High Net Worth Households are at High Risk for Cyber Attacks: Cyber Monitoring Protection is Now in Play
May 31, 2018
Risk & Insurance
By Jonathan McGoran
At a time when cyber risk for high net worth families is intensifying, a new generation of cyber coverage is emerging.
One of the most devastating and common forms of cyber attack is social engineering. Increasingly, bad actors are disguising themselves as legitimate participants