What is Social Engineering?

scam-alert

Social engineering is the art of manipulating people so they give up valuable information. Criminals use this tactic as it is easier to exploit the natural inclination to trust than to breach system security. Well known, but not well discussed, is the fact that the human computer user is frequently the weakest link in the security chain. These ‘Business Email Compromise’ or ‘Confidence Scam’ are covered via Deceptive Funds Transfer Fraud section of  your Cyber Liability policy.

This is a rapidly growing risk according to the FBI

– Scams are up 270% since 2015   (report dated April 8, 2016)

– Over 17,000 reports turned into the FBI accounting for over $2.3 Billion in losses

– Average loss value reported to FBI is $130,000!

If you have interest in learning more about Social Engineering here is a link to a classic piece on the subject.

If you are a techie and want to learn how the bad guys actually do it click here.

What is Cyber Liability for Real Estate Professionals

Cyber Liability is a stand alone insurance policy which covers 1st party and 3rd party damages and expenses associated with lawsuits brought about from cyber security risk. These risks include:

  1. 1st and 3rd Party Funds Transfer Risks:  What is the difference? Here is a post we created to explain it. Here is an example of 3rd party. 
  2. Internet Media Liability: Click here to read about this valuable protection.
  3. 24-7 Access to a Data Breach Coach: your main point of contact once a breach is suspected. He or she is available through this policy to provide consultative and legal services to help you manage a breach event.  If you suspect a cyber breach you call them, if it turns out to be nothing, better safe than sorry.
  4. Forensic Services: to determine the cause and scope of your data breach together the cost and resources to review your rights in the case of a breach at any of your IT services providers.
  5. Breach Notifications: the cost to notify all breached persons and comply with regulatory communications requirements which seem to be getting more complex as the occurrences of cyber breaches become more widespread.

There are several other cyber coverage features in addition to the above mentioned, but those are the ones we get asked about the most.

Our www.maximumcyberliability.com blog is designed to be a repository for useful risk management information that can help real estate professionals stay  informed and increase their cyber awareness.  We believe a combination of proactive risk management together with a quality insurance policy is the best way to provide maximum protection against this very concerning and serious threat.

Next Steps:

If you are interested in a cyber liability quote for a policy that covers these risks and others important to real estate professionals, please click here to get started by answering 10 basic questions or call (443) 502-5645