Cybercrime Spotlight: by Linda Loving
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Danger season for W-2 phishing approaches
Cyber criminals are about to ramp up their efforts to steal employee W-2s. Just like other businesses, cyber criminals seek efficiency. If they can get just one member of your HR or finance staff to send W-2 forms, they can profit directly by filing fraudulent tax returns and stealing refunds. As tax season begins, criminals race to file fraudulent returns before employees can file their legitimate ones.
A successful attack generally begins with a spoofed email to an employee in the accounting, finance, or HR department. Appearing to come from an executive, sometimes bolstered by details the criminal has gleaned from LinkedIn or social media, the email leads the employee to supply PDFs of W-2s or other forms of electronic payroll data. When the attack succeeds, most or all your employees are likely to have their data compromised.
There are steps you can take to help protect your organization. First and foremost, make sure you have a cyber policy in place. IIAV/VFSC has partnered with Beazley and Arlington Roe to offer IIAV members an exclusive Cyber program, at a reduces rate, to help protect their agencies from data security breaches. The policy includes coverage for first and third-party liability, regulatory fines and penalties, cyber extortion, website media liability, public relations coverage, credit monitoring, business interruption and more. Binding coverage is easy.
Secondly, as a Beazley Cyber policyholder, you have access to a dedicated group of expert breach response professionals. Their job is to assist your organization with data incidents—small or large. A specialist’s support in the event of a breach is crucial.
You will also have access to a proprietary risk management website containing valuable resources, such as sample privacy policies and procedures, breach response and preparedness materials and state and federal regulatory updates. You will receive alerts and updates, and will be invited to attend periodic webinars on timely data security topics to further bring relevant information to assist your organization.
Aside from your E&O exposure, what is a greater exposure to loss than cyber claims? Email lloving@iiav.com to get a cyber quote for your agency today or visit www.iiav.com.
