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When Your Facebook Or Other Online Account Gets Hacked, Who’s Responsible For The Losses?

When Your Facebook Or Other Online Account Gets Hacked, Who’s Responsible For The Losses?

Recently, a highly successful marketing firm’s CEO fell victim to a Facebook account hack, resulting in over $250,000 worth of fraudulent ads for an online gambling site. The firm’s Facebook account was shut down as the rightful owner was removed as the admin. Shockingly, Facebook, the bank, and the credit card company denied responsibility for the loss. Lacking specific cybercrime insurance, the firm bears the entire cost. Another company faced a similar attack, with hackers pausing legitimate ads and creating $2.8 million in weight-loss spam ads. Despite catching the hack early, damages amounted to $40,000 to $50,000.

To prevent such cyber threats:

  • Increase Awareness: Share this article to inform staff about potential scams and the importance of cyber protection.
  • Strong Passwords: Create unique, robust passwords for each application, utilizing reliable password management tools like <<XXXXX>>. Ensure strict adherence to password management systems.
  • Limited Access: Minimize the number of individuals accessing accounts, granting access as needed and promptly revoking it. Reduce users to lower the risk of breaches.
  • Device Security: Ensure all devices connecting to the network are secure to prevent keylogger malware and data theft.

Preventing hacks is the most effective strategy. By cultivating a culture of cybersecurity consciousness, implementing robust password practices, controlling account access, and securing devices, businesses can safeguard their digital assets from potential breaches and financial losses.

If you want to ensure your organization is truly secure, click here to request a free Cyber Security Risk Assessment to see just how protected your organization is against known predators. If you haven’t had an independent third party conduct this audit in the last 6 months, you’re due.

It’s completely free and confidential, without obligation. Voice scams are just the latest in a tsunami of threats aimed at small business owners, with the most susceptible being the ones who never “check the locks” to ensure their current IT company is doing what they should. Claim your complimentary Risk Assessment today.

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