Business Email Compromise (BEC) is now the main reason for cyber insurance claims, having overtaken ransomware and data breaches. Is your practice fully equipped in the event of a hacker’s email slipping past your cyber security, and most importantly, are you fully insured if things go wrong?
According to AIG, email crime doubled in 2018 in comparison to 2017. Going from 11% of claims being email related to 23%.
For a hacker email crime is simply a waiting game
It is easy to see why email crime is a popular choice for hackers. For a criminal, it’s as simple as sending an email with a link to a fake site and hoping that one of their targets falls for their sneaky tactics. The problem for your practice is that it’s easy to get duped by these emails.
How does email crime work?
Using social engineering, phony emails and fake websites can look deceivingly real. You receive a scam email. Once you have opened it, clicked on a link, and entered your credentials, the cyber-criminal then has the required information to login to your email account.
This means that the hacker is able to send and receive emails from your email address and access all the information in your inbox.
For your medical or dental practice, this can mean access to an abundance of patient data, medical records, and maybe even financial information.
Techniques you can use to help you protect your practice from a cyber attack
Here are a few tips you can put into place to help you reduce your risk:
- Implement a robust security policy that is regularly reviewed and updated
- Use collaborative technology as it allows you to share documents without the need for attachments (such as Microsoft SharePoint)
- Increase your email system security – you can use an email gateway that scans incoming emails for potential threats
- Train staff so that they understand their responsibilities in preventing attacks, including what to look out for in a suspicious email
- Change passwords regularly, every 3-6 months. People commonly use the same password for many years, increasing the possibility of a hacker purchasing your password on the dark web.
The impact of a cyber attack is majorly influenced by simple human error.
It’s unlikely that your Practice Insurance will cover you fully in the event of a cyber attack.
The cost from a claim can be crippling to your practice and to your reputation. There are a few misconceptions around cyber-crime and the cover you need, so check your current policy to make sure you have enough cover in place.
Cyber insurance should be a crucial part of your dental or medical insurance portfolio
Don’t leave your practice vulnerable. All Med Pro can advise you on the best type of Cyber insurance you need. Talk to us about Cyber Liability insurance – we can help answer any queries you may have.