The threat of fraud has grown to a seriously intimidating level; in fact, UK fraud topped £1 billion in value last year, The Guardian has reported. Accountancy firm KPMG has drawn attention to a significant increase in cybercrime, the situation of which could get even worse.
Hitesh Patel, a partner at KPMG, has warned that a higher number of “super frauds” can be expected “as challenging economic circumstances place pressures on businesses and individuals and as technology becomes more sophisticated.” However, you can still counter the danger.
Watch out for phishing emails
Phishing is a phenomenon where a hacker sends an email that is made to look as though it has originated from a trustworthy company or person and requests confidential information.
For avoiding you becoming fooled by a phishing attempt, James Randall, who founded cyber security training start-up The Friendly Nerd, has provided advice quoted in an informative article on The Guardian‘s website. He explained: “The best tip I can give to staff is always look out for the urgent and the unexpected.” An email that “ticks either of those boxes … could be suspicious.”
Vet new staff – in a legally careful way
Sometimes, the threat could actually be inside the business. Hackers might seek to join your company to give themselves access to sensitive information. Of course, if the process for getting into your business’s ranks is rigorous, this could help bar unscrupulous people from entry.
However, that process could be more thorough for permanent members of staff than it is for contractors or temporary staff.
Independent security consultant Jenny Radcliffe warns: “Vetting people is problematic because a determined hacker will have a good back story that checks out to some extent.”
She adds: “I would suggest always following up names with contracting companies and using numbers and emails found independently, rather than the ones the person gives you, as these might be fraudulent.”
Still, there are data protection laws that you should remember when vetting new recruits. Paula Barrett, who heads data privacy at the law firm Eversheds, has stated that the vetting “needs to be necessary and proportionate to the role that the individual will have.”
Have cyber insurance in place
Unfortunately, even if you work hard to prevent cyber crime arising, there remains the possibility of a blunder that leaves your business out of pocket. However, you could recover lost income if you have cyber insurance, as it can be called. This would ensure that, even if cyber crime does happen, its adverse effects on your corporate operations don’t have to linger for very long.
If you lack experience of cyber insurance, you could remain uncertain where exactly to start in your search for it. Your naivety could also too easily lead you to select a policy that doesn’t meet all of your needs. Fortunately, the UK-based company Be Wiser Business Insurance can find especially appropriate cyber insurance quotes for businesses of various types around the country. Thus, utilising this firm’s services can effectively save time.