several cases
on this issue in the last couple of years have stemmed from an individual at a company being tricked or hacked into giving up account credentials, which are used by the criminals to access the corporate account online and make large wire transfers. Te bank—see- ing the proper credentials have been used—approves the transfers and may not reimburse the amount lost upon report of the theft from the business. Often, banks are protected against these situations in the account agree- ments with the business client. Nagle said the cases and outcomes
Companies’ social media policies have come under scrutiny by the National Labor Relations Board. conditions of employment?
• Is protection for the communi- cation or activity lost because it included threatening or abusive language or behavior?
Cybersecurity Policies When your personal credit card
information is stolen online and you report the theft or unauthorized charges to your bank, it most likely will reimburse most if not all of the charges. Businesses, however, do not enjoy the same level of protection as consumers. According to Timothy Nagle, attorney for Reed Smith LLP, it is assumed that businesses have a level of competence and awareness that makes them more responsible against online criminal activity. However, small and midsize compa-
nies are increasingly becoming targets of online hacking and other criminal activity because they are dealing with larger amounts of money but often lack the sophistication of large corporations when it comes to cybersecurity. Te majority of metalcasting facilities in the U.S. have fewer than 100 employees and are considered small to midsize. “Everyone is a target, and if you are
a smaller company, some fraudsters will assume you are not prepared,” Nagle said. If your business is using online banking to pay bills, clear checks, do payroll, make wire transfers, etc., it is at risk. Usually it is the individual who has access credentials, such as the username and password, that unintentionally opens the business up to fraud. Accord- ing to Nagle, access credentials usually
vary but some considerations include: • Whether the bank offers options to the business to increase account monitoring or security
• Whether the employees were insuf- ficiently trained
• Whether the business’s banking practices and security were glar- ingly poor
• Whether the bank’s security or fraud monitoring practices were below industry standards or were not consistent with the terms of the account agreement or website
Businesses must have a proactive policy guarding against criminal activity involving online financial accounts and private company information.
April 2013 MODERN CASTING | 31
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