TheCorporateCounsel.net

Here’s a heads up from the Radical Compliance blog about one potential problem arising out of the SVB implosion and related banking sector uncertainties that you might not have considered:

You might see an increase in phishing attacks from hackers claiming to be vendors that need to change their bank account details with your accounts payable team, so you may want to give your accounting team a refresher training course in cybersecurity. Even better, if you’re more ambitious: redesign your accounts payable processes so that if vendors want to update their bank account data, they’ll need to log into a portal and do it themselves. Clearly that raises access control issues you’ll need to address somehow, but assuming you figure those out, it takes the phishing risk off your plate. I’d take that trade any day of the week, since falling for a phishing attack always makes you look like an idiot.

– John Jenkins