Brown & Brown, Inc. · NYSE:BRO
Brown & Brown — Social Engineering Webinar (April 2023)
16 slides from Brown & Brown's conference presentation, Apr 26, 2023
Slide 1: Social Engineering: What is it?
Social Engineering: What is it? Should you be worried about it? How can you mitigate your risk of an incident? Presented By: Hays Companies, Inc., an owned Brown & Brown Executive Risk Team subsidiary of Brown & Brown, Inc.
Slide 2: Presentation Agenda
Presentation 1 Elements of Social Engineering Agenda 2 Coverage and Claim Issues 3 Mitigation Tools/Best Practices 4 Q&A BROWN & BROWN | 2
Slide 3: Panelists
Panelists Aaron Stone Alyssa Turek Brown & Brown, Moderator Brown & Brown, Panelist John Barker Carolyn Purwin Ryan Beazley, Panelist Mullen Coughlin, Panelist BROWN & BROWN | 3
Slide 4: Elements of Social Engineering
01 Elements of Social Engineering
Slide 5: What is Social Engineering?
What is Social Engineering? • Criminal enterprise • Psychological manipulation – not a breach incident • Referred to as “human hacking” How Why • Communication • Gain passwords and/or • Gain Trust credentials • Deceive • Money • Only needs to work against a single • Information individual • Reputati
Slide 6: How is it Manifested?
How is it Manifested? Email • Trusted source • Link/Download • Phishing Telephone/Verbal • TA Access to System by Fake Subscription Method • Request to Access Wire Transfer Fraud BROWN & BROWN | 6
Slide 7: Economic Impact
Economic Impact Loss Estimates • Ranked as #1 type of attack in 2022 • Average organization has 2 attacks per day • Internet Crime Complaint Center reported nearly $2.4B in adjusted losses in 2021 Carrier Impact • Loss leader for some carriers • Impacts all industries and organization sizes- causes
Slide 8: Business Email Compromise Incidents
Business Email Compromise Incidents 2020 2021 2022 2023 (through Q1) Number of BEC 794 (23%) Number of BEC 1,059 (27%) Number of BEC 1,077 (36%) Number of BEC 324 (33%) Incidents Incidents Incidents Incidents Number of BEC- 187 (24%) Number of BEC- 361 (34%) Number of BEC- 344 (32%) Number of BEC- 9
Slide 9: Coverage and Claim Issues
02, Coverage and Claim Issues
Slide 10: What Coverage is Available?
What Coverage is Available? Social Engineering Fraud Invoice Manipulation • Reimburses an insured for the loss of funds • Reimburses an insured for the loss of funds due to phishing of an employee. due to a change of an issued invoice. • Coverage can be found on a cyber or • Coverage can typically o
Slide 11: Claim Issues
Claim Issues Confirming Cause of Loss and Validating Amount of Loss • Carrier investigation • Proof of Loss process • Coverage review and potential exclusions • Coverage determination Coordination of coverage • What happens when both a Cyber and a Crime policy are triggered? • Primary, excess and mu
Slide 12: Carrier Issues
Carrier Issues Rates and Terms Crime vs. Cyber • Crime Coverages Typically Unavailable for • When Duplicative Coverage is Found on Both, Financial Institutions or Similar Industries on the Recommended Strategy is to Pre- a Cyber Placement Negotiate Which Policy is Primary & Excess at Renewal/in Adva
Slide 13: Mitigation Tools/Best Practices
03 Mitigation Tools/Best Practices
Slide 14: Mitigation Tools/Best Practices
Mitigation Tools/Best Practices • Employee awareness • Enforce multi-factor authentication, strong passwords on all business email accounts • Training and remote access • Internal policies and procedures • Implement complex password requirements and frequent changing of • Ensure software is up to da
Slide 15: Questions and Answers
Questions and O Answers (1)
Slide 16: Find your solution at BBrown.com
Find your solution at BBrown.com Any solicitation or invitation to discuss insurance sales or servicing is being provided at the request of Hays Companies, Inc, an owned subsidiary of Brown & Brown, Inc. Hays Companies, Inc. only provides insurance related solicitations or services to insureds or in
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