Hardly a day goes by without news of cyber-attacks. All businesses will have areas of vulnerability either in human or virtual form. Any cyber-attack can be devastating to a business BUT with the right insurance in place losses CAN be mitigated. This is where we can help. By identifying areas of weakness and recommending insurance solutions from specialist insurers.
Often a first reaction to the topic of cyber insurance can be “it won’t happen to us”. Here is a case study of a Phishing scam: -
The financial controller of a small high street law firm received a call from someone purporting to be from the firm’s bank, advising that some suspicious wire transfers had been flagged on the business account. The caller insisted that the firm may have already had funds stolen from their account and were in immediate danger of the remaining funds being drained unless they put a freeze on the account, for which the bank would need to be told the password and pin code.
Not wanting to be the cause of any further loss, the financial controller confirmed the pin code and password to the caller, who then confirmed that the freeze had been successfully applied and that they would be in touch again once the situation was resolved. Upon calling the bank the next day to check in, the financial controller was told that the bank had not in fact been in contact and that £89,991 had been wired to three overseas accounts in nine separate transactions. It was now too late to recall the transactions and has they had seemingly been authorised, no reimbursement was offered by the bank.
This loss could have been insured against reducing the stress and loss of income to this business. If you would like to discuss your business insurances, please call to speak to a member of my team on 01273 328181
To find out more about how you can protect your business, visit the government website at https://www.cyberaware.gov.uk/...
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