Turning to Crime Insurance Policies for Phishing Losses

Risk Management Magazine

PUBLISHED ON: November 8, 2018

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Spear-phishing attacks present significant cyber exposures for businesses in all industries. It is a familiar scenario: A fraudster crafts a communication apparently from a trustworthy source—an executive, a legal advisor, a vendor—and tricks the employee into wiring money to the fraudster’s bank account. Once the money hits that account, it disappears with the fraudster. Businesses have lost billions of dollars collectively as a result of these scams.