Page 31 - BusinessWest September 5, 2022
P. 31

 over the past sev- “IIf you’re taking credit cards that.” added. Even though there’s a cost asso-
eral years that affected thousands of custom- ers, like the interna- tional hacking group that gained access to the computerized cash registers of a restaurant chain and stole the credit-card informa- tion of 5,000 custom- ers, starting a flood of fraudulent purchases around the world.
 Or an employee of a Massachusetts rehabilitation center who improperly disposed of 4,000 client records that contained Social Security numbers, credit- and debit-card account num- bers, names, addresses, telephone numbers, and sensitive medical infor- mation. The center settled the claim with the state and agreed to pay fines and penalties as well as extending $890,000 in customer redress funds for credit monitoring on behalf of the victims.
Selective Insurance Group relates the case of a payroll employee at a plastics manufacturing company
who received a spoofed email from a scammer purporting to be the CEO, requesting that the employee send all employees’ W2s immediately. Which he did, and multiple employees reported that fraudulent tax returns were filed in their name.
This last example is a case of what’s known as ‘social engineering,’ and such phishing attempts have become more savvy and authentic-looking. “They’ve gotten a little more sophisticated in recent years,” Dowd said, which is why companies, often encouraged by their insurance companies, initiate training to reduce the chances of human error causing a breach.
Closing the Circle
Insurance companies provide another human element to the fight against cyberthreats, Dowd said.
“If you have a cyber policy, you have a place to go, a place of refuge, if you will. If you ever go to work Monday morning and your system is hacked and someone is demanding a ransom payment, you don’t know where to begin. But if you have cyber insurance, you can call the company; they’ve been through this many times, and they’ll tell you exactly what to do. It gives
you a starting point you wouldn’t have otherwise.”
When quoting a policy, he added, an agency might run a test of the com- pany’s system and let it know of any holes that need to be closed, Dowd added. “Even if you don’t proceed with coverage, at least you know you have those entry points, and you can pass it on to a person able to close those gaps for you.”
Insurers may also supply clients with training and quarterly check-ins, he added. “They’ll have your employ- ees take these quizzes that will supply
them with real-life incidents that hap- pen in the cyber world, and have them identify the errors or signs that they were fake or malicious; they can actu- ally give you some real-life practice on
hardware and human realms. However they delegate it, keep-
ing up to date with the latest threats, strategies, and technology is critical, he
or you have a system where
you store any type of sensitive
information with clients,
you’re vulnerable.” JACK DOWD
Rivers said many insurers provide an online help center, but many clients don’t use that resource, instead hiring a computer spe- cialist to make sure the company has the correct virus and mal- ware protection and that there are no gaps in security, in both the
ciated with that, it can pale compared to the cost of a breach.
“It’s something that is out there,
and everyone can be impacted by it, no matter how small or how big they may be,” Rivers told BusinessWest. “The reputation of a company can certainly be impacted by it. It’s something peo- ple don’t always think about — or want to think about. They say, ‘I only have a couple computers; it can’t happen to me.’ But it can.” u
Joseph Bednar can be reached at [email protected]
     ByYourSide
in business and in life
   Timm Marini
President of Western New England, President of Personal Lines HUB International New England, LLC
Charlie Epstein
Senior Vice President, Retirement and Private Wealth Services
HUB Retirement
and Wealth Management
Whether promoting better outcomes for your retirement plan participants or pursuing your individual financial goals, we can help. HUB Retirement and Private Wealth offers knowledgeable specialists who tailor strategies
to address your specific needs. As investment fiduciaries, we work solely on your behalf and are committed to your success.
 Charlie Epstein Joins HUB International
We are pleased to join forces with one of the strongest and well-respected insurance brokerages in New England. Together, we have the resources of
a large, international company with strong, local service and expertise, offering:
Business insurance and risk services to help protect your organization, brand and assets
Employee benefits that help you navigate change, and support and engage your people
Personal insurance to help you protect your family, your home and more
Retirement and Wealth Management to help streamline your retirement offerings
Protect what matters most —your family, your home, and your business.
Let’s work together to begin building your custom solution today.
833-GoCallHub (833-462-2554) | hubinternational.com
  Risk & Insurance | Employee Benefits | Retirement & Private Wealth
 BusinessWest
INSURANCE
SEPTEMBER 5, 2022 31
 


















































   29   30   31   32   33