For any business, waking up to a wire fraud incident can be devastating. Money is missing, the network is compromised, and trust is broken.
When your business is a WYRE client, however, a simple phone call is all it takes to begin the process of rebuilding.
The Discovery Process
When WYRE is alerted to a security breach involving wire fraud, we respond immediately. Our first step is to have you call your bank and attempt to reverse or freeze the money transfer. Concurrently, WYRE locks down your company’s computer system, forcing a reset of all passwords. These actions instantly revoke any access a cybercriminal might have, preventing them from causing more damage—or covering their tracks.
Next, we arrive on-site. We want to physically sit down with you and understand what happened at every level.
Your money is gone. Where did it go? When was it sent? And, of course, why?
Was the breach due to random malware, a technical breach, or an insider acting maliciously?
Along with a round-table dissection of the events, WYRE’s digital forensic investigation involves:
- researching all available logs, including and especially email
- uncovering the history of the fraudulent transaction(s)
- reconstructing a detailed timeline, from first contact through the aftermath of the wire transfer
- preserving all evidence we find along the way
Post-Discovery
WYRE always follows best practices, analyzing the data, making copies of everything, then calling in the FBI and, in some cases, the FTC (source) to share the findings. We also help you work with your bank, cyber-risk insurance company, and any regulatory agencies, explaining exactly what happened and providing documentation, along with any further network analysis.
All of this happens as quickly as possible. The faster we figure out what happened, the better chance the authorities have of finding the cybercriminal. That’s the best-case scenario, ending with a lawful conviction. And it does happen (source).
Prevention
The hard truth, however, is that recovery of the money itself isn’t always possible.
As painful as that is, your business can learn from the experience, making it difficult for the same type of breach to happen again. If an outdated legacy system was to blame for the security breach, WYRE can help you transition to a more modern, more secure system.
If your IT staff is overworked—or the expense of an in-house IT team is out of reach—WYRE can act as CIO, suggesting necessary changes and project ideas, putting those plans into action, and performing exactly what your business needs as quickly and conveniently as possible.
WYRE also offers employee education programs, making sure staff at every level understand how to recognize and respond to potential cybersecurity threats. Through seminars, classes, and e-learning, we give your staff the tools they need to become empowered, teaching prevention and detection of scams in straightforward, easy-to-understand terms.
Security breaches of any kind leave behind a tangled mess. With the chaos, however, comes a hard-earned wisdom. When all is said and done, you have the power to protect the future of your business. And whether you’re in Chattanooga, Tennessee, or elsewhere, WYRE would love to help, putting our passion for cybersecurity to work for your company.