As an independent Chartered insurance broker, we are committed to providing innovative and flexible solutions, backed by a personal, professional service and a dedicated claims service which we believe is second-to-none.

 

Here are just a selection of examples of cyber-related claims we are currently seeing:

  • Fund Transfer Fraud. An Insured received an email from what appeared to be their client's email address, authorising payment to a third party. Regrettably it appears that the Insured’s email account had been hacked and as they had given no such authorisation, now holds the Insured liable for the loss.
  • Cyber Extortion. A member of the Insured’s staff has opened an email that appeared to be work-related. Unfortunately, the email contained malware which corrupted the Insured’s entire network, encrypting data and rendering the network useless, unless a substantial ransom demand was met. From the minute the network went down, the Insured suffered financial loss through business interruption / loss of trade.
  • Invoice Fraud. We’ve seen both complex versions of this and the opportunistic. The latter being a letter posted to an Insured purporting to be from a supplier advising of a change in bank details - credible in that it was on headed paper and was a genuine supplier to the Insured. The more sophisticated included phone numbers of new account managers who call the Insured to confirm the new bank details and request payment.
  • Data Loss. The Insured lost a laptop containing information on a number of clients. As a result, the Insured was held liable not only for the costs of notifying their customers, but ongoing costs in respect of ID/Credit monitoring and could potentially face prosecution under the Data Protection Act.
  • Banking Fraud. An Insured received a phone call from their bank. The Insured was sceptical at first, however gained comfort from the fact that this person could list a number of recent banking transactions and a list of the Insured’s direct debits. Over the course of the conversation the Insured disclosed information that allowed this individual to access the account and transfer a large amount of money.  
  • Traditional Theft. The property Insurers of this policyholder declined to indemnify a theft of valuable scrap metal. Their justification being that there must have been collusion, as CCTV clearly showed that the thieves knew exactly where the high value metal was stored – a location some 15 square feet in an area the size of three football pitches.
  • Theft of Vehicles. Eleven executive vehicles were stolen from a motor trader’s showroom. The cleaners had been in to clean and had not re-activated the alarm on exiting the premises, voiding the theft section of the combined policy which contained an alarm warranty.

To discuss comprehensive all risks cover for Cyber and Commercial Crime, please contact us to discuss your requirements.

What our customers are saying...

Reich Insurance totally understand our complex requirements. They are always willing to challenge the status quo and produce innovative solutions for our business needs.

Marc Goldberg (Board Director), Jerrold Holdings Limited