What steps can you take to prevent or limit the impact of cyber fraud?

What steps can you take to prevent or limit the impact of cyber fraud?

Technology is playing a bigger role in family life and we are all much more interconnected, but technology is also creating new online risks and exposing individuals and families to cyber risks. 

There are proactive measures you can put in place to mitigate the effects of, or even prevent a cyber incident, some of which are detailed below.

Adopt strong cybersecurity practices

•  Create robust passwords: Generate complex, unique passwords for each account and update them regularly. Utilising a password manager can help manage and secure them effectively.
•  Activate multi-factor authentication (MFA): Add an additional layer of security by requiring a secondary verification method beyond just a password.

Take out a Personal Cyber Insurance policy

• Personal Cyber insurance aims to mitigate the impact of cyber events by providing financial protection, legal and regulatory help, reputational management, and 24/7 incident response.

Utilise advanced security solutions:

• Install and maintain antivirus software: Use reliable antivirus programs and keep them updated to guard against emerging threats.
• Implement encryption: Encrypt sensitive information to prevent unauthorised access, both for stored data and during transmission.

Protect personal and financial information

• Handle personal data carefully: Avoid disclosing sensitive information, like personal or banking details, unless absolutely necessary and only through secure channels.
• Monitor financial accounts: Regularly check bank and investment accounts for any unauthorised transactions or suspicious activity.

Educate and train

• Stay updated on cyber threats: Keep informed about the latest cyber threats and scams to better recognise and avoid potential attacks.
• Train relevant personnel: Ensure that family members or staff managing finances are well-versed in cybersecurity best practices.

Practice safe online behaviour

• Be cautious with phishing scams: Avoid clicking on suspicious links or downloading attachments from unknown sources.
• Verify requests: Confirm the legitimacy of requests for financial transfers or sensitive information, especially if received via email or phone.

Use secure communication methods

• Choose encrypted messaging apps: Use apps with encryption for sensitive communications.
• Avoid public wi-fi for transactions: Conduct financial transactions and sensitive communications over secure, private networks.

Consult with cybersecurity professionals

• Hire a cybersecurity consultant: Work with experts to assess vulnerabilities and develop a tailored security strategy.
• Conduct regular security audits: Perform periodic audits to identify and address potential security weaknesses.

Implement physical security measures

• Secure devices: Ensure that devices used for accessing sensitive information are protected with strong passwords or biometric security and are kept secure.
• Store sensitive documents safely: Keep physical copies of important documents in a secure place.

Prepare a response plan

• Develop an incident response strategy: Know what to do and who to contact in the event of a known or suspected cyber incident. A quick response is critical to mitigate the severity of a breach.

Just as you would have a plan on how to respond in the event of a fire, theft or medical episode, so too should you have a robust cyber event response plan. Personal Cyber Insurance is recommended to mitigate the impact of cyber threats, providing access to expert support through its 24/7 incident response and peace of mind for individual and families.

If you would like more information on Personal Cyber Insurance or are interested in a quotation for cover, please contact your dedicated Howden Private Client broker. We are here to help.