Never before has the role of the CIO been so imperative to the success of the enterprise. Turbulent market conditions over the past few years have undoubtedly transformed the scope of business, with detrimental effects on SMBs and global giants alike.
During the course of three days in late 2009, cybercriminals acquired the banking credentials, username and password, for Hillary Machinery, Inc., located in Plano, Texas, and conducted more than 45 separate transactions to over 40 diff erent payees. The result was a loss of $801,495. While Hillary Machinery was able to recover some of their lost money, $250,000, plus attorney fees and court costs, was outstanding, along with an ongoing lawsuit between the company and its bank. According to Troy Owen, owner of the company, "While the loss didn't cause us to go out of business, it certainly put off the business growth plans that we had."
Source: www.ciosummit.asia
