Issue link: https://nebusinessmedia.uberflip.com/i/518124
2015 | Doing Business in Connecticut 59 By Carol Latter S ince it first became widely used, the Internet has unlocked great opportunities, convenience and efficiency for consumers and businesses. But with each passing year, there's been an exponentially greater chance that people and companies will fall victim to fraud. "ere's been a change in tech security because of the Internet," says Barry Abramowitz, executive vice president and chief information officer for Liberty Bank, and an expert on cyber fraud. "Our biggest concerns used to be about what was going on within the four walls of our institution. Internet bank- ing has brought additional exposure." Abramowitz said these days, criminals are not only phishing people, but grabbing personal informa- tion over unsecured WiFi systems, installing card readers into gas station pumps and ATMs, and plundering the systems of big box stores like Target and Home Depot. In Connecticut, the Anthem breach resulted in the the of identifiable information from tens of thousands of people, including names, addresses, social security numbers and health data. Since then, countless state residents have learned that their Inter- nal Revenue Service returns were fraudulently filed by criminals intent on stealing their refunds, leaving the victimized taxpayers in limbo for up to a year as they try to straighten things out. Nationwide, the IRS expects tax-refund fraud to hit $21 billion by 2016, a huge hike from $6.5 billion two years ago. Abramowitz, who chairs the Connecticut Bankers Association tech committee and lectures widely on cyber fraud, said individuals and businesses must be more careful and aware of risky scenarios, and take steps to safeguard themselves, espe- cially as technology continues to evolve. He said businesses are potentially at greater risk for fraud as the number of finance-related services they use increases. "Oen, businesses require a wire transfer or have to pay a supplier or customers using ACH direct deposit. Sometimes, we see a corporate account takeover (CATO). Somehow, a business's electronic banking credentials become compromised. Someone imperson- ates a business and begins to make inappropriate transactions, perhaps from a foreign country, or another city or state." Abramowitz, who has been with Liberty Bank for more than 10 years following stints at Southington Savings Bank, Arthur Andersen and Northeast Savings, said it's very important for business owners of any size to educate themselves on what they can do to protect themselves. "We communicate to customers regularly on all things security-related through seminars and information on our website, but you have to want to seek that out." e trouble, he said, is that business owners oen wear "20 dif- ferent hats — CEO, CFO, COO, supply person, accountant. I really feel for the com- plexity of what it takes to maintain a business, but this would be one area for owners to learn as much as they can, and then educate employees on things as basic as email security. If you get an email from someone and you don't recognize the name, delete it. So much of all the fraud and breaches has started with a single email that went to someone in the company. For some reason, they thought it was a good idea to open it, and that gave the perp the 'in' they needed to compromise the whole organization." ❑ Barry Abramowitz has been help- ing people fight cyber crime for more than a dozen years. Fighting Fraud Liberty Bank's EVP has expertise in ways to combat financial cyber crime PHOTO/LIBERTY BANK PROFILE what's most important to them and how we can work together to create positive changes." When it comes to patients, "two things that we're focused on are affordability and access to quality care, and a significant increase in the ability to obtain information about the providers that they're accessing." e company has also developed a mobile app and a web initiative, GO YOU. Aer signing in, users can download curated apps that are recommended to them based on their member profiles. Cigna also helps consumers become more engaged in managing their own health, oen working with employers to encourage their employees to get on-site health checks. "We are very focused on improving preventative care through biometric screening and health assessment, taking a proactive, holistic view of the individual issues around patient care." By promoting early intervention before health issues become more serious, Cigna helps people stay healthier while "helping to control the long-term care and costs associ- ated with [later-stage] conditions." Last year, the insurer rolled out a gamified health assessment tool to 1.5 mil- lion customers. Accessing the tool through a computer or mobile device, employees can gauge their own health status and that of their families. ey can also earn points that can be converted to benefits in health care programs. A second important group of stakehold- ers is employers, since "the vast majority of our business is self-funded employers; we have a very small 'individual' marketplace." Butler said Cigna — which offers medical, dental, life insurance and disability insurance to Con- necticut employers of all sizes — spends a lot of time addressing their needs and helping them to better understand insurance products, including those offered through exchanges. A third critical group is health care providers. "We have nine accountable care relationships with physicians and hospital systems. Going forward, these collaborative relationships with health care providers and employers are going to be critical. We think that will provide the ultimate affordability, quality and access." In terms of communication with all of its stakeholders, Butler said, "Cigna contin- ues to be the only 24-hour, 7-day-a-week insurance company. If you need to, you can get a live person 24 hours a day, 7 days a week. It's a very differentiating part of our story; we feel strongly that in order to engage people, we have to have a support system for them." ❑