According to the FBI, the U.S. lost a record $12.5 billion to cyber crime in 2023 – a 22% increase from 2022 of the total losses, Business Email Compromise (BEC) scams resulted in over $2.9 billion in losses.

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Cyber Insurance Policies

Cyber crime is a booming industry. More and more, we are seeing clients fall victim to scams. These scams come in different shapes and sizes and as much as we can recommend and install different products to help secure your

Because of this unfortunate fact, we feel strongly that every single one of our clients should have a cyber insurance policy. For one of our clients, their cyber policy saved them from a $15,000 recovery process after they were hacked via a malicious email link.

Cyber insurance policies are stand-alone insurance policies that protect you in the case of a cyber attack. Your policy will have a procedure to follow in case of an event and will often have a forensics team who can do a deep dive into what happened and how so that you can avoid similar attacks in the future.

There are different levels of policies and they are more affordable than you may think! Because we have so many clients who have purchased policies, we can point you towards companies that would be a good fit for your organization.

Incidence Response in Real Life

Recently, a senior portfolio manager with our client, Edge Capital Lending, received an email from a trusted contact. The email included a link to share a document. When our client clicked the link, it asked for internal credentials. At this point, they became suspicious and rather than following prompts, they disconnected their computer from the network and called our emergency line.

As a result of following protocol for suspicious incidents, we were able to confirm that

1. Their trusted contact had been hacked and the link was malicious.

2. This person recognized suspicious behavior and took the correct precaution by not providing credentials.

3. They knew to disconnect from the network to contain any further damage.

4. Most importantly, once those steps Subscribe Past Issues Translate

We are pleased with the outcome of this incident and that, with training and proper procedure, our client was able to avoid the worst case scenario!

From the Help Desk

Be on the lookout for a new method of access-stealing. Phishers are now sending out emails claiming to require QR code scanning to maintain Multifactor Authentication. The scans steal your access token and allow duplication of your authentication key.

Remember: i2m will work with you directly for anything MFA related.

Do not scan ANY QR codes emailed to you claiming to be about your Microsoft account. For any MFA issues, we will always contact you through a ticket and with a phone call. We will identify ourselves as i2m, calling from 1-888-991-3814.

Keep your account safe and do not fall for this phishing scam!