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IT security: you will get hacked

August 12, 2019

Building contractors, including HIA members, have been targeted with significant money lost due to information technology systems (IT) being hacked. The most common method of infiltration appears to be where the IT system is hacked and the payment instructions (commonly on an invoice) are changed and sent using the users email. The recipient receives the email from the contractors normal email and transfers the money into the new account.

HIA knows that builders have had their systems hacked with home-owners, after receiving the invoice with different payment instructions, transferring the amount due into this new account. In addition, HIA knows that subcontractors have had their systems breached with builders transferring money into the new (fraudulent) bank account. Often by the time the error is noticed the money has disappeared and is not recoverable.

Lessons:

  1. Prevention is better than cure. If you have not had your business IT security looked at in a while then it may be time.
  2. Let your clients (whether they are home owners or other contractors) know you will never change payment instructions without a phone call and they should always call if in doubt.
  3. Insurance. Cyber insurance should be as common for business as is public liability insurance.

To gain a quote contact HIA Insurance on 1800 762 872 au.hiais@aon.com