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Protecting Insurance Clients Against Social Engineering Scams

Businesses may erroneously assume that their cyber liability or crime/fidelity policy covers social engineering fraud losses. The policy must explicitly state coverage for social engineering – and if it doesn’t, it likely isn’t covered.

According to the FBI, exposed losses from a particular type of social engineering threat topped $5.3 billion globally for attacks occurring from October 2013 to December 2016. Social engineering has been reported in all 50 states and in more than 131 countries. Businesses may erroneously assume that their cyber liability or crime/fidelity policy covers social engineering fraud losses. But because social engineering crimes involve the release of company funds by a person within the company, standard liability policies may not cover the losses. The policy must explicitly state coverage for social engineering – and if it doesn’t, it likely isn’t covered. CNA is experienced in working with agents and brokers to identify management liability business exposures for their clients.

Paul Larson, Senior Vice President, CNA was recently featured in a Property Casualty 360 article, titled "How to protect your insurance clients against the latest social engineering scams".

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