Crime Insurance for All Risks

Crime Insurance for All Risks

Axis Insurance

Cybercrime is one of the most threating areas of any business relying on technology, software, and internet connection. While most companies are worried about potential hacks, not all threats come from data that is stolen. According to the information presented by Axis Insurance, approximately 13% of cyberattacks come from cyber deception.

What Is Cyber Deception?

Those looking to steal information or data don’t have to be excellent hackers to get the job done. Criminals are now disguising themselves as vendors, employees, or clients and tricking company employees into authorizing payments of fund transfers into the criminal’s account. The loss of funds can be devastating to a company’s business, requiring that a cyber deception insurance endorsement be added to crime policy.

Risk Management

Unlike a hacking attack, there are no software designs or firewalls that can prevent an employee from falling victim to one of these scams. Most employees aren’t aware of the security protocols of their vendors or clients, making it harder to decipher between legitimate requests and deceptive tactics. The best way to prevent this form of cyberattack is through risk management practices.

  • Keep accounting functions limited to one department
  • Deal with just one individual at vendors or clients
  • Inform your employees of deception techniques

In addition to your proactive efforts in risk management, use a comprehensive crime policy to address the financial concerns that arise from the lost funds for you and your clients.