As you may know, I started my I.T. career working for a law firm. After becoming “the man” for all things technology at the firm, I left when I got married and started this fine company, Finish Line Computer Services. The law firm became a client of Finish Line’s, and I’ve now been employed by them for over ten years. Because of my background, I consider myself somewhat of an expert in legal I.T. and the challenges that industry faces compared to others. Recently, we took part in a webinar regarding risk management with an emphasis on law firms. What we learned was very interesting, and is vital for anyone in any type of business. Do you know the difference between cyber crime and computer crime? I didn’t either!
First things first, a definition. Cyber crime is any crime that involves a computer and a network. To put it simply: cyber crime is data loss. Computer crime deals with the stealing of money. Most people (myself included) refer to any type of unsavory action involving computers or the Internet as cyber crime, but it’s important to know that there is a difference. This is especially critical if you decide to purchase insurance against such actions. Yes, cyber insurance does exist. Law firms are only the #7 most targeted industry which is surprising considering the number of lawyer jokes out there – you’d think more people with an axe to grind would want to rip them off! Anyway, back on topic. One of the most common computer crimes that is committed is through wire fraud. On a daily basis, money is wired to and from bank accounts through, for instance, real estate sales. A recent trend in the hacking community is to insert oneself into an e-mail conversation and direct wiring information to a third party’s account. They’ve become so adept at doing it, that it’s impossible to know that your e-mail has been intercepted. The best way to avoid this is to call a phone number you have on record before transferring any money. If you’ve traded e-mails with an individual before, you might pick up on an e-mail that’s not written in their usual tone which can raise a red flag. As important as e-mail has become in our daily business lives, it’s absolutely critical to have backup plans in place to insure everything arrives at the proper destination.
So, it is possible to purchase insurance to guard against these types of attacks as mentioned before. Of course, as is the case with all insurance, these companies are in business to make money and there’s a laundry list of criteria that will disqualify you from collecting on your claim. Are your computers protected against viruses and malware? Is the program up to date? If not, you’re not collecting any money! I can’t tell you how often a computer comes into my shop that doesn’t have any active protection on it. You can be sure it does before it leaves. Feel free to look into cyber insurance as part of your business’s risk management focus.
I know I sound like a broken record, but it’s impossible to say it enough. The best way to protect yourself is to use a good, common sense approach in any and all communication on the Internet. It’s an absolute necessity to keep your equipment up-to-date and to safeguard against any security vulnerabilities there may be. Call on Finish Line to ensure that your business is up to snuff in this ever-changing business world so it can thrive for many years to come. We all have to work together to make sure that Cyber Crime Doesn’t Pay!