Month: December 2024

How to avoid scammers

Scammers are constantly evolving their tactics to target small businesses. The federal government’s Scamwatch site is a great resource for understanding the latest scams and for reporting a new scam.

Knowing what scams are out there and what you can do to help prevent them can be crucial for safeguarding your business. Here are some of the most common scams and their tactics, to help protect you and your business.

  • In a phishing scam, cybercriminals send emails that, at a glance, appear to come from reputable sources. These emails are laced with malicious links or attachments designed to pilfer sensitive information. These scams rely on clicking harmful content so the criminals can get into your system. Vigilance is paramount; always verify the legitimacy of any email before taking any action
  • With invoice scams, fraudsters send fake invoices, banking on being paid without being scrutinised. These invoices closely resemble genuine documents, making them difficult to distinguish from the real thing. Businesses are vulnerable, as the sheer volume of invoices processed can make it challenging to catch every deception. Implementing stringent verification processes and maintaining open lines of communication with suppliers can help thwart these attempts
  • Business email compromise (BEC) is a particularly insidious scam where hackers impersonate executives or trusted colleagues, requesting money transfers or sensitive information. The sophistication of these scams often involves compromising email accounts, making the requests appear legitimate. The financial implications can be severe, underscoring the importance of robust email security protocols and employee training
  • Tech support scams involve emails from legitimate IT support services. These fraudulent entities claim to help fix computer issues but instead install malware or charge exorbitant fees for unnecessary services. The key to avoiding these scams is to be wary of unsolicited tech support offers and seek assistance only from known and trusted sources
  • Fake business opportunities are another common scam, where offers that seem too good to be true require upfront payments or personal information. These scams can lead to financial loss and compromise sensitive data. It’s essential to be wary of any opportunity that demands payment before providing value.

Stop scammers in their tracks

Education is paramount to help prevent scams. Here are some steps that can help increase your team’s understanding of scams and how to deal with them.

  • Hold regular sessions to teach your employees how to spot scams. Use real examples to make the training relevant and engaging
  • Keep scam awareness top of mind with posters, newsletters and reminders around the office. Regular communication helps reinforce best practices
  • Test your team with phishing simulations to identify vulnerabilities and improve responses to actual threats
  • Mandate multiple approvals for large transactions to catch fake invoices and suspicious requests
  • Educate your team that urgent requests, unfamiliar accounts or deals that seem too good to be true are red flags.

Cyber insurance can provide important protection in the event your business experiences a cybersecurity incident. But it’s a last line of defence and it’s essential to have all the right mitigation strategies in place to prevent scammers from successfully breaching your systems and protocols in the first place.
Contact your Steadfast broker today to find out more about the latest scams and how to help prevent them.
For customised insurance advice and on cyber insurance please contact our experienced account brokers us at (02) 9587 3500.

Important notice
This article is of a general nature only and does not take into account your specific objectives, financial situation or needs. It is also not financial advice, nor complete, so please discuss the full details with your Steadfast insurance broker as to whether these types of insurance are appropriate for you. Deductibles, exclusions and limits apply. You should consider any relevant Target Market Determination and Product Disclosure Statement in deciding whether to buy or renew these types of insurance. Various insurers issue these types of insurance and cover can differ between insurers.
Steadfast Group Ltd ACN 073 659 677

Return to Work Programs

As we enter into the festive season many businesses are starting to wind down operations and deservedly so after another busy year. However, Saunders Safety & Training have received a record number of enquiries pertaining to Return to Work Programs and just like the summer weather, things are heating up!

 

A Return-to-Work Program is a NSW specific Policy setting out an organisations commitment to supporting a staff member through their recovery from injury or illness resulting from a workplace incident. It needs to clearly set out who within an organisation is delegated authority to support your people, how those people are equally supported by other internal and external stakeholders, and how sensitive information is stored and used in the future prevention and management of workplace injury.

