We often rely wholeheartedly on our banks to ensure the safety of our money. However, did you ever realize that banks treat our business and personal accounts as two different entities? The divided attention given to our accounts also means that the insurance policies around it differ. A company’s bank account is not covered by FDIC insurance policies that our personal accounts have access to. The lack of insurance means that once suspicious activity has fallen through your business account, the banks are NOT liable for any of it.
There are many instances where a company’s assets would be compromised. Many times, it would be due to operational expenses. But besides the recorded costs, businesses may be blindsided by cybercrime attacks. Your business may be losing money due to cyber hacking!
Bank Account Breaches
At this age of modern technology, it is not surprising that one individual could have the power to extort a huge amount of money and information from a company. A popular target many go after is where we put our assets for safekeeping, banks. Earlier in 2019, Capital One, one of America’s largest banking company, was hit by hacking activities where over 100 million data was obtained.
Tip:
Call your insurance professional and get a crime policy that will cover stolen funds taken from your bank account by a hacker OR a dishonest employee or vendor.
Cybercrime
The issue of cybercrime has been a hot topic as of late, from web indecency to hacking user data, it has spread like wildfire. Cyber offenses can occur in many ways and do not discriminate on who it wants to target next. Though we often hear about breaches on bigger businesses, unaired incidents in smaller companies have become more common as well.
What is Cybercrime?
Thanks to the fast-paced evolution of modern technology, criminals have pursued a new type of criminal offense they can do from the comfort of their home or office. According to The U.S. Department of Justice, cybercrime is an infraction in which a computer device is used to infect a network and gain access to unauthorized information. These unlawful practices can be done by a relatively knowledge individual or a ring of cybercriminals who make hacking a full-time job. Cybercrimes have given criminals access to hurting individuals in a virtual space.
There are various types of cybercrime we should all be aware of. Some common ones are identity theft, ATM fraud, hacking, and computer viruses. Unfortunately, these widespread crimes lead us to lose vital and precious personal information.
Let us help you!
Do not be their next victim! Learn more about cybercrimes and how to prevent them. Click here to download this free report that reveals the most common ways that hackers get in and how to protect yourself today.
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We work 24/7 year-round to ensure that your business does not fall prey to vicious ransomware attacks. For more information on how your business can best be protected, schedule a FREE 2-hour assessment with Captain IT by filling out the form linked.
