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January 2025 | 6th EDITION

"Spoofing” and “Social Engineering” Are Real And Imminent Threats To Small And Mid-Sized Businesses Today

How Would My Professional Liability Policy Respond In The Event Of A Claim?

In almost two decades of practicing insurance, there has never been a more common threat to businesses of every size and type than the threat posed by cyber crime and hacking. It is often difficult to provide advice to business owners that can be deemed universal, or can apply equally to any kind of operation. This is not the case with issues of cyber liability, and exposure to financial crime. And the most pervasive of all types of cyber crime is the category of “spoofing” or “social engineering.” This article explains these terms, and provides practical advice on how every business owner needs to respond immediately.

First, let’s define the term “spoofing,” as it is applied to cyber-crime. Spoofing is a type of cyber crime where someone pretends to be a trusted person or source, and this causes the victim to disburse funds to an unintended source. In spoofing events, a cyber criminal can create an email address that looks similar but not the same as the correct email, with the swap of as little as a single character. A spoofer can also visually create an email signature line that is identical to the trusted source. Spoofers can use these fake identities to request that payroll or other fund transfers use different accounts – their accounts. Just like that – your money is GONE. What makes this worse is that it is not the standard definition of theft, since you or your staff member moved the money as a purposeful act.

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How To Protect Your Business Against Ransomware Attacks

This past summer, a massive ransomware cyberattack targeted a popular software owned by CDK Global, which is widely used by auto dealerships across North America to manage tasks such as scheduling and tracking vehicle sales. The attack affected nearly all of the 15,000 car dealerships using the software. Hackers froze the system and demanded a ransom of $25 million, which CDK Global ultimately paid in Bitcoin. The cyberattack caused widespread disruption, leading to over $1 billion in losses for dealerships across the country.

One of the best ways to protect your small business against costly cyber attacks and data breaches is to get cyber insurance. With Puharic and Associates, Inc., you can add cyber insurance to your Business Owner’s Policy (BOP) or general liability insurance policy.

(Small Biz Ahead)

Heating Safety Tips

Half of Home Heating Fires Occur in Winter Months

Heat your home safely this winter with these tips:

• Keep anything that can burn at least three feet from any heat source, including fireplaces, wood stoves, radiators or space heaters.
• Install and test carbon monoxide alarms at least once a month.
• Have a qualified professional clean and inspect your chimney and vents every year.
• Store cooled ashes in a tightly covered metal container and keep it outside at least 10 feet from your home and any nearby buildings.
• Plug only one heat-producing appliance such as a space heater into an electrical outlet at a time.

(Penn National)

Everything You Need to Know About Preventing Frozen Pipes

When temperatures start dropping, one of your biggest concerns as a homeowner should be how to keep your pipes from freezing. Frozen pipes are more than a slight inconvenience; if left alone, they can lead to a burst pipe and a costly mess. 

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Stay Ahead of the Cyber Criminals

Many business owners and leaders have become exhausted discussing the topic of cyber security. But complacency breeds vulnerability, and the cyber criminals have not stopped innovating. Your business has transformed beneath your feet, changing the operations from a service or product delivery company, into a technology company that facilitates goods and services.

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NJ Site Remediation Conference