The “Nigerian Prince” email scam was designed to cheat gullible individuals out of money via mass email. The “Nigerian Prince” email scam is one of the earliest examples of what we now call the “Advance Fee” Scam. “Advance Fee” is a type of phishing scam, intended to trick individuals into providing critical information such as bank account data or credit card numbers.
Cyber-attacks are getting more sophisticated and dangerous. Cyber criminals are embedding malware in advance fee scams. Malware is malicious software embedded in email attachments, like documents, that allow cyber criminals to hack into the email recipient’s computer and steal information. About two thousand cases of banking malware attacks take place every day, and these attacks steal that same financial data without the user even knowing. Ransomware is a type of malware that comes from downloading infected files that were sent through a website or attached to an email. Once the infected file is downloaded, the ransomware locks the device until victims pay a ransom. These are two examples of how sophisticated cyber criminals are infiltrating organizations.
There are certain steps that your organization should take to mitigate the risk of falling victim to a cyber attack. Below are a few general policies you should consider implementing as part of your risk management plan:
- Make sure to train employees and volunteers in necessary cybersecurity measures. Studies show that 90% of all cybersecurity breaches are the result of human error. Employees and volunteers should know how to recognize online threats, such as suspicious emails.
- Ensure that every device used in the business updates its cybersecurity tools, such as laptops and mobile devices, which often connect through external Wi-Fi networks.
- Download software updates for your operating system and applications
- Back up important data in multiple locations.
- Enforce strict employee access procedures. All staff should have a username and password. Passwords should be complex, regularly changed, and not be shared.
Your organization needs to be constantly vigilant despite having a sound cybersecurity system in place. A cyber insurance policy should be considered as part of your risk management strategy. Not all insurance policies are created equal, so it is essential to read all terms, conditions, and exclusions. It is important to note that most General Liabilities exclude or do not provide coverage for cyber liability. Let us know if you have any questions or concerns regarding Cyber Liability or would like us to provide a Quote. We are here to help!