I want to talk about something that’s been on my mind a lot lately: corporate account takeover (CATO). As someone who has worked in the cybersecurity space for most of my career, I know firsthand how devastating CATO attacks can be for financial institutions of all sizes. As financial institutions have increased their online footprint, the risk of these attacks has increased, and I believe it’s important to raise awareness about this growing threat.
At its core, CATO is a type of cyberattack where cybercriminals gain unauthorized access to an organization’s accounts or financial systems. This can happen in a variety of ways, from phishing emails to malware attacks. Once the attackers gain access, they can cause all sorts of havoc, from making fraudulent transactions to compromising sensitive data.
So, why am I bringing this up? Well, unfortunately, CATO attacks are becoming more and more common, particularly among small and medium-sized financial institutions. And the impact of these attacks can be severe, both financially and reputationally. Organizations may be held liable for fraudulent transactions, and clients may lose trust in them if their personal and financial information is compromised.
But here’s the thing: CATO attacks are not inevitable. There are steps that financial institutions can take to prevent and respond to these types of attacks that include both technical and non-technical controls. For example, implementing strong authentication and access controls, providing employee training and awareness programs, and conducting regular security assessments can all help to mitigate the risk of CATO attacks.
Of course, there’s no silver bullet when it comes to cybersecurity. Even the best-prepared organization can still fall victim to CATO attacks. That’s why it’s so important to have a plan in place for responding to these types of incidents. This includes having a dedicated incident response team, regularly testing your incident response plan, and working closely with insurance providers, regulators, and other stakeholders.
Ultimately, CATO attacks are a serious threat to organizations of all sizes. By taking proactive steps to prevent and respond to these types of attacks, we can help to protect ourselves from harm. Bedel Security assists financial institutions across the country with developing plans and responding to security incidents. If you have any questions or would like help enhancing your readiness, please contact us at support@bedelsecurity.com to start a conversation.
Additional Resources:
Self-Assessing Authentication & Access Risk
https://www.bedelsecurity.com/blog/self-assessing-authentication-access-risk
Effective User Access Reviews
https://www.bedelsecurity.com/blog/effective-user-access-reviews
MFA Enrollment Mistakes
https://www.bedelsecurity.com/blog/mfa-enrollment-mistakes
Three Options to Implement Phish Resistant Multi-Factor Authentication
https://www.bedelsecurity.com/blog/three-options-to-implement-phish-resistant-multi-factor-authentication
Training Your Board
https://www.bedelsecurity.com/blog/training-your-board
Board Cyber Awareness
https://www.bedelsecurity.com/blog/board-cyber-awareness
Culture of Security: Critical Conversations
https://www.bedelsecurity.com/blog/culture-of-security-critical-conversations