Does Your Cyber Policy Include Social Engineering?
As you’ve likely heard, cyber liability insurance claims are on the rise. But some victims of phishing or other common deception schemes could be in for an unpleasant surprise when reporting the matter to their insurer – if they learn that there is no coverage for this claim scenario.
Human error is still the greatest weakness in a company’s cyber security strategy, and social engineering claims are among the most frequent types of cyber liability incidents. Some examples might include an unsuspecting employee clicking an emailed link from a hacker, or a compromised email account from a company officer that tricks the controller into wiring funds to a fraudulent account.
Most cyber policies include a small sublimit or capped payment for social engineering – commonly in the range of $100,000 to $250,000 limits. However, some insurers have begun excluding coverage for social engineering altogether for collection firms. Check your policy carefully at renewal, and click below to let us make sure you still have the best value and coverage.