Cyber Insurance and Claims Investigation
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Cyber Insurance and Claims Investigation - Melanie Godinho
FRAUDEXPRESS’
Cyber Insurance and Claims Investigation
By Melanie Godinho
Certified Forensic Accounting Professional
Fraudexpress Media
C.2.1 Rakshalekha soc • Off. Sinhagad Road
• Gajendra Nagar • Pune -411030 •
• Phone 020-24320249 • Fax 020-24321437
INTRODUCTION
The scope of computers today is not limited to just a useful tool in simplifying the job of forensic accountants but computers have now become necessary in order to grow the practice of forensic accounting.
But along with the pros of the computer, comes the adverse effects the internet can have on our storage systems, our business and moreover our personal data. In safeguarding the company and individuals from cyber crime, here are the points explaining methods to protect the company and ourselves from cyber crime.
- What is Cyber Crime?
- What is the impact of it?
- The need to safeguard our self from Cyber Crime
- What is Cyber Insurance?
Cyber Crime is a criminal activity. Here criminals use the computer as a tool to commit the Crime. Since internet usage and intranet usage have become mandatory in almost all the organizations, the corresponding crime activities are also increasing rapidly with market expansion.
For eg., Crores of rupees are stolen from a particular company’s bank account. Cyber-criminals hack into the bank accounts, with the Customer ID, Password, Account Number and all other authorized details so as to procure the money from the account.
This isn’t the only example of cyber crime. Cyber Crime is also a part of stealing non monetary services. The most common example and the most familiar is the Virus. Distribution of Virus in the network of computers is one of the major non monetary Cyber Crime and it is majorly spread across industries that are using computers. The Virus gets multiplied and affects the entire network.
Cyber Crime is a Criminal or Unlawful activity which results the
Hacking of data from a wide spread network or from a single computer
Electronic identity theft of individuals
Spreading of Virus in Computer Networks
Stealing of Electronic Business Confidential Information
Phishing
Pharming etc.,
Chapter 1 - BUSINESS AFFECTED BY CYBER CRIME
The more one spreads his network, the more the risk. The more the network becomes socialized, the more the attack of Cyber Crime. These are some business’s and websites which have more risk of Cyber Crime.
Social Media websites such as Face book, Twitter etc.,
People post private information on such websites and post it online which is open to the public. Such sites have more risk of Data Hacking.
E-Commerce Web sites
Wherever there is buying and selling of products and services through an electronic mode, there is an increased chance of Cyber Crime.
Online Banking and Payment Services
A high risk is attached to this mode of payment because the hackers redirect the payment to somewhere else and not to the targeted vendor.
Online Data Storage Websites
There are some web sites where one can save photos, personal files and documents.
Surely one is not 100% confident about the security walls these websites maintain. In such cases, these web sites are prime and easy to attack targets for Cyber Criminals.
Apart from the above, wherever there is a chance of sharing the data (personal and Business confidential) through electronic mode, there is a chance of cyber crime impact irrespective of the industries
.
Online Shopping Scams
These days, millions of consumers prefer online shopping of goods and services. Almost anything and everything can now be purchased online. Not only is it quick and convenient, but it also offers some of the best deals available. It is important to protect oneself when shopping online. Fraudsters are, increasingly, turning to the anonymity of the internet to rip-off unsuspecting consumers. But by following some simple precautions one can reduce the chances of becoming a victim of an online scam.
Types of scams
Fake websites
A website which either impersonates a genuine reputable online business (by using a very similar website address) or that pretends to be a legitimate business but is not. Both are set up with the sole purpose of defrauding unsuspecting shoppers.
Online auction scams
In this type of fraud, one may receive goods which are counterfeit or which differ significantly from the original description and are of a lesser value. In some cases, one may receive no goods at all. The seller may also try to persuade a person to pay by means other than the preferred method of the auction website.
Weight loss or medicine scams
This refers to the websites which offer alternative slimming aids or medicines to cure obesity, cancer and other medical conditions for sale. These products are rarely tested properly and can even be harmful.