Cyber Liability Insurance

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.

Let’s get started.

We guide our clients to the best protections and price available.

Being approved for Cyber Liability Insurance is not a forgone conclusion.  Cornerstone’s expertise is a huge help in this process.

• The cyber liability insurance market in general is in upheaval. There is added scrutiny for collection risks due to the nature of the accounts and high number of records.
• Applicants using Microsoft Exchange Servers, SolarWinds or SonicWall hardware may be declined unless they have taken specific remediation steps
• Underwriters will look for an excuse to decline quoting – Don’t give them a good reason!

Key Security Requirements/Investments – Before you apply

This list is not comprehensive, but it includes some important steps that can help improve your cyber liability options at renewal.

Let’s get started.