Cyber Crime – What You Need to Know

Unfortunately Cyber crime is all around us, without you even realising it could be affecting you and your business.

There has been a lot in the news recently about cybercrime it’s clear that all businesses regardless of size are at risk and the threat of hacking attacks are both ‘increasing and intensifying’. To be able to protect ourselves from such attacks we need to understand what cybercrime is and the steps we can take.

Cybercrime is a broad term and can include any of the following:·      

  • Vishing – contact made by phone, caller purports to be from your bank, the police or a fraud agency, purpose is to get you to reveal confidential information
  • Phishing – Contact is made by email, Sender  impersonates well known companies such as banks, Purpose is to get you to click on a link or attachment
  • Smishing – Contact is made by text messages, Sender impersonates well known companies, Purpose is to get you to clink on a link
  • Modified email – This is also know as CEO impersonation. Requests are often timed so that it will be difficult to verify the request – which is exactly what you need to do.  These emails are often targeted at new or junior members of staff. The fraudster is hoping that the targeted business does not have a culture of challenging or asking for help.  The emails often begin asking if you are in the office, can you make a payment and what information is required to make this happen. The fraudster will talk about urgent transactions, or a top secret transaction such as a business acquisition. Some times they will not even ask for money
  • Malware/ Ransomware – Malicious software such as Trojans or viruses, Downloaded from phishing emails, illegal websites and ad banners, Sits quietly in the background until you access a UK bank website
  • Hacking

Don’t worry if you don’t even understand some of these terms, there are many different forms of cybercrime and criminals are becoming more sophisticated in their attacks.  The main thing is that it is vital that you protect yourself as a business taking precautionary steps and buying an insurance product that will respond in the event of a loss. Please get in touch for more information.