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O P I N I O N
Don’t get robbed! In the cyber age, with miscreants increasingly shrewd, insuring your firm against theft of monies and information is the order of the day.
T oday more than ever, design firm leaders must be attuned to the growing risk of theft and disruption from hackers and other perpetrators. No longer can your focus be only on those who want to steal money from the petty cash drawer. In the current environment, you must keep an eye on your online banking and even your information; today’s thieves have found value in data, in addition to money.
Dan Knise
this case the bank was on the hook for failing to fol- low its own authentication protocol. ❚ ❚ Cyber extortion. At another design firm, a client’s electronic file folder “disappeared” from their system just days before construction drawings were to be delivered. In the ensuing panic, they also discovered issues with their back-up system and could not “The use of the internet and online business and banking services is rapidly changing the nature of these risks and requiring increased emphasis on network security and sound risk management practices.”
The use of the internet and online business and banking services is rapidly changing the nature of these risks and requiring increased emphasis on network security and sound risk management practices. It also calls for a review of your existing insurance policies to ensure you are adequately protected. Consider some recent examples: ❚ ❚ Fraudulent transfer of funds. In checking its online bank statement, an engineering firm found an unauthorized $86,000 withdrawal. It discovered that someone, using malware, had been “shadow- ing” their computer key strokes and misappropri- ated their bank PIN and account information. With this information, the withdrawal was made without anyone’s knowledge or consent. Crime insurance (also known as “employee dishonesty” or a “fidelity bond”), might have covered this claim; however, in
See DAN KNISE, page 8
THE ZWEIG LETTER July 11, 2016, ISSUE 1159
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