Hiscox announced a Cyber Deception endorsement as part of their industry-leading Crime insurance coverage.
The endorsement protects against malicious efforts by criminals to trick employees into transferring company funds. Cyber deception is a growing threat to small and mid-sized companies with successful attacks up 144 percent in the past four years (Ponemon Institute 2014 Cyber Crime Study).
“Criminals are becoming increasingly sophisticated in their methods, and it is important that insurance coverages evolve to address new risks,” said Bertrand Spunberg, executive risks practice leader for Hiscox USA. “Cyber deception differs from hacking, there are no technology solutions to effectively prevent it and every organization is vulnerable.”
Cyber deception occurs when criminals intentionally mislead company representatives by disguising themselves as a trusted vendor, client or even an employee. The communications appear real and prompt employees to provide financial details or transfer funds out of the company.
Hiscox offers protection for cyber deception including phishing, spearphishing, pretexting, social engineering and confidence tricks through email, phone or other electronic means. Limits of up to $250,000 are available in conjunction with crime coverage provided either standalone or as part of an executive risk packaged policy.
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