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Ubiquiti Networks Victim of $39M Social Engineering Attack
- nullrouted 11y agoYea....this is why you require a second pair of eyes and upper level management approval for these type of transfers. No one person should be able to give away the bank.
- kjs3 11y agoActually, that sort of accounting oversight is required by SOX controls, which someone in management has attested to. I'm thinking there are a pack of very humorless folks at the SEC warming up some very uncomfortable questions for the Ubiqiti executive team.
- PhantomGremlin 11y agoAt one startup I was at, the CEO and CFO both needed to sign all checks (his was before wire transfers were so commonplace), That policy started when the founders were self-funding the company. It was their money they were spending. Prudence gets left behind as companies grow and accept outside money. After a while, a CEO can decide, basically on his own, to drop $16 billion on a company with IIRC TTM revenue of about $30 million. Easy come, easy go.