Genady and Anton are spot on with their advice.
Inadequate controls over email is the common theme in most business email compromise incidents that we see with our customers. The simple - albeit powerful - controls outlined by Genady and Anton would prevent almost all of the situations that are incredibly devastating for customers and citizens involved in real estate transactions. It breaks my heart to see hard working people and citizens get scammed by unscrupulous criminals.
New York sets the most stringent cybersecurity compliance bar in our industry; a bar that many other states also tend to adopt. Last fall New York drew a line in the sand with a new requirement (NYDFS 500.12) that mandates multifactor authentication. This requirement has an 11/1/2025 effective date. However, from a risk perspective, every organization should pursue that goal much sooner, and particularly for email.
Our industry is putting lot of focus on spotting wires that are potentially high risk, which is very good. However, the crux of the problem is that fraudsters are inserting themselves in email-based transactions by compromising poorly secured email systems. They sit and wait until the time is right, and then they pounce. It makes me both sad and angry to see this happen over and over with horrific life-changing consequences for innocent people.
I really liked this post. Thank you for taking the time to share this super important advice, Genady and Anton.
Chris
------------------------------
Christopher Buse
CISO
Old Republic National Title Insurance Company
Minnetonka MN
+1 (612) 371-1132
------------------------------
Original Message:
Sent: 05-23-2024 09:44
From: Anton Tonev
Subject: Security BUZZ - Understanding Email Security: A Guide for Everyone
This is a great guide, Genady! I'd also suggest adding 2FA (two-factor authentication) as a security measure to safeguard vulnerable information and minimize the risks associated with compromised passwords.
------------------------------
Anton Tonev
Co-Founder
Rexera
------------------------------