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Cybercrime is now the most profitable type of crime and one of the biggest threats to local businesses - according to experts speaking at an event hosted by Barclays in Guernsey.
57 people from the local business community attended a presentation on fraud awareness and cybercrime at the OGH Hotel, where Barclays’ senior vice president of cyber intelligence Dan Tinsley, forensic investigations director at Deloitte, Simon Placks, and Guernsey Police fraud detective, Nigel Henaghen, discussed how fraudsters are targeting businesses’ employees.
The most common types of attack include phishing e-mails, which involve a fraudster posing as a legitimate source sending e-mails which require you to divulge sensitive information, and vishing which involves an unsolicited call from fraudsters claiming to be a bank, credit card provider or the police asking for confidential information.
Falling victim to cybercrime can result in major financial losses which is why Barclays is dedicated to informing clients about how to protect their systems and information.
“People often assume, wrongly, that vulnerabilities in software or systems are the sole concerns for businesses. However, it is businesses’ employees that are the easiest target for perpetrators of cybercrime,” said Mr Placks.
“By monitoring emails and business activity, fraudsters can make a request very believable. Using simple spoof email address software they are able to pose as a senior manager requesting an urgent bank transfer.
“A simple act like this can cost a company millions, so it’s important to educate employees on how to protect themselves and the business from cyber-attacks.”
Around 327 new threats are identified every minute in the UK alone. Reviewing procedures, changing passwords regularly, backing up data and monitoring user privileges are all ways in which a business can protect itself against cybercrime.
Mr Tinsley said: “Companies need to assess the risks and put in place appropriate safeguards. Something as simple as setting up a single point of contact with the companies you pay regularly can act as an effective method of fraud prevention.
“If you have third party suppliers that have access to your network, a due diligence check is always recommended, and if you are ever in doubt a call to Barclays’ fraud team will clear up any concerns you may have.
“It is important to create a culture where your employees are encouraged to report fraud threats, even if they have been unwillingly involved. Barclays have a dedicated fraud line and urge anyone with concerns to get in touch.”
