Mike Grant, Principal and Director of Commercial Division

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Cyber Hacking Tactics: Coming From All Angles

By Mike Grant, Principal and Director of Commercial Division

clock May 9, 2017 at 10:00 AM

Cyber crime has become the new norm, with 39% of breaches targeting companies smaller than $100M in revenue [1]. And while healthcare, retail, financial and educational organizations are frequent targets, every company has data and money that the hackers would love to get their hands on. Traditionally, we’ve seen attacks ranging from hacking servers for customer information, to hacking stolen laptops, and spear phishing emails where the hacker sends an email from the traveling CEO or CFO to request a wire transfer to a specific company. During tax season, they have even been sending spear phishing emails to the Human Resources or Finance department to target employees’ W2s.

But cyber hackers are creative and they are always looking for new angles to catch companies off guard.

In the past week, two of our clients have experienced a cyber breach involving some less frequent strategies.

  • Compromising an Amazon store login and diverting funds to a new banking account
  • Spoofing a vendor’s email to request payment to a new account

It’s clear that hackers are getting smarter and using new angles to target businesses. To mitigate your company’s risk, it’s crucial to be vigilant and aware of new types of attempts to steal money and information. Be mindful and train your employees to recognize phishing emails and scams. Confirm requests for changes via a different mode of communication.  For example, if the request came in via email, then call a known number to confirm the requested change.  Beazley Insurance offers additional employee training on phishing here.

For companies seeking proven protection for their cyber, network security and privacy exposures, a Cyber/Data Breach insurance policy remains the best and most affordable insurance solution. Follow our blog to stay up to date with the latest cyber security and insurance trends.

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Topics: Cyber & Data Security, Market Trends

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