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October is Cyber Security Awareness Month, so now is the perfect time to examine and refine your business\u2019s cyber security precautions, things like password policies and employee training. It\u2019s also the perfect time to make sure you have a cyber insurance policy.<\/p>\n
If you operate a small or midsize business (SMB), this domain of criminal enterprise increasingly has you in its crosshairs.<\/p>\n
If you\u2019re a small business owner, it may seem odd to imagine criminals targeting you rather than bigger names with bigger revenues. But, with small businesses constituting 44% of American gross domestic product, according to the Small Business Administration, there are logical reasons for the bad guys to pick on the little guys including:<\/p>\n
Once it\u2019s understood that a smaller market footprint offers no real protection from cyber crime, it\u2019s important to know the ways your business can be targeted. And, given the trends highlighted in the FBI\u2019s March 10, 2023 release of its annual\u00a0Internet Crime Report<\/a>, there\u2019s at least one threat everyone should pay attention to:\u00a0Social Engineering Fraud<\/strong>.<\/p>\n While traditional \u201chacking\u201d relies on vulnerabilities in software or hardware to gain unauthorized access to networks and computer systems, social engineering fraud relies on people and emotions.<\/p>\n According to the Cybersecurity and Infrastructure Security Agency, socially engineered attacks are those that use \u201chuman interaction (social skills) to obtain or compromise information about an organization or its computer systems.\u201d<\/p>\n Such exchanges can take the form of convincing text messages, email and voice interaction capable of duping even cautious employees into disclosing sensitive information \u2014 especially when combined with powerful emotions like fear, love and urgency.<\/p>\n As criminals attempt to leverage technology, trust and emotion against you and your team, familiarity with their techniques can help you avoid becoming a victim. Popular techniques for this ever-evolving type of fraud include:<\/p>\n A common theme in all of these attacks is the use of emotion \u2014 for example, the desire to help another person or the fear of being responsible for a costly mistake \u2014 as a means of encouraging the victim to grant the attacker access.<\/p>\n As always,\u00a0encourage employees to use best practices<\/a>\u00a0like creating a strong password and using a VPN when possible to help protect your business data. And, while it\u2019s always a good idea to make sure your security policies and systems are current, there are some important non-technical steps you can take to promote cyber security:<\/p>\n This kind of cyber crime protection addresses more than just the direct effects of the attack itself. Covered claims also include protection for downstream consequences like forensics, compliance and recovery.<\/li>\n<\/ul>\n Cyber security is an evolving concern, and keeping up to date with the latest threats is one way to avoid them. But even when you take precautions, cyber fraud can still occur. That\u2019s why it\u2019s so important to make sure you protect your business by having the right insurance protection.<\/p>\n With\u00a0Cyber Suite from ERIE<\/a>1<\/sup>, you\u2019re covered for losses arising from a host of cybercrimes, including data breaches, computer fraud and attacks, cyber extortion, misdirected payment fraud and telecommunications fraud. Cyber Suite also includes third-party liability coverages for privacy incident liability, network security liability and electronic media liability. And as an added bonus, you\u2019ll have access to a team of cyber professionals experienced in handling these types of claims.<\/p>\nWhat Is Social Engineering Fraud?<\/h2>\n
Social Engineering: 10 Types of Fraud<\/h2>\n
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What Can I Do About Social Engineering Fraud?<\/h2>\n
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Stay Current, Stay Safe<\/h2>\n