Don’t Forget About These Low-Tech Causes of Data Breaches

As our personal, financial and professional lives continue to be driven toward a more digitally savvy landscape, cyber hackers are finding more sophisticated ways to infiltrate networks and steal sensitive data. In fact, federal officials are even stepping up their efforts to keep major financial institutions informed about common, evolving and new cyber threats their industry faces now.

But even with high-tech cyber-attacks making their presence known, there are still low-tech ways that hackers are disrupting companies and illegally gathering sensitive information. Even though banks and businesses need to be on high alert when it comes to highly technological data breaches, there are also needs to be an awareness around low-tech threats.

First Things First, Insurance

Regardless of threat and risk, education around how to avoid low-tech ways data is illegally retrieved is a must. Keeping employees informed of the liabilities associated with lackadaisical use of their technology can help to keep threats at bay. But even with a reduction of cyber threats, there will still be some attacks that take place. This is why companies should also invest in a bank cyber insurance plan that offers up financial protection to safeguard against big monetary losses. Having education all around, be it operational or understanding cyber liability insurance, will help to create a culture of awareness.

Visual Hacking

Like it says in its name, visual hacking involves visually capturing sensitive and private information. This is a risk that is typically overlooked by financial institutions due to its non-technical nature. This is executed by someone physically being inside an office space, usually with a stolen badge or knowing the code to enter a building, and roaming the area freely. Once this person has one piece of information to get inside a building they can find access to the organization’s networks and get a cyber-attack rolling.

Social Engineering

This developing threat, while newer and still in its infancy, is a bare-bones and basic cyber threat. This threat, instead of using more technical tools and resources, takes advantage of vulnerable banking professionals’ personalities and emotions to gain access to information. Known as social engineering, this threat exploits human psychology by posing as a trusted vendor or member of an IT team that needs access to sensitive information. Things like passwords and email addresses are typical targets and these bad actors convince the victim they need to rectify a server issue.

Another way this is executed is by sending an email and pretending to be a trusted contact who wants them to click on a link. Once they have access to a network and vital data, it’s hard to bring things to a halt. Social engineers, while operating with simple tricks, are very diligent about studying their potential victims and are able to find a simple solution to get what they need easily.

From the Inside

Often overlooked, having poor and careless operations inside an office space leads to cyber threat risks. When employees use company phones, tablets or computers, or are linked up the company’s networks, they open themselves up to plenty of cyber risks, possibly leaking data without even being aware of it.

 

About Financial Guaranty Insurance Brokers

Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.