Phone & Cyber Hacking

June 13, 2017

Are you at risk?

Unfortunately phone and cyber hacking has well and truly moved on from “if” to “when” it will happen and the damage that’scaused can result in significant financial loss.

Phone Hacking

In most instances victims of phone hacking are not made aware of the fraud until a very large bill from their telephone provider is received.

We have been advised of two phone hacking instances in Taupo in the last year and more recentlya Tauranga business incurred a $26,000 phone bill after hackers compromised their phone system.

As a telecommunications customer you are likely contractually responsible for access through your own systems and, in most instances, will be the only party able to identify and differentiate legitimate calls from fraudulent ones.

Communication fraud is indiscriminate and can happen to businesses regardless of size. Having a properlysecured telephone system is the best way to prevent telephone hacking, but if it does happen to your business, the only likely way to recover losses is through specialist insurance.

Cyber Hacking

Cyber risk has become a leading issue for many organisations as awareness of cloud computing, social media, corporate “Bring Your Own Device” policies, big data and state-sponsored espionage has grown.

Organisations should be concerned about cyber risk if they:

• Gather, maintain, disseminate or store private information i.e. your customer database
• Trade through your website, use the internet for your phonelines or your phones lines run through computers which are connected to the internet
• Engage vendors, independent contractors or additional service providers
• Do business outside of NZ
• Supply products / services engaged in Payment Card Industry (PCI) Security Data Security Standards
• Depend on computers and the internet to run your business
• Are concerned about intentional acts by rogue employees

Still confused about Cyber? There is an interesting video from AON Australia here, whilst Australian centric, the message is the same.

If you think that your business could be at risk from the above, contact your insurance broker to find out how you can be covered.

*Information courtesy of AON New Zealand