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Audit of B-P online banking reveals oversight lacking | News, Sports, Jobs


polder@leaderherald.com
BROADALBIN An audit of Broadalbin-Perth Central School District’s online banking process found that officials failed to adequately safeguard its online banking transactions by not adequately monitoring the authorized users of the program. But, the audit notes, as of Jan. 31, 2020, there has not been any unauthorized online access to the district’s bank accounts, nor were there any “questionable” wire transfers or automated clearing house payments, or any loss of funds.
The audit stated, “However, if the bank accounts were attacked and funds misappropriated… the district could have lost up to $11.2 million.”
The key findings of the audit includes that officials had not adopted a comprehensive online banking policy; they failed to monitor online banking user compliance with the district’s acceptable computer use policy, and as a result, five of the six employees authorized to have access to the online banking, were surfing the i ....

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Audit: Broadalbin-Perth district officials failed to provide adequate safeguards for online banking


Audit: Broadalbin-Perth district officials failed to provide adequate safeguards for online banking | The Daily Gazette
SECTIONS
Broadalbin & Perth – State auditors raised concerns about the security of online banking used by Broadalbin-Perth Central School District officials in a multi-year review, prompting the district to adopt new policies and procedures.
The auditors – which examined the district’s online bank transactions between July 2018 and January 2020, as well as its computer-use policies and practices – found that district officials created risks by failing to limit the number of computers used to access online banking, ensure adequate training or monitor whether officials with access to online banking only used their computers for business purposes. ....

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