Knowledge Hub | Articles

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 Jonothan Moss.

Jonothan Moss

Jonothan Moss

Tel: 01753 278665

Stay in touch

Phone: +44 (0) 1753 889995


About cookies on our website

Our Site uses cookies to improve your experience of certain areas of the Site and to allow the use of specific functionality, such as social media page sharing. You may delete and block all cookies from this Site, but as a result, parts of the Site may not work as intended.

To find out more about our cookies policy, please visit here.

Click on the button below to accept the use of cookies on this Site (this will prevent the dialogue box from appearing on future visits).