Error Omissions
Error Omissions
Submit your information below so we can contact you with a FREE quote
[All fields are required.]
Actual Annual Revenue:
Verify:
=
I have read and agreed to theTerms & Conditions
Error Omissions
Error Omissions

Crime Insurance Front & Center As Phishing Emerges As Prevalent Threat

Crime Insurance Front & Center As Phishing Emerges As Prevalent ThreatA 2016 insurance outlook report discovering various insurance lines and trends came out earlier this year. Crime insurance was among the lines of insurance discussed. According to the report, while vendor fraud associated with employee dishonesty continues to be the largest source of claims, imposter fraud is among the growing trends crime insurance underwriters are evaluating.

Impostor fraud, which includes phishing, involves schemes designed to trick organizations into redirecting funds from a legitimate payment address to one created by criminals. A phishing attack typically involves sending an email to a victim that looks to the untrained eye as if it comes from a legitimate financial institution. The email will ask the victim to verify personal information through a link to a fraudulent web page. Once that’s provided, the criminal can access the victim’s financial information. Even companies that work to reduce cyber threats are not immune to receiving them.

Although phishing is not new, most cyber security experts believe it’s as prevalent a form of cyber crime as any other, and it remains a top threat this year. The Global Phishing Survey of the Anti-Phishing Working Group (APWG) found that in the last six months of 2014 alone, there were approximately 124,000 unique phishing attacks worldwide, which occurred on more than 95,000 unique domain names.

You may think it is easy to recognize and delete phishing emails sent to you, but Intel Security research proves otherwise. 94% of people couldn’t tell the difference between a real email and a phishing email 100% of the time. And worse yet—with executives that number rose to 96%. That’s scary when you think that it only takes one click to infect an entire organization.

Here are general measures you can implement to help avoid becoming a victim of a phishing scam:

  • Train all employees on data security. For finance or treasury employees, including those who actually process wire transfers, training should include clear direction that employees should be suspicious of requests for secrecy or pressure to act quickly.
  • Deploy a SPAM filter that detects viruses, blank senders, etc.
  • Keep all systems current with the latest security patches and updates.
  • Install an antivirus solution, schedule signature updates, and monitor the antivirus status on all equipment.
  • Develop a security policy that includes but isn’t limited to password expiration and complexity.
  • Deploy a web filter to block malicious websites.
  • Encrypt all sensitive company information.
  • Convert HTML email into text only email messages or disable HTML email messages.
  • Require encryption for employees that are telecommuting.
  • Always be suspicious of unsolicited email, if you didn’t prompt a password reset — don’t click the link.

With regard to wire transferring money to financial institutions, vendors, and others, be sure to review your organization’s wire transfer protocols. Verify changes in vendor payment location by adding additional two-factor authentication such as having a secondary sign-off by company personnel, and confirm requests for transfer of funds. When using phone verification as part of the two-factor authentication, use previously known numbers, not the numbers provided in the e-mail request. Also, carefully scrutinize all e-mail requests for transfer of funds to determine if the requests are out of the ordinary.

In addition to taking strong measures against phishing, review your Crime insurance policy and Cyber Liability insurance to see what coverage is available. Some policies are now being offered to provide coverage for imposter fraud and phishing schemes. Our specialists at Axis Insurance Services would be happy to discuss our Crime and Cyber insurance solutions and how we can be of assistance to you. Give us a call at (877) 787-5258.

Comments

comments

Blogged on: March 25, 2016 by Mike Smith
Error Omissions
Error Omissions
Submit your information below so we can contact you with a FREE quote
[All fields are required.]
Actual Annual Revenue:
Verify:
=
I have read and agreed to theTerms & Conditions
Error Omissions
Error Omissions