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:
- Check the security of your computer systems – consider engaging professional assistance or retaining ethical hackers to test for weaknesses.
- Check what protections your bank or financial institutions offer and ensure that these are implemented;
- Provide guidance and training to staff about cyber- crime, including policies for use of off site devices by staff such as Facebook and Instagram.
- Ensure that your accounts team are fully aware of the risks of cyber-crime and the ways in which fraudsters can perpetrate their crimes;
- Tighten up your internal procedures for the authorisation of payments to be made, particularly when your senior executives are absent from the office;
- Check your public liability insurance policy for cover for cyber-crime.
- Consider taking out specific cover for cyber-crime insurance.
- 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.
- 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.