Consumer phishing/wire transfer fraud is increasing, and may be a growing liability threat for all types of organizations, particularly organizations anticipating receipt of funds from customers by wire transfer. Organizations can implement a number of proactive measures to prevent attacks, and comprehensive Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage) that includes coverage for consumer phishing fraud coverage (most do not) is also an essential protection.
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Social engineering fraud, one form of cyber crime, is particularly rampant in the real estate industry, and the industry has responded with warnings and IT security recommendations that can be effective for both real estate organizations and for businesses outside of the real estate industry – along with comprehensive Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage). A range of suggestions and resources are noted below, and you might also want to review our prior posts which include recommendations for and links to IT security measures (see here, here, here & here). Sometimes the simplest steps can be quite effective: Use checks – fraudulent cyber attacks are hard to make work with an old fashioned...
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