A powerful defense for your most valuable assets.
Insurance should protect what’s most important – your family, your business, your employees.
We look at insurance differently. Our consultative broker approach identifies your greatest risk and develops solutions to give you peace of mind.
Our highly specialized team will ask the questions others don’t.
- How does your insurance impact your bottom line?
- What are you actually protected against?
- Will you survive a loss?
We know life can be unpredictable but careful preparation and smart decisions can help you manage the unexpected.
Are you protected against Social Engineering?
Social Engineering is quickly becoming one of the most popular forms of hacking. By taking advantage of human behavior to commit a crime, social engineers can gain access to buildings, computer systems and data simply by exploiting the weakest link in a security system—humans. Social engineers don’t need to have expert knowledge of a company’s computer network to break in to a business—all it takes is for one employee to give out a password or allow the engineers access to an area they shouldn’t be in.
Being the victim of a social engineering scam can have a wide range of effects on your business, including damaged reputation, lost sales, lower staff morale or loss of client confidence. All these effects take a lot of time and money to reverse.
Prudent business practice dictates all instructions for a wire transfer to be confirmed verbally and that under no circumstances are any e-mails actioned without such verbal confirmation. Other ways to prevent social engineering from potentially ruining your business, include:
- Network security
- Guard sensitive information
- Employee training on phishing and pharming scams
- Effective password protocols
- Use of encryption
- Overall vigilance
However sometimes security systems fail, protocols are not followed, and people make mistakes. This leaves insurance as the last line of defense for the protection of your financial assets. The basic crime policy usually does not provide computer fraud coverage. Add computer fraud coverage (hacking of your systems) with the additional social engineering endorsement (hacking of your people) to the basic crime policy to provide the needed protection. Take all security precautions possible to avoid a loss and make sure your insurance program will work as plan B!
Contact Key Insurance & Benefits Services today to learn more about our resources and coverage options to protect your company against losses from social engineering.
Learn more about cyber security and threats.
The information and recommendations contained here have been compiled from sources believed to be reliable and represent the best current opinion on the subject. No warranty, express or implied by KeyBank, is made as to the absolute correctness or sufficiency of the information contained. This is meant as general information only; particular situations may require additional actions. This document is designed to provide general information only and is not comprehensive nor is it legal advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. KeyBank does not make any warranties regarding the results obtained from the use of this information.
Insurance services, benefits consulting services and insurance products are offered through Key Insurance & Benefits Services, Inc. (“KIB”), which is a licensed insurance broker and agent. Insurance policies are obligations of the insurers that issue the policies. Insurance products may not be available in all states. KIB and KeyBank are separate entities, and when you purchase risk management services, business consulting services or insurance products you are doing business with KIB, and not KeyBank.