In recent incidents that have sent shock waves through the business world, the question arises: when a Facebook or other online account is hacked, who should shoulder the losses? We’ve got two cautionary tales that shed light on the unfortunate realities and the importance of robust cybersecurity measures.
Story 1: The $250,000 Ad Run
A successful marketing firm’s CEO fell victim to a Facebook account hack, resulting in a weekend ad spree promoting an online gambling site. The hackers, using legitimate login credentials, ran over $250,000 worth of ads, leaving the rightful owner locked out. Shockingly, neither Facebook nor the bank and credit card company assumed responsibility for the losses. Without cybercrime insurance, the firm bore the full brunt of a half-million-dollar catastrophe.
Story 2: The Weight-Loss Scam
Another firm faced a different attack when a hacker accessed their account, paused all legitimate ads, and launched 20 spam ads for a weight-loss site. With a budget of $143,000 per day, the potential losses were staggering. Fast action limited damages to approximately $4,000, but the account was barred from running ads for two weeks, resulting in a revenue loss estimated between $40,000 to $50,000.
Unraveling the Responsibility Web
In both cases, the victims faced uphill battles. Facebook’s stance was clear: no fraud occurred because hackers used valid login credentials. The responsibility, they argued, lay with the account owner to keep credentials confidential. In essence, the victims found themselves on the hook for damages caused by lapses in their own cybersecurity.
Your Defense Strategy
While these tales are cautionary, they also serve as beacons of awareness. Here’s what you can do to protect yourself and your organization:
Step 1: Educate Your Team:
– Share stories like these to increase awareness of cyber threats.
– Recognize that anyone can be a target, and caution is the best defense.
Step 2: Password Power:
– Use strong, unique passwords for each application.
– Employ a reliable password management tool and ensure its consistent use.
Step 3: Access Control:
– Minimize the number of users accessing accounts.
– Grant access when needed and promptly remove users to reduce vulnerability.
Step 4: Device Security:
– Ensure all devices connected to your network are secure.
– Guard against keylogger malware that can compromise data and credentials.
Proactive Measures: Claim Your Cyber Security Risk Assessment
To fortify your organization against potential threats, seize the opportunity for a free Cyber Security Risk Assessment. Conducted by an independent third party, this assessment provides insights into your organization’s vulnerabilities and ensures you’re well-protected against cyber predators.
Claim your free consultation for a Risk Assessment here.
In a landscape where cyber threats are relentless, staying ahead is your best defense. Let’s fortify your digital stronghold together.
