It’s common practice in many industries to send banking details via email. But if you’re familiar with the recent South Gauteng High Court ruling that ordered a local law firm to pay a cybercrime victim R5.5 million – plus interest – and punitive legal costs, you might think twice before hitting the send button.
In response to the email, Hawarden called the secretary to ask if she could transfer the funds directly to ENS if her bank couldn’t furnish the guarantees by the date mentioned in the forged email. The secretary said this could be done, and that she would send Hawarden a document from FNB providing ENS’s bank account number.
Despite the discovery of the crime, ENS asked Hawarden to make the payment to secure the sale. Hawarden and the law firm failed to resolve the issue, which led to her taking legal action against them. Hawarden’s legal team argued that ENS should have properly warned her about the danger and prevalence of BEC in the conveyancing industry before she made any payments to them, and they should have communicated their bank details in a safe manner, using more secure means to communicate.
He added that the cybersecurity experts who testified in court agreed that email is not secure, that PDF documents can be manipulated, and several cybersecurity measures were available at the time which"would have averted the fraud". If you run a business, it is risky to send invoices and communicate your banking details via email. You should consider other, safer means to communicate sensitive information. Business owners who find themselves in a similar situation as ENS, may be liable for any monetary loss caused by cybercrime and serious reputational damage. A lack of trust in your business could curtail client growth and retention and ultimately your business’ profitability and sustainability.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: News24 - 🏆 4. / 80 Read more »