WHAT BITPAY WISHES THEY KNEW ABOUT SOCIAL ENGINEERING RISKS THAT MAY COST THEM MORE THAN 3000 BITCOINS28 Jun 2016, by Cyber Security For Businesses, Finance in
Cybersecurity is a constant evolving battle. The more refined security systems become, the more clever the attacks hackers use to gain access to information and finances. Most people are familiar with the tactic hackers will sometimes use of sending a legitimate looking email to try to induce a person to send money. Yet the specific nature of the attack can alter how and even whether such an attack is covered under a company’s insurance policy.
There are many possible outcomes of a successful phishing attack. The phisher could gain access to customer or client data. Alternatively, he could obtain your company’s financial information. Afterwards, the phisher could attempt to transfer money from your bank account to his; he might also try to use your company credit cards.
As phishing attacks become more sophisticated, hackers are imitating company or vendor emails to try and trick people inside the company to wire money to them.
Each of these scenarios may be covered by different parts of your insurance policy.
- Damages caused by a phisher accessing customer data would fall under a cyber liability policy.
- Fraudulent transfer instructions that appear to come from the insured company would fall under fraudulent transfer coverage as part of a crime policy.
Yet many policies do not cover fraudulent transfer instructions that come from a vendor or customer.