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What does the term ‘Social Engineering’ refer to?

Social Engineering is the voluntary sending of electronic funds by deception. To give you some real life examples, a common method used by cyber criminals is the sending of fake invoices for payment, the sending of an email to a financial employee or accountant purporting to be from the CEO requesting the urgent transfer of funds to a trusted partner of the company, requests from fraudsters purporting to be from trusted third parties to update bank account details where regular payments are sent too, a call from someone purporting to be from the bank requiring sensitive information to access your account following some alarming transactions thereby using this information to directly transfer funds out themselves post call, etc.

These are a few of many ways a business can fall victim, though basic preventative measures like confirming via another form of communication (needless to say, not with details provided by the fraudster in the email or phone call) with the relevant third party will reduce the chances.

This cover is not automatically included under a Cyber and Data policy, but if not, can usually be extended for an additional premium.

For more information on ‘Social Engineering’ and a Cyber & Data policy, please don’t hesitate to contact Johnson Insurance Services on or 01937 222139

#business #communication #cyber #data #accountability

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Johnson Insurance Services is a trading name of Johnson Insurance Services Ltd which is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference no. 784664. Johnson Insurance Services Ltd is registered in England & Wales no. 10822509 at Commer House, Tadcaster, North Yorkshire, LS24 9JF