This email scam costs one company £700,000. If you thought scam emails were easy to spot, think again.
A company accountant received an email from her CEO who was on holiday. It asked for some funds to be transferred in relation to an acquisition which had to be completed by the end of the day. It also mentioned a lawyer would be in touch to give the accountant more detail, which would allow her to carry out the transaction.
As promised, the lawyer got in touch, emailing her what looked like the appropriate letter of authorisation. It had her CEO’s signature over the company’s seal. Everything about the email from her CEO and the lawyer looked and sounded legitimate, and transferring money for acquisitions was a normal part of her role. So she duly followed the instructions and wired more than £700,000 to a bank in China. Trouble is, the CEO and lawyer’s emails were fake.
Cyber Insurance can cover anything from the breakdown, loss, theft or damage of IT hardware, data corruption, data breech expenses, to the loss of income to cyber-crime liability. Ensuring your business has Cyber Insurance in place is quick and hassle-free. By choosing NDM Insurance Brokers, we could save your reputation, your customers and your business. We have the experience and expertise to make sure you have the right cover in place from the start.
Complete our Cyber quiz today to find out if you’re clued up on fraudulent content. Remember a genuine bank will never ask for your PIN, full password or to move money to another account. Always question uninvited approaches in case it’s a scam.
Contact us today to discuss your requirements or find out what other types of insurance policies we cover.