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Does Your Cyber Insurance Cover Voluntary Transfers?

Over the past few years, cyber risk has taken spotlight and has become a major concern for most organizations. Many companies purchase cyber liability insurance policies to help cover their risk of computer fraud or attack. However, if not properly negotiated, some cyber insurance policies may not fully protect against all risks.

‘Voluntary transfers’ are a common and potentially costly risk that your cyber liability policy may not cover. Voluntary transfers occur when the insured is tricked into voluntarily transferring money to a third party. There are many variations of this scam, but typically the chief financial officer (CFO) receives what appears to be a real email from a client or vendor asking the CFO to wire money into an account. Emails can often appear to be completely legitimate, however instead it is the result of a hacker breaking into the client’s or vendor’s system, allowing the hacker to send messages from the client or vendors actual email address. This type of a scam is also called ‘social engineering fraud.’

To ensure your company is fully protected against all risks, check your cyber policy to make sure it includes protection against voluntary transfers/social engineering fraud. This type of coverage is generally available as an addition to your cyber policy.

Derek May
HUB International TECHNOLOGY
D: (604)331-5464
E: derek.may@hubinternational.com

HUB International TECHNOLOGY is based in Vancouver and focuses on insuring and protecting public and private companies in the technology sector. We offer Risk Management and Loss Control strategies, placing General Liability, Property, Business Interruption, Cyber Liability, along with other coverages for all types of technology companies, including E-Commerce

Original article source: How can that not be covered? I have cyber insurance!

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