{"id":791,"date":"2016-11-29T22:33:27","date_gmt":"2016-11-29T22:33:27","guid":{"rendered":"https:\/\/wwfins.com\/?p=791"},"modified":"2016-11-29T22:33:27","modified_gmt":"2016-11-29T22:33:27","slug":"seven-reasons-why-you-need-to-protect-your-business-from-social-engineering-now","status":"publish","type":"post","link":"https:\/\/wwfins.com\/?p=791","title":{"rendered":"Seven Reasons Why You Need to Protect Your Business from Social Engineering NOW"},"content":{"rendered":"

The holidays are notorious for an uptick in seasonal scams and cyber phishing schemes. It’s time we addressed a cyber security issue that\u2019s a big deal in all of our industries right now: Social Engineering.<\/span><\/p>\n

What is social engineering?<\/b><\/span><\/p>\n

Social Engineering Fraud is described as when an employee is intentionally misled into sending money or diverting a payment based on fraudulent information that is provided to them in a written or verbal communication such as an email, fax, letter or phone call. A social engineering attack is typically very complex because it relies on psychological manipulation to get people to share confidential information.<\/span><\/p>\n

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Here\u2019s why you need to take steps to protect your business from social engineering: <\/b><\/span><\/p>\n

1. Businesses of all sizes are affected.<\/span><\/p>\n

2. One in two small businesses and five in six large businesses were targeted at least once within the past year. <\/span><\/p>\n

3. Attacks on businesses have risen 91% in the last year.<\/span><\/p>\n

4. $1 billion was stolen from businesses over two years via an international spear phishing scheme that targeted bank employees.<\/span><\/p>\n

5. Many insurance policies do NOT cover this. If they do, there are many steps involved to activate the coverage, which the customer is unaware of.<\/span><\/p>\n

6. Social engineering is not just an email issue. It can occur via a fax or a letter as well as over the phone. <\/span><\/p>\n

7. In a recent survey of the security industry, IT security experts listed social engineering as the number one hacking method. <\/span><\/p>\n

How can you protect your business from social engineering? <\/b><\/span><\/p>\n

For starters, educate your employees with regular training and put policies in place for everyone in your company.<\/span><\/p>\n

Here are a few tips you can share with them right away:<\/span><\/p>\n