Many businesses don’t think they need cyber insurance because they have good IT security in place. But it’s people who are often the weakest link.
Hiscox reported that 67% of their cyber claims were due to human errorincluding clicking on malicious links in emails, visiting harmful websites and losing devices1.
Below is a claims example that shows how a business was tricked by a fraudster which resulted in an insurance claim.
Claims example: Human Error
A law firm was tricked into transferring money to fraudsters following an email purporting to be from Miscrosoft. An employee clicked on a link which took them to what appeared to be a legitimate looking webpage and entered their credentials, providing their login details to a fraudster.
This allowed the fraudster to monitor communication and gather confidential data including details on an imminent property transaction. A fake email was sent providing the seller with wire instructions and the money was transferred to the fraudster’s account.
A Cyber Insurance policy can significantly mitigate the financial impact to your business in the event of a cyber attack occurring. Assess the risk to your business today using our online cyber risk checklist here.
1 Hiscox cyber claims report 2018