Protecting institutional holdings.
WHAT TO ESTABLISH FIRST
Who may authorise a transfer What limits apply How authorisation is verified
WHAT TO NEVER PERMIT
One person moving funds alone.
WHAT MULTI-SIGNATURE ARRANGEMENTS PROVIDE
Requiring several independent approvals.
WHAT TO DECIDE
How many signatures, out of how many holders.
WHAT TO PLAN
Loss of a key holder, through departure or incapacity.
WHY
An arrangement requiring an unavailable person is a permanent loss.
WHAT TO DOCUMENT
Who holds which key, and where The procedure for each key holder's replacement
WHAT TO STORE SEPARATELY
Keys, geographically and organisationally.
WHAT TO RESTRICT
Which addresses funds may be sent to.
WHY
It limits the damage from any compromise or coercion.
WHAT TIME DELAYS PROVIDE
An opportunity to detect and stop an unauthorised transfer.
WHAT TO MONITOR
Every transaction, with alerting Balances, against expectation
WHAT TO REHEARSE
Response to a suspected compromise.
WHAT TO TRAIN STAFF ON
That nobody legitimate asks for keys That urgency is an attack pattern That instructions to transfer must be verified independently
WHY THAT LAST POINT
Impersonation of executives requesting transfers is a common and effective attack.
WHAT TO AUDIT
The arrangement, periodically, including whether departed staff retain access.
