Due to the recent news regarding turmoil in the banking industry and liquidity issues at Silicon Valley Bank, you may receive emails from organizations that you do business with requesting payments to be routed to a new bank account. Please be aware this situation creates opportunities for Cyber fraud with bad actors leveraging social engineering as a means to present a Phishing attempt.
Over the next few weeks, as SVB account holders move their finances and operations to other banks, they will notify their customers with their new account details for future wires. Additionally, in today’s supply chain landscape, companies work with many suppliers, and finance departments will be bombarded with requests related to changing these accounts, too.
What can you do to protect yourself from SVB-related attacks and other phishing attempts?
- Be aware! Always ensure any request to change billing/payment/wire information is legitimate. Any requests should include a verbal verification of any requested change directly with your vendor contact.
- Ensure that your payment processes are robust, if a layer of manual verification does not exist, add it to include additional validation of transactions.
- Protect your staff against cyber threats with Align Cybersecurity Security Awareness Training
- Ensure you have cybersecurity monitoring in place. Evolving technologies include Managed Detection and Response monitored by a Security Operations Center
Be aware that Cybercriminals may also attempt to impersonate your firm and reach out to vendors on behalf of your company. To protect yourself from being a victim of such fraud, monitor all scheduled incoming transactions and alert your counterparts immediately if payments are not received in time. Additionally, advise all counterparts that any changes to wire instructions made on behalf of your company must be verified.
For additional information about Phishing, read our blog about some of the most common phishing attack vectors.
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The Align Team
Account Management Team email: AccountMGMT@align.com
Align Managed Services Team email: firstname.lastname@example.org
Cyber Team email - email@example.com
Alex Bazay, CISO - firstname.lastname@example.org
Dan Lyons, Sales and Business Development - email@example.com
Phone: 1 855-IT-ALIGN (1-855-482-5446)