Cybercrime Awareness and Prevention
Cybercrime poses significant threats to businesses and individuals alike. From phishing emails to wire transfer fraud, the consequences can be devastating. Learn about the types, causes, and consequences of cybercrime to better protect yourself and your assets.
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Presentation Transcript
CYBERCRIME YOU CAN T PRETEND IT DOESN T EXIST! PRESENTED BY JOHN TORVI THE LANDY INSURANCE AGENCY SEPTEMBER 29, 2020
WHY ARE REAL ESTATE PROFESSIONALS SO ATTRACTIVE TO WHY ARE REAL ESTATE PROFESSIONALS SO ATTRACTIVE TO CYBERCRIMINALS? CYBERCRIMINALS? IT Handicap Small Offices, Lack of Techy Knowledge & Resources Social Interactions Speed & Trust Personal Communication Devices Access & Storage of Other s Confidential Info Escrow Accounts (Sales & Property Management) Regular usage of social media
WHAT IS CYBERCRIME AND HOW DOES IT OCCUR? WHAT IS CYBERCRIME AND HOW DOES IT OCCUR? Intrusions & Fraud major concerns for most businesses Intrusions can be Phishing, Hacking, Spamming, Spoofing, Ransomware, resulting from infected emails, attachments, links, website visits 90% of computer crimes begin with a Phishing email! (30% of phishing emails are opened, 12% of those targeted click on links Verizon)
WHAT IS CYBERCRIME AND HOW DOES IT OCCUR? WHAT IS CYBERCRIME AND HOW DOES IT OCCUR? Fraud can include wire transfer fraud, social engineering, employee dishonesty & embezzlement Wire Transfer Fraud bad actor obtains funds through a scheme based on false representation or promises Social Engineering company representative manipulated by bad actor to give up data or funds
TYPES AND CONSEQUENCES OF CYBERCRIME BY THE NUMBERS $400Billion estimated annual cost of Wire Fraud $6 Trillion cybercrime estimated global cost by 2021 68% of funds lost to cybercrime/fraud are unrecoverable 200-400% increase in cybercrime since COVID-19 pandemic
TYPES AND CONSEQUENCES OF CYBERCRIME BY THE CRIME RANSOMWARE Computer/Network Held Hostage for Extortion and Payment o Payment demanded in bitcoin & other alternate currencies o Data may be stolen, damaged or destroyed o No guarantee invader will leave, or won t come back o Involvement of Police/FBI o Loss of Income & Reputational Harm
TYPES AND CONSEQUENCES OF CYBERCRIME BY THE CRIME DATA BREACH Misappropriation of confidential or privileged data DATA BREACH What does your firm receive, send & store? o Civil Penalties (per record) o Lawsuits o Notification & Credit Monitoring o Response & Forensics o Data Restoration o Reputational Harm o Payment Card Industry Fines
TYPES AND CONSEQUENCES OF CYBERCRIME BY THE CRIME Wire Fraud & Social Engineering Wire Fraud & Social Engineering The use of (electronic) communications to fraudulently obtain money by misrepresentation or manipulation
WHAT CAN YOU DO TO PREVENT ATTACKS? WHAT CAN YOU DO TO PREVENT ATTACKS? Individuals are the primary sources of breaches targeting people not devices. Need strict policy regarding applications and software that can be downloaded. Use of personal computing devices that are not integrated with security platforms. This includes personal email & websites google, yahoo @johnsrealty.com, etc. These are not your friends! These are not your friends!
INSURANCE CONSIDERATIONS Average Cost of a cyber/ransom attack for a small business can exceed $200,000 Average Cost of a cyber/ransom attack for a small business can exceed $200,000 Insurance Plans can/should cover: Data Breaches, Ransomware Attacks, Wire Fraud, Social Insurance Plans can/should cover: Data Breaches, Ransomware Attacks, Wire Fraud, Social Engineering* Engineering* Insurance Plans Can/Should Provide: Breach Coach, forensics, data restoration, coverage for Insurance Plans Can/Should Provide: Breach Coach, forensics, data restoration, coverage for lawsuits, civil penalties, notification costs, credit card monitoring, reputational harm, loss of use, lawsuits, civil penalties, notification costs, credit card monitoring, reputational harm, loss of use, credit card industry fines, risk management & preventative information credit card industry fines, risk management & preventative information Watch for coverage for independent contractors, personally Watch for coverage for independent contractors, personally- -owned computers, policy language/requirements language/requirements owned computers, policy
JOHN L. TORVI, VICE PRESIDENT THE LANDY INSURANCE AGENCY JOHNT@LANDY.COM | 781-292-5417 | WWW.LANDY.COM John Torvi is the Vice President of Marketing & Sales at the Landy Insurance Agency of Norwood, MA. John has been in the insurance industry, focusing on the needs of business owners, for over 30 years. He holds a Bachelors Degree from Providence College and a Masters Degree from Springfield College and is a frequent speaker and contributor to professional journals and conferences for the real estate, legal, accounting, and insurance industries. The Landy Agency is a national leader in providing professional insurance services for attorneys, real estate professionals and accountants.
