European Cyber-Gangs Target Small U.S. Firms

What's happening: Organized cybercriminals in Eastern Europe are stealing money from the bank accounts of businesses. Banks contend they are not responsible for the losses.

What it means: Cybercriminals are stealing money by exploiting human, technical and procedural weaknesses.

What to do: Management must be prepared to get on top of this problem by implementing a strong security management program. Check your cyber-insurance. Be prepared to sue your bank.

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Brian Krebs; Washington Post: Organized cyber-gangs in Eastern Europe are increasingly preying on small and mid-size companies in the United States, setting off a multimillion-dollar online crime wave that has begun to worry the nation's largest financial institutions. http://www.washingtonpost.com/wp-dyn/content/article/2009/08/24/AR2009082402272.html