Protect Yourself From Cyber Thieves with Fraudulent Transfer Coverage
Posted by Tech Insurance Solutions on
At one time, hacking and viruses were most often associated with a data breach. Now, methods used by cyber thieves have evolved to rely on deception to manipulate individuals into disclosing confidential or personal information that may be used for fraudulent purposes.
To help protect small businesses from these social engineering schemes, we’ve added Fraudulent Transfer coverage to our suite of cyber products.
While most companies only provide coverage for fraud committed through a computer, our carriers’ coverage helps pay for loss of money, securities and other property resulting from fraud committed through any electronic, telegraphic, cable, teletype, telefacsimile or telephone instruction. It also helps cover the loss of money and securities caused by fraudulent instruction to a financial institution (e.g., a bank) to transfer, pay or deliver such money and securities from an account.
An office manager receives an email directing her to pay $25K to an account identified in the email. Believing the email came from her boss based on the sender’s name, she complies with the request not realizing she just transferred company funds to a hacker who had compromised her company’s email system and posed as her boss.
Limit Options Available: $10K – $250K
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