Prevent (CEO) fraud
IRM360 - FRMS
Easily implement and monitor financial controls in your organisation
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Strengthen control over financial processes
Enhance risk awareness
Easily connect and test the management measures
Understanding the significance of financial risk management
CEO fraud, phishing, ransomware, increasing problems.
Companies are increasingly targeted by CEO fraud, also known as whaling. Studies have revealed that many employees in financial administration departments face these attacks, with 75% of cases resulting in business impacts. To minimize reputational damage, not all incidents are reported. In most cases, large sums of money were stolen, financial data was compromised, customers were lost due to reputational damage, or the involved employees were terminated.
Cybercriminals are always looking for ways to exploit technical or human weaknesses. They use various modern techniques, including phishing emails, social engineering, CEO impersonation, fake websites, and hacking, to carry out their attacks.
CEO fraud? That won't happen to me!
The procedure is often the same. Via a "confidential" email, the financial administration is urgently asked to transfer a large sum of money to a contact. However, the specified bank account belongs to a cybercriminal. The email is crafted to appear as if it comes from the director or CEO. Often, the criminal has been monitoring the communication for a while to learn the style, mimic it, and wait for the perfect moment.
This often affects organizations where a new CEO has just taken office. It usually involves a special transaction that requires urgency and confidentiality and often involves a new contact.
The FRMS makes your control verifiable
The FRMS enables you to easily identify and implement the appropriate control measures in your organization using a Plan-Do-Check-Act approach. This can be achieved through risk analyses or a 'basic' measures approach, either per process or at the department level.
The FRMS management system provides an overview of the implementation status and effectiveness of these control measures for each process or department. It also offers insights into the risk awareness of the employees involved.
The FRMS supports your own control frameworks or the (ITGC) framework of the accountant.
Attacks like CEO fraud require a comprehensive approach.
Standalone or integrated
FRMS is available as a standalone system or can be integrated into CyberManager licenses (Advanced or Pro), allowing you to manage IT, cyber, privacy, and/or continuity risks while complying with internal guidelines or ITGCs.
This integration prevents unnecessary duplication of effort and reduces the likelihood and impact of risks through a comprehensive approach.