Phishing Email Scam: Don't Fall Victim to Cybercrime!
Having cyber liability insurance is arguably one of the most important things you can do for your business. Like death and taxes, data breaches are a fact of life now. It's no longer if it happens, but rather when it happens: How will your small or midsized business be ready to manage all of the risks and the costs?
I recently met with my insurance agent, Steve Breitbart from Cypress Insurance Group. Steve handles all my property and casualty (P&C) insurance. We met to look at some new quotes for my P&C coverage. Boring stuff to me, but Steve makes it easy to discuss and decide on a course of action.
You’re on your way home from work one day, when someone from your office calls you saying they can’t get into the files for that important project due tomorrow. As soon as you get home, you connect to your system, and sure enough, none of the documents open. They have been corrupted. Then it hits you: This is Ransomware! Oh no, you've been exposed to data loss!
Most small business owners try to keep their work internal, hiring new employees or utilizing existing ones to fill specialized positions, such as IT computer, help desk or systems administration support, rather than outsourcing the work. This approach may seem advantageous at first, since it allows companies to keep tight control over their work, and in some cases, it keeps costs minimal. But internalizing all of your company’s IT infrastructure, systems and processes doesn’t always pay off.
The FBI has issued alerts to all businesses about the spread of Business Email Compromise (BEC) scams. According to the FBI these scams have grown by more than 270% since the beginning of last year. At their last reporting more than 7,000 businesses have lost more than $1.2 billion in the last 2 years.