Although there is notoriety involved with a hacker attacking the bigger corporations it is actually easier to target small companies, whose IT systems or accounting processes may not be so sophisticated.
We have seen a few of our own clients suffer at the hands of these unscrupulous groups and as painful as it is to admit, even MPI has been a victim!
Companies must regularly check their firewalls, security protocols, back-up systems, general risk management and training, all of which should extend to other systems such a telephone networks.
Plus make sure your account team have a robust checking system in place for supplier/customer payments, bank account change requests etc.
A few examples of incidents below:
Many infiltrations we have seen are made by internal "unhappy" staff
Cyber Insurance will help you cover the costs, including helping you get back on your feet. One thing it will not do is get rid of the grief and hassle caused. Thinking about and implementing some of the measures above will help to reduce that.
The link below will provide more information on the insurance – some liability insurers do add an element of cover for Cyber, although they seem to be removing this now, so we would always suggest a standalone policy with much wider cover.Proposal form