Mitigating the risks of cyber-crime and bank fraud | Articles | Knowledge Hub | B P Collins LLP Solicitors
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19 June 2017

Mitigating the risks of cyber-crime and bank fraud

With cyber-crime is on the increase, businesses would be well advised to to consider taking the following steps to mitigate the risks of cyber-crime and bank fraud immediately:

  1. Check the security of your computer systems – consider engaging professional assistance or retaining ethical hackers to test for weaknesses.
  2. Check what protections your bank or financial institutions offer and ensure that these are implemented;
  3. Provide guidance and training to staff about cyber- crime, including policies for use of off site devices by staff such as facebook and instagram.
  4. Ensure that your accounts team are fully aware of the risks of cyber-crime and the ways in which fraudsters can perpetrate their crimes;
  5. Tighten up your internal procedures for the authorisation of payments to be made, particularly when your senior executives are absent from the office;
  6. Check your public liability insurance policy for cover for cyber-crime.
  7. Consider taking out specific cover for cyber-crime insurance.
  8. Review your terms and conditions to try to limit your exposure to claims against you for cyber-crime issues arising from glitches which may be passed to third parties by your computer systems.
  9. Consider making claims against your bank for loss and damage.

If you need help on any of the issues identified in this article please contact Nick Hallchurch.

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Email: enquiries@bpcollins.co.uk

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