Cyber liability insurance is a smart way to protect your business in the event of a cyber attack.

Over the last 10 years, identity theft has quickly become one of the fastest growing crimes in Canada. Many business owners incorrectly believe consumers are the only target of phishing scams. However, unsuspecting employees who do not know how to detect a phishing scam could put your network at risk and cost you significant time and money to repair the damage.

While cyber liability insurance is a smart way to protect your business in the event of a cyber attack, there are several smart steps you can take to prevent an attack altogether.

1. Report suspicious activity to the Canadian Anti-Fraud Centre.  

It may be difficult for you to spot a scam, but they can provide information on the latest tactics identity thieves are using.

2. Beware of social media hacks. 

Social media is the new frontier for hackers. If you are not careful, hackers can hijack your company’s Facebook account , read your emails, post unauthorised status updates and use your contact list to send out mass phishing emails in your company’s name. To keep your social media accounts secure, never click on suspicious links while you are logged into the company’s account.  

3. Think twice before you login again. 

Once you log into your company’s Facebook account, be suspicious if you are prompted to log in again. Hackers are skilled at setting up fake pages that look identical to the real thing. These seemingly harmless webpages can spread malicious scripts on your computer that can infect your entire network.

4. Double-check the URL. 

The best way to detect whether you are being prompted by a fake page is to check the domain name in your web browser. If you are on a genuine Facebook page, the root will always be https://facebook.com. No matter how real the webpage looks, if the address does not begin with this root, the page is not authentic and is likely part of a scam.

As identity thieves get more clever in their attempts to access private company and personal data, businesses must be more vigilant in enforcing policies and procedures that protect customer information. To learn more about the latest phishing scams and other issues that impact your cyber liability insurance policy, talk with your insurance broker.

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