Coronavirus Creating Opportunities for Cybercriminals to Exploit Vulnerable Businesses

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Coronavirus and remote working is creating opportunities for cybercriminals who are exploiting the vulnerabilities of many businesses. Insurers are seeing a rise in business email compromise and we would urge you to be extremely vigilant and ensure you have a robust cyber security risk strategy in place to protect the business.

Some of the tactics being deployed by fraudsters include:

Fraudsters purporting to be from a research group that mimic the Centre for Disease Control and Prevention (CDC) and World Health Organisation (WHO). They suggest that you click on a link which provides a list of active infections in your area however it redirects you to a credential stealing page or requires a donation in the form of a payment into a Bitcoin account.

Fraudsters providing articles about the virus with a link to a fake company website.

Fraudsters sending investment advice encouraging people to take advantage of the downturn.

Fraudsters purporting to be from HMRC offering a tax refund and directing victims to a fake website to harvest their financial details.

Be vigilant and watch out for scam messages – don’t click on links or attachments that you are unsure of where they are coming from

Be vigilant when shopping online – if you are making a purchase from a company or person you don’t know and trust, carry out some research first and if you decide to go ahead use a credit card if you have one as most major credit card providers insure online purchases.

Cyber Insurance is a topic on the agenda of many businesses but it is still a relatively misunderstood class of insurance. Companies find themselves confused about how cyber insurance works and can be sceptical about whether to purchase a policy however:

  • Over half of all cyber attacks are aimed at small to medium sized businesses
  • Your employees will probably click on something they shouldn’t
  • You aren’t covered under other lines of insurance
  • Cyber insurance covers far more than data privacy

Please contact Karen Sewell at ManningUK if you would like further details.
01491 578759 Extension 204 or email karen_sewell@manninguk.com