Prevent Cyber-Crime with Social Engineering Fraud Insurance

August 29, 2018 Blog

Today’s business environment requires an online presence, various computer hardware and software programs, and email. So many points of weakness for a cyber-attack that you may focus most of your resources on anti-virus programs. In doing so, you are likely to forget that some criminals walk right through the front door. How? Every day, employees and team members conduct business using an email system.

What happens when a criminal hacks a vendor’s computer system, hijacks their email program, and changes just enough information not to cause alarm? In one word, it is called fraud. Often, they obtain domain names that are very similar, change a phone number, and steal an employee’s signature line. Soon, they are conducting business, and you do not know anything has changed until it is too late.

When you work with a trusted insurance brokerage like Business Insurance Center, you have the support you need to get adequate and timely protection. Our network of brokers understands the nuances of different industries and the real threats they face.

Scenarios from Social Engineering Fraud

Even with best practices in place, fraudsters can gain access and the confidence of the most prudent professionals. Here are a few examples of how this works:

  • An email from one of the company’s senior executives appears in an employee’s inbox indicating a wire transfer needs to be made. Unbeknownst to either party, the email was hacked, and the money was sent to a criminal’s account.
  • Routine wire transfers are rerouted after email requests are sent with “updated” banking information. No one knows the difference until valuable funds have disappeared into thin air.
  • Instead of paying a vendor for supplies received, a retailer sends funds to a revised bank account based on an email from the “supplier.”

It Is All in the Approach

One common way criminals get a response is by putting pressure on the recipient to perform the requested action. Often, hackers will do diligent homework on their targets and appear as authentic as possible with websites, phone calls, and legitimate looking email chains. Next, they make their request for money or information such as bank account and routing numbers. Then, they start applying pressure using terms as urgent or demanding secrecy. Once they get what they want, the hackers disappear with their bounty, and the company is left holding the bag.

Work with a Highly Respected Insurance Broker to Get the Protection You Need

Even the best preventative measures will not keep the hackers at bay. A robust social engineering fraud insurance policy can help you recover from losses of time and money from an attack. When you work with a knowledgeable broker from our countrywide network, you get a valuable ally. We discuss your needs and tailor an insurance package that keeps you moving forward in your business. We will get you the best protection at rates you can afford. Call us today and enjoy exceptional customer service and quick response times.

Request a quote or speak with a knowledgeable and experienced insurance broker. We have a 24/7 call center to serve you.


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