One Step Helps Business Recover From Cyber Attack
Sandy Wycoff launched her retail business, Chatham T Co., in 1979 and now operates three storefronts. One typical day, Wycoff's bookkeeper received an email from a vendor requesting payment. Following her usual protocol, she sought Wycoff's approval via email, receiving confirmation to “go ahead and make the payment.” The bookkeeper processed the vendor's payment without any problems, only to later receive another email noting that the wire transfer had failed and asking for the payment to be resent. Concerned, she reached out to Wycoff, who was bewildered and said, “I don’t know what you’re talking about.” It turned out that scammers had targeted the bookkeeper with phishing emails disguised as the trusted vendor. The cybercriminals had even spoofed Wycoff’s email address. As a result, thousands of dollars were lost. The hackers had been monitoring Wycoff's business practices, including her communication with employees and payment processes for vendors. This incident highlighted the importance of businesses having not only a standard insurance policy but also Cyber Liability Insurance to cover losses from cyberattacks. “What we learned is that even if you have insurance, if you fail to meet the requirements set by the insurer, you may not be covered,” Wycoff stated. Unfortunately, the repercussions extend beyond financial loss; businesses can suffer from losing customers, damaging their reputation, and experiencing data loss, all of which impact profits. One Step assisted Wycoff in obtaining a Cyber Liability Policy while helping her secure her systems. “You feel completely vulnerable and unsure of how to prevent hackers,” she expressed. This scenario is far from rare, as small businesses face cyberattacks daily. “I believe many small businesses don't report being hacked out of embarrassment. Plus, when you do get hacked, locating the perpetrator is nearly impossible. Your best option is to focus on protecting yourself,” Wycoff explained.