With many industries often being the victim of a cyber offense, companies are rapidly looking to new ways in how they can improve their approach to cyber security.
Take the conveyancing industry for instance! On a Friday afternoon some of the largest financial transactions are processed across the UK. During the process of buying and selling property, these often amount to large values of money. Consequently, cyber criminals know that this point in the week is the best time to strike a cyber-attack in hope of making substantial illegal financial gain.
Focusing between client and solicitor, cyber criminals can infiltrate emails by posing as either side of the arrangement to track conversations and pretend to send legitimate details.
Neither party could be none the wiser to the unscrupulous behaviour going on behind the scenes. Additionally, solicitor firms are generally extremely busy, dealing with many contracts and several clients within a single day. Cyber criminals know this and understand their haste in the fast-paced working environment, which can often leave vulnerable situations open for their gain.
Working together to eliminate the possibility of a cyber offense
There are several cyber security protection aspects which conveyancing companies can put in place to mitigate a cyber offense such as:
Conduct a cyber security company review – Start at the top and work down through employees. Assess where vulnerabilities could present themselves. Make necessary adjustments to increase cyber security protection within the business.
Protect networks and servers – Ensure that servers and networks are fully protected. Renew passwords to include a series of letters, numbers, and symbols. Use a two tiers’ methods of security where possible and change default passwords or update if they have been in existence for a long time.
Train staff – Offer training to employees in respect of their own responsibility towards cyber security. Educate on how to interact safely between colleagues and clients. Inform on how to spot a vulnerability and where to report it.
Educate customers – Inform customers of the issues around cyber security when buying and selling property. What they should look out for when conducting the conveyancing process. Encourage clients to read emails twice and telephone if they are not sure on something.
Send a test payment – Don’t ask the client to immediately send thousands of pounds as a one-off payment. In the first instance, ask them to set up payment details directly with their own bank or building society and then send a test payment to ensure that the money reaches the correct recipient. Once the transaction has been clarified, carry out the same process again for the full amount. Phishing emails can be too convincing! Notify customers never to pay money via an emailed link which could be a phishing email.
The main goal for any business is to become completely coherent in cyber security and to protect from a cyber offense. To find out more about protecting your business with cyber attack insurance, please contact our team at Crendon Insurance or use our cyber security questionnaire to further evaluate your business in terms of how well it’s current cyber security is protecting IT systems and data.
Blogs used to write this article: