Southern Insurance Associates
by AJaye Brown on Oct 22, 2014
While 64 percent of payment fraud still occurs the old-fashioned way involving paper checks, cyber crime is on the upswing and more serious loss per occurrence is the result. According to a survey by the Association for Financial Professionals, 73 percent of organizations were targets of payment fraud in 2009.
Firewalls and anti-virus packages may protect employers from outside cyber threats. However, they not do offer protection from hackers who use deceptive practices designed to infiltrate network systems by targeting employees.
One area where cyber criminals are gaining access is social networking sites.
In one case, a credit union employee was browsing Facebook at work. He received a popup message from "Jeremy" reading, "eVry (sic) interesting: is it really you on this clpi (sic)?", whereupon the employee clicked the web link.
Clicking the link triggered the installation of a program that within four hours completed four automated clearing house payments worth $1.6 million. The money was transferred to Texas, and much of it was wired to the cyber criminals by the time authorities intercepted the funds. Larisa Brass, "Employees Innocently Enable Electronic Theft," www.knoxnews.com (July 4, 2011).
In order to prevent social engineering attacks on employees, employers should create a multi-tiered line of defense against cyber criminals. First, antiviral software and firewalls are a must. An internal or third party assessment of your workplace's network security threats is another good first step in creating a line of defense to cyber threats.
Next, implement safety measures specific to your industry. These may include stricter authentication for accessing sensitive information or reserving one workstation for all financial transactions. Furthermore, make sure your social networking and overall computer usage policies address restrictions on use, confidentiality requirements and ramifications should an employee violate your policies.
Finally, train your employees. Educate those employees using social networking sites on the latest social engineering scams and how to avoid them. Then routinely monitor their usage and consistently discipline employees who violate your policies.
With the proliferation of cloud computing which allows virtual business environments, hackers will only get more enterprising in their attempts to obtain sensitive data. Here are a few guidelines to keep in mind to protect your organization from cyber criminals:
Contact Southern Insurance Associates at 706-996-8788 or Info [at] SouthernInsuranceAssociates [dot] com to review your current insurance and to discuss available coverage options to protect your business from Cyber Liability and Data Breach.
We look forward to hearing from you and how we can help.
408 N. Main Street
La Fayette, GA 30728
7579 Nashville Street
Ringgold, Georgia 30736
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