Today’s cyber criminals use technology as the gateway to steal directly or indirectly from companies leading to confusion about the differences between Cyber Risk and Computer Crime and the manner in which these exposures may be insured.
In instances of Cyber Risk, cyber thieves steal personal identifiable information through a variety of means for the purpose of monetizing the stolen data. There is no direct theft of money; only the theft of information such as credit card and social security numbers or patient health care records.
In situations of Computer Crime, cyber criminals hack into a company computer system using a variety of methods to steal money by transferring funds through the computer system itself.
Coverage may not be available under either Cyber Risk or Computer Crime in instances where a company voluntarily transfers funds to any third party when fraudulently induced to do so.
Several Computer Crime insurers are now offering coverage for “Social Engineering” which arises out of phishing schemes and other impersonation scams. This coverage often has a limit of $250,000 but higher limits may be available for certain risks.
All companies are potential targets of cyber criminals and your PLC Insurance representative would be happy to further explain Cyber Liability and Cyber Crime policies.
We can find discounts on cyber liability insurance you may not find on your own. Give us a call, or get a cyber liability insurance quote online today.
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We have a customer, Al S. from Bothell, who went through a few different claims issues...
February 13, 2012
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