 

Most employers are legally required under the various pieces of Legislation & Guidelines to hold a compliant Return to Work Program, show evidence of consultation with the workforce (and potentially the industry union), and update the program at least every two years.

 

The increasing number of enquiries coming through Saunders Safety & Training for assistance in this space is reactive to audits and inspections undertaken by the State Insurance Regulatory Authority (SIRA) and unfortunately many of these enquiries are coming with Performance Improvement Notices (PIN) and financial penalties to the company.

 

As we head into the holiday season, it is a timely reminder safety in the workplace never stops and nor does the attention of the safety regulator. We strongly encourage all employers to review their policies and where needed and reach out to Saunders Safety & Training who have the capability to deliver these policies and education to prevent financial and reputations damage to the organisation.

Utilising Insurance to Enhance Your Employee Benefits Program

Incorporating insurance options into your employee benefits program can significantly enhance the value and appeal of your organisation, positioning it as an Employer of Choice while improving employee retention and satisfaction.

Here are some strategies to effectively utilise insurance:

  1. Group Journey injurY 

    This product is intended to provide personal accident insurance to Australian based businesses, partnerships, joint ventures, charities, educational institutions, corporations, organisations and government bodies for injuries sustained whilst their employees are travelling to or returning to their homes, for the purpose of commencing or following the completion of their days’ work.

    It is designed for customers seeking cover to mitigate the financial loss they may face as result of their employees suffering from unexpected accidental death, injury or disability as a result of an accident occuring whilst their employees are travelling to or returning to their homes from their usual place of work, for the purpose of commencing or following the completion of their days’ work. It is designed for customers to choose the appropriate options and selection of covers. The product contains different cover benefits depending on the selected cover type and has a range of specified covers as well as optional covers that may be available to customers at a varied cost.

  2. Group Personal Cyber Protection

     

    As technology continues to infiltrate our lives, protecting yourself and your family against cyber risks has never been more important. Personal Cyber Protection Insurance is an important part of any household’s cyber risk mitigation and recovery strategy.

    Emergence Insurance (Emergence) has claimed an Australian “first” with the launch of its group personal cyber insurance, which employers of any size can offer as an employee benefit for team members. The offering covers employees and their family members. It could cost less than $1 weekly per employee and has no excess, according to Emergence.

    Emergence’s group personal cyber policy provides cover up to $20,000 for each insured person for cyber events that could affect their home IT, including malware, cyber espionage, cyber extortion (ransomware), denial of service attacks, and hacking.

    The cover also includes cyber event response costs such as credit and ID monitoring and the costs of cyber extortion, data restoration, legal, notification, technical management, and virus extraction. Additionally, it provides access to 24/7 incident response hotline and cyber breach experts.
    For more information, refer to Emergence;
    Emergence Insurance: Australia’s award-winning cyber insurance

  3. Discounted travel Insurance solution

    Incorporating Travel Insurance Benefits for your employees can add to the value of working with your business. See Warren Saunders Insurance Brokers collaboration with World 2 Cover Travel Insurance to include in your Employee Benefits Program today. Contact us for customised items for your company.

    See more here:
    WSIB Personal Travel Insurance – Warren Saunders Insurance Brokers

  4. Group Salary continuity 

    Salary continuance insurance offers financial support if you’re unable to work due to sudden illness or injury. It’s held within a super fund, meaning your premiums are deducted from your super balance instead of your bank account. When you make a claim, benefits go into your super before being released to you.

    You can purchase salary continuance cover from your own superfund or your employer may provider group salary continuance as part of its benefits. This can be paid for by the employer, or there can be an arrangement whereby the employer pays for a portion and the employee pays for the other portion, or the employee can pay for it all.

    For more information on this topic, please refer to Tempus Wealth;
    Home – Tempus Wealth

By strategically integrating insurance into your employee benefits program, you can enhance employee satisfaction, attract top talent, and foster a more engaged and productive workforce.

For more information, please contact our experienced Account Brokers at (02) 9587 3500.