Successful cyber attacks affected 78% of Canadian companies in one year
There is no such organization these days that don’t use emails, web applications and mobile applications for their day to day operations. A study shows there are 376 billion emails sent a day. And 1 email out of every 2000 emails sent is a phishing attempt to fraud money out of organization. Online fraud stars are targeting people who have access to money of the company. Mostly Accountants, Payroll Administrators, Billing Department.
Cyber criminals can send emails out to these departments impersonating as decision makers of the organization and then ask them to send funds to fraudulent bank accounts. Most often than not people fall victim of such attacks and company can loose thousands of dollars.
Cyber attacks are more prevalent than you think.
In order to prevent yourself from such attacks please make sure these steps are taken.
- Implement strong password guidelines for all employees
- Always use 2 factor authentication for logins into any platforms
- Don’t open suspicious email attachments
- Emails coming from company upper management, check the email address first before responding
- Any phishing email you receive, alert all your co-workers right away
Maintain a cyber insurance coverage with your current office policy, or take separate coverage standalone. This will safeguard your organization from any potential loss.
- Business Interruption – due to loss of online system if you loss business revenues, you will be covered under the cyber liability policy.
- Digital Asset Destruction
- Reputational Harm
- Cyber Extorsion
- Incident Response Expenses
- Security and Privacy Liability
- Regulatory defense and penalties
- Multi-media Liability
- And more…
Imroz Ahmad
Insurance Broker, (RIBO)