Let’s make sure your company is covered for the direct loss of your funds
Cyber Crime Insurance
Cyber crime policies cover the direct loss of your funds, whether through maleficence, employee dishonesty, or social engineering. Cyber crime insurance claims involve employee dishonesty, embezzlement, forgery, robbery, internet or cyber fraud, funds transfer fraud, counterfeiting and other criminal acts. The schemes and scams are extensive and take advantage of weak links in fraud risk management, audit and compliance processes.
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
What’s Covered
- Financial fraud, including wire transfer fraud
- Charges incurred for unauthorized calls resulting from fraudulent use of your telephone system
- Expenses incurred to notify customers of phishing schemes that impersonate you or your brands, products or services
- Costs of reimbursing customers for losses resulting from such phishing schemes
First Party Costs
- Network Business Interruption
- Restoration Costs
- Regulatory Defence Costs
- Security and Privacy Liability –
- Cyber Extortion
- Intellectual Property
- Data Breach
- Crisis Management
Third Party Costs
- Data Breach
- Crisis Management
What’s Not Covered
- Cyber Insurance will not duplicate a Financial Institutions Financial Lines programme so it does not typically provide cover for Professional Liability – claims resulting from the failure to provide professional services to your customers and clients; and Financial Crime – theft of your own or customer/clients assets/money
- Money Transfer – Covered under the Financial Crime Policy
- Market Fluctuation
- State sponsored activity/ espionage
- Most Insurers prefer to utilise their own wordings, so conditions and exclusion can vary. Natural catastrophes – A landslide causing damage to an organisation’s power source, the resulting losses may not be included under a standard Cyber Policy.
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Coughlin Insurance Services, Inc.
178 Myrtle Boulevard, Floor 2, Larchmont, NY 10538
Toll Free : (800) 542-0661
Tel: (914) 834-1234 Tel: (212) 593-0200
