Social Engineering Fraud Coverage for Crime Insurance
— Full carve-back to the voluntary parting exclusion
— Broad all-risk language wherein loss does not have to occur through use of computer, email or phone
— Streamlined supplemental questionnaire
— No requirement for vendors and suppliers to carry crime or fidelity insurance to trigger coverage
— Coverage is available up to $250,000 per occurrence
Your closest vendor sent you an email asking you to change its banking information. You should trust the vendor, right? Fraudsters can hide in the anonymity of cyber space and can infiltrate even the most secure firms through social engineering. Social Engineering Fraud Coverage for Crime Insurance insures a range of social engineering fraud losses, including: vendor or supplier impersonation, executive impersonation, and client impersonation
The Social Engineering Fraud Endorsement insures a range of social engineering fraud losses when added to a Chubb Crime Insurance policy, including:
Vendor or supplier imitation
Why Your Organization Might Need Insurance for Social Engineering Fraud
Frauds of confidence and deception can be difficult to detect and can result in a firm handing over tens of thousands of dollars to a criminal without even realizing it — until it’s too late. Your organization might find it difficult to absorb such a financial impact without feeling dramatic, even devastating effects.
Social engineering fraud and scams are increasingly common.
Anyone in your organization can be made a victim — even a trusted vendor can be the victim of a hacker who poses as the vendor, redirecting your next payment.
Smaller organizations often are more vulnerable to fraud because they may lack financial or wire transfer controls that larger organizations may routinely employ.