Social Engineering
Theft of money by tricking someone at the firm, such as a fake email from a vendor asking you to change where payments go.
What it means for your firm
Most social engineering losses start with a spoofed or hacked email. Someone at the firm sends a real payment to the wrong account.
Coverage is usually a smaller limit inside a cyber or crime policy. Many policies now require the firm to verify any change in payment instructions before sending money, often by a method other than the one used to request the change, such as a call to a known number.
Some losses fall under a crime policy, some under cyber, and some under neither. The wording decides.
General definition for education only. It is not an interpretation of any policy or contract, and it is not legal advice. The wording of your own policy and contract controls. Policies and definitions vary by insurance company.
Tell Us About Your Firm. We’ll Tell You What We See.
Starting out or renewing, with a policy in hand or not. If something is worth discussing, we’ll call. If not, we’ll say so.