Industries throughout the world are seeing a growth in usage of technology within most fields. Computers have made many forms of data storage, communication, calculation and more much easier. This increase in efficiency and convenience, however, is not without its security concerns. While many may initially think of hackers as indirect thieves sneaking into data resources unseen, social engineering and spear-fishing are just as risky and involve direct contact with employees of a business. Cyber deception insurance, however, can give added protection to these types of crimes, covering loss that can occur when your business is affected.
What Is Cyber Deception?
As mentioned earlier, cyber deception involves direct contact with employees. Unsuspecting people may find themselves socially engineered to believe they are only doing what they’re supposed to do or are perfectly safe in their online interactions. For example, false emails made to look official may ask for a response with business information. The employee, believing that the email has come from within the company, may end up exposing corporate secrets without meaning to. While actions can be taken to reduce the chance of this, hackers and malicious persons are always finding better ways to trick people. It’s impossible to ensure that every possible trick is caught by every employee in your business, so you may find that these types of crimes are more common than you’d expect.
Who Does It Affect?
Due to the versatility of cyber deception, any business can be directly targetted and deceived: large, medium and small businesses alike. Large businesses tend to be larger targets, but small businesses tend to have weaker security. If a business ends up at the losing end of a phishing scheme, it’s likely that general insurance policies will not cover the loss. Insurance provided by Axis, specializing in cyber and privacy protection, notes the importance of adding a cyber deception insurance policy, as many companies do not offer that type of coverage.