PBMares Accounting Blog

Harvey Johnson, CPA, CGMA

Recent Posts

TDR Accounting: How to get it right

Posted by Harvey Johnson, CPA, CGMA on May 8, 2017 10:53:38 AM

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Topics: Financial Institutions, Cybersecurity Threat

Many Questions Remain After International Banking Heist

Posted by Harvey Johnson, CPA, CGMA on Nov 29, 2016 8:50:00 AM

Tesco Bank, a Scotland-based bank and subsidiary of U.K. supermarket giant Tesco, recently blocked all online transactions tied to customers' checking accounts after money was stolen from an estimated 20,000 of those accounts and the bank detected suspicious activity involving another 20,000 accounts, according to CEO Benny Higgins.

On November 9, 2016, the Bank reported that nearly $3 million dollars was stolen from affected accounts, which are operated through an app or online. Customers have reported that sums have been transferred to Spain and Brazil. The Bank said is it first saw signs of fraud on the evening of Nov. 5. Some Tesco customers, taking to the bank's customer service website, have reported that their accounts were unexpectedly drained over the weekend. Others have reported difficulty in being able to connect with telephone-based Tesco call center staff.  The Bank has stated that it will refund all accounts for every customer affected by the breach.

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Topics: Financial Institutions, Cybersecurity Threat

2016 Cybersecurity Threat Report

Posted by Harvey Johnson, CPA, CGMA on Jun 21, 2016 1:28:16 PM

 

Listen to any IT expert when he or she is talking about a cyber-attack and the typical response will be– It’s not a matter of “if”, but “when”.  

Symantec, a global internet security company, just released its 2016 Internet Security Threat Report, and the attack trends continue to back up the above statement.  Here are some key areas noted in the Report:

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Topics: Financial Institutions, Cybersecurity Threat

New Malware Could Be Stealing Your Money Right Now

Posted by Harvey Johnson, CPA, CGMA on Apr 29, 2016 9:17:00 AM

No joke, the headline for this article is factual, correct and happening right now. Experts in the malware field have identified a new hybrid malware known as GozNym which is attacking American and Canadian bank accounts. Spawned from the coding and traits of two previous problem packages, Nymaim and Gozi, this latest virus creation has already been used to steal $4 million. 

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Topics: Financial Institutions, Cybersecurity Threat

Cybersecurity for Not-for-Profits

Posted by Harvey Johnson, CPA, CGMA on Jun 4, 2015 11:01:42 AM

 CyberSecurity

When you think of cybersecurity and data breeches, large government, financial, and retail entities typically come to mind. Since we tend to only hear of breaches with big-named, for-profit entities, many in the not-for-profit space tune it out, thinking these are problems only businesses experience.

The reality is that data breaches can occur with any organization. Analysis of data breaches continues to highlight that more and more not-for-profits are being targeted.  Surprised? Most are. The reason is that while large retailers and financial institutions have a huge target on them (no pun intended), they also have extensive security systems, which is why hackers are now targeting not-for-profits. Why try to break into the equivalent of Ft. Knox when you can walk right into a small non-profit’s back door?

According to Verizon’s DBIR, 96% of attacks are not very difficult which means even novice hackers can exploit most systems. Yet the report points out that many cyber attacks could be prevented through a more vigilant approach to cybersecurity.

Unfortunately, these breach events can do irreversible damage to an organization’s reputation and its financial stability. Loss of reputation alone can force a smaller non-profit to shut its doors, as the breach is almost guaranteed to get picked up by the local media and social networks.Keep in mind, even if your not-for-profit does survive the reputational loss, the costs of settlements, notifying affected parties, and monitoring breached parties are sure to put a financial strain on the organization. These costs are not covered by general insurance, but by cyber-security insurance, which many not-for-profits either don’t have or the coverage is inadequate.

Remember this: the worst possible decision is to do nothing. A not-for-profit does not have to spend significant resources on information security in order to protect the organization – but it should have some funds dedicated to cyber security. Regardless of the focus of your not-for-profit, technology is now a part of everyday life and business. And if you collect donations like most not-for-profits, you probably are collecting and storing in some capacity sensitive information that hackers may find very valuable in an attack (such as names, addresses, credit card information, etc.). Also bear in mind a data breach doesn’t just equate to a cyber attack. It can be because of human error, such as a misplaced laptop, smartphone, or flash drive containing sensitive information.

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Topics: Not-for-Profits, Cybersecurity Threat

Creating Your Information Security Response Program: Cyber Security Edition

Posted by Harvey Johnson, CPA, CGMA on Jun 2, 2015 8:22:04 AM

 

There are four things you should do to create a fully equipped ISR program. Find out how today!

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Topics: Cybersecurity Threat

Establishing A Well Managed Network: Cyber Security Edition

Posted by Harvey Johnson, CPA, CGMA on May 21, 2015 4:16:54 PM

 

Learn the Top 5 reasons your small business is vulnerable to a hack. Download the Infographic Today!

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Topics: Cybersecurity Threat

How To Protect Your Small Business: Cyber Security Edition

Posted by Harvey Johnson, CPA, CGMA on May 14, 2015 8:29:31 AM

Don't be naive, be AWARE! Learn more today by downloading this helpful Infographic.

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Topics: Cybersecurity Threat

What To Do If Your Small Business Experiences a Breach: Cyber Security Edition

Posted by Harvey Johnson, CPA, CGMA on May 8, 2015 7:30:00 AM

Why is this so important? Learn more today by downloading this helpful Infographic.

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Topics: Cybersecurity Threat

Top 5 Reasons Your Small Business Is Vulnerable: Cyber Security Edition

Posted by Harvey Johnson, CPA, CGMA on Apr 29, 2015 3:00:00 PM

 

 

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Topics: Cybersecurity Threat