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just how susceptible a business can be. Because secure information is now digitized, data is immediately accessible. Having unprotected electronic information is the equivalent of a business leaving its doors unlocked. Identifying exposures and implementing best practices is an important component of a smart risk management strategy. There are steps business owners can take to secure their businesses against these exposures. Determining the right type of insurance coverage is a cornerstone to a business’s successful cyber security system. Adding the following steps to a company’s list of security measures can help ward off EFT fraud: Have a Cyber “Alarm” System: Antimalware software for a company’s computers is the equivalent of a home or business’ alarm system. Agents can advise clients to work with their IT personnel to determine what antimalware software package provides the best coverage for their business’s needs, and to make sure this software is renewed regularly. Educate Employees: Rather than being a source of exposure, employees can be a business’ first line of defense. This starts by informing employees on proper risk management practices. For examples, employees should know to avoid e-mails sent by unknown senders; stay clear of unfamiliar Web sites; use company-approved external devices; keep personal passwords private; and alert IT personnel to unfamiliar pop-ups or files that might contain malware. Know the Status Quo: The best way to spot unusual activity within a company’s EFT logs is to be familiar with them in the first place. Business owners should check their bank transfer logs daily. Doing so at night can serve as another measure to prevent fraudulent transfers before they are processed the following day. Business owners also can set up limits on the amount of funds that can be transferred and reserve one computer solely for EFTs. While business crime is evolving with technology, insurance professionals can be a resource for clients by providing the best insurance coverage options and risk management techniques to limit cyber crimes such as EFT fraud. In this new age of business crime, a business can never be too careful. Ensuring businesses on Main Street and Wall Street have a “lock” on the door to electronic assets will help ensure that they thrive and ward off cyber threats. CJ
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Glasgow is CyberRisk product manager for Travelers Bond & Financial Products. Winter 2012 | Claims Journal 15