Evolving cyber crime

Evolving cyber crime and the Hire industry

COVID-19 HAS CREATED A PLAYGROUND OF OPPORTUNITY FOR SCAMMERS AND HACKERS AS MORE AND MORE BUSINESSES MOVE TO STREAMLINE THEIR ONLINE OPERATIONS.

Cyber-attacks are becoming more frequent, targeted and complexed with 43% of cyber-attacks aimed at small business (1 every 10 minutes according to Scamwatch).

So why are small businesses struggling to defend themselves? • Attacks are becoming more targeted (industry-specific), • There are insufficient security protocols in place, • Cyberattacks are increasing.

If we understand how common attacks occur, we can arm your business against them. Known cyber security trends should be addressed and in the hire industry cyber security has multiple exposures: • Ensuring data remains protected, • Safeguarding bank accounts as well as maintaining security around financial transactions, • Preventing theft of equipment on hire.

Material assets owned by hire companies are now being targeting in new ways, which is not unexpected as cyber fraud continues to evolve as criminals continue to find innovative ways to target specific industries.

Social engineering (theft by deception via email correspondence) is now moving to theft of hire equipment.

Do you have customers that hire equipment direct from your website? Do you have new customers emailing you to arrange to hire equipment? How do new clients identify themselves when corresponding electronically? How do you know if a customer is who they say they are?

With the recent spate of data breaches effecting millions of customers, could a third party impersonate your customer?

WHAT STEPS CAN YOU TAKE TO REDUCE THE CHANCE OF THEFT BY DECEPTION:

1. If an existing client, or a new client, contacts you via email, verify their email address. If you regularly work with a business and a staff member contacts you to hire equipment, look at the email address you are receiving the request from. If the address is incorrect in anyway, it’s a red flag. 2. Verify the ID the customer provides when booking a hire? If the hirer is a business, do you call the number for the business and confirm who you are hiring to? Do you google the address for the job? 3. If an existing client advises of a change of contact details, address or phone number, contact the number you have on file, or the person known to you to verify that the change of contact information is legitimate. 4. Cross check. Set up written training material for your staff about the dangers of Social Engineering Fraud,

Phishing, Phreaking and Cyber

Fraud. Create a cross check protocol for new customers, change of address and contact details, 5. Review password management, consider a password system such as password manager, 6. Check your insurance policies; what cover does your insurer provide?

Does your insurance policy include cyber theft?

Why would you add these additional cross checks to your already full workload? In order to protect your equipment, if a criminal hires an excavator and does not return it, do you want to give the machine away? Does your insurance policy cover cyber crime or is it excluded? A few simple steps could make the different between keeping your equipment or losing it.

Cyber Crime is an evolving space, don’t be caught out, protect your business. Talk to the recommended industry specialists, call 1300 474 242

Kylie Quinn

kylie@hireinsurancebrokers.com.au 0450 599 440 — NSW/ACT/NT

Damien Smith

damien@hireinsurancebrokers.com.au 0488 765 717 — VIC/TAS

John James

john@hireinsurancebrokers.com.au 0417 817 494 — SA

Jono Ross

Jono@hireinsurancebrokers.com.au 0450 591 198 — WA

Linda Burnett

linda@hireinsurancebrokers.com.au 0411 725 179 — QLD

Are you really covered?

Hire Insurance Brokers are the new preferred insurance provider for HRIA Insurance.

HRIA Insurance is specifically designed to provide HRIA members with tailored insurance products for their business. As the preferred insurance provider of the HRIA, Hire Insurance Brokers provide added value to members by leveraging expert industry knowledge through direct input from the HRIA and their members, coupled with specialist insurance advice.

For more details or to contact HRIA Insurance visit www.hriainsurance.com.au

The information provided is to be treated as General Insurance Advice only. Your individual personal and financial circumstances have not been taken into account when compiling this information. To obtain a full insurance risk review please contact our office. Please also refer to our Financial Services Guide (FSG) and/or the appropriate Product Disclosure Statement (PDS) if required. The Insurance Broker (NSW) Pty Ltd (TIB) trading as Hire Insurance Brokers takes no responsibility if the information provided here is used inadequately or incorrectly.

NOVMEBER 2022 VOLUME 24 NO. 2

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