$22 Million Wake-up Call to Improve Security

A former Jacksonville Jaguars staff member is facing the possibility of a 30-year prison sentence after admitting guilt to financial crimes, including embezzling over $22 million from the NFL team.
Insufficient Internal Controls: In many cases, a lack of strong internal controls contributed to the duration of the fraud.
Key Takeaways: Improving Enterprise Security This story is an important reminder for organizations to implement strong financial controls and conduct regular audits, especially in user roles involving significant financial responsibilities.
Segregation of Duties: Ensure critical financial responsibilities are divided among individuals or teams to prevent a single person from having too much control, making it more challenging for fraudulent activities to go unnoticed.
Enhanced Monitoring: Implement advanced real-time monitoring tools and technologies to track financial transactions, quickly identifying anomalies or unauthorized activities.
Enforce Strong Access Controls: Limit access to sensitive financial systems and data only to those who require it for their job roles.
Implement strong access controls, including multi-factor authentication, to prevent unauthorized access.
User Access Reviews: Regularly conducting user access reviews is paramount for identifying and addressing any irregularities or suspicious activities within financial systems.
Automated reviews enhance the accuracy of assessments and contribute to a more proactive and responsive approach to maintaining the integrity of financial systems.
This framework should identify specific activities, determine necessary segregations, outline contingency plans, document procedures, and ensure implementation, allowing appropriate users to verify and review access.
When these processes become labor-intensive and expensive, leveraging a strong access governance solution is imperative.
Segregation of Duties: The platform segregates critical financial responsibilities by implementing comprehensive policy-based access controls.
It defines and enforces role-based access policies, dividing duties among individuals or teams.
Enforce Strong Access Controls: Robust access controls are enforced through the platform by limiting access to sensitive financial systems and data only to authorized individuals based on your access policies.
Multi-factor authentication is implemented as an additional layer of security, ensuring that only authenticated and authorized users can access critical financial resources.
This minimizes the risk of unauthorized access and strengthens your security posture.
Automated Remediation: The platform automates control remediation processes, streamlining and expediting your response efforts during a security incident.
User Access Reviews: The platform facilitates regular and systematic user access reviews, ensuring access privileges align with job roles and responsibilities.
Automated reviews enhance the accuracy of assessments by analyzing user access rights and activities within financial systems.
Access Governance and Application Controls provide a comprehensive and automated approach to managing access, monitoring activities, and responding to security incidents.


This Cyber News was published on securityboulevard.com. Publication date: Fri, 05 Jan 2024 08:43:06 +0000


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