Risk Management Show Avoid $850K Losses: Cybersecurity Tips for Risk Managers with Mark Bassingthwaighte
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Apr 28, 2025 Mark Bassingthwaighte, National Risk Manager at ALPS Corporation, brings over 27 years of expertise in cybersecurity and risk management specifically for legal professionals. He shares crucial tips to avoid massive losses from cyber threats, including business email compromise and wire fraud. Mark emphasizes the necessity of mandatory social engineering training and secure communication practices for hybrid work. He warns against the escalating risks from AI and highlights the importance of proactive engagement and collaboration in the risk management field.
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$800K Wire Fraud Loss Example
- A law firm lost $800,000 by wiring funds to a wrong party after being breached unnoticed for two months.
- Hackers changed wiring instructions in intercepted emails, illustrating highly sophisticated cyberattacks.
Verify Wiring Instructions by Phone
- Always verify wiring instructions by contacting the sender using a different communication channel like a phone call.
- Never wire funds without this double-check process to avoid business email compromise and wire fraud.
AI Raises Scam Sophistication
- Many still believe scams are easy to spot due to poor language or obvious signs.
- AI and deep fakes now make scams far more sophisticated and harder to detect, escalating the threat.