Cyber attacks and commercial crime are on the up…
The number of commercial crime and cyber losses has increased dramatically over the past twelve months with traditional high risk / low reward robberies and thefts (generally insured under a conventional commercial combined policy), being replaced by lower risk / higher reward crimes which exploit the same technology and systems of check that we’ve come to rely on day-to-day.
It is difficult to go a week without reading an article in the press which details a similar circumstance experienced by some multinational company and it’s easy to assume that they have been targeted as a result of their high profile and liquidity.
The problem is, that’s not always the case. The Office for National Statistics puts the number of incidents of fraud at 5.1m in 2015; 2.5m of these falling under the Computer Misuse Act.
Here are just some examples of claims we are currently seeing:
- Fund Transfer Fraud
- Cyber Extortion
- Invoice Fraud
- Data Loss
- Banking Fraud
- Traditional Theft
- Theft of Vehicles
For further information on each of the specific areas above, please click here.
Whilst these crimes are becoming more and more prevalent, they are also examples of claims that wouldn’t necessarily be covered under more traditional covers. We therefore recommend that all of our clients purchase comprehensive Cyber and Commercial Crime policies that will not only indemnify you should you experience a loss of this nature, but provide you with the technological assistance and subject matter expertise that you’re likely to require, when dealing with an incident.
To discuss comprehensive all risks cover for Cyber and Commercial Crime, please contact us to discuss your requirements.