Cybercrime is a growing problem around the world as hackers are targeting everything from computers to cell phones stealing valuable information. One growing threat that companies and organizations need to protect against is electronic transfer theft that can occurs a result of email phishing scams.
This type of email phishing expedition is part of a new wave of cyber crimes in which hackers routinely troll Web sites and masquerade as a top executive, directing a subordinate to transfer a sum of money to a bank account with the instruction that it is urgent to make the transfer.
Fortunately, there is insurance for that known as Cyber Crime Insurance. It is important to note that most cyber insurance policies do not cover this type of incident/electronic funds transfer theft. However, several carriers now provide fraudulent transfer coverage though the coverage limits are typically under $200k if this coverage is included in a cyber insurance policy.
Cyber Crime Insurance protects an organization from loss of money and securities, resulting from theft by its own employees in several key industries. It also insures against third party related losses for forgery or alteration; on premises; in transit; money orders and counterfeit currency fraud; computer fraud; client property coverage; credit card coverage and expense coverage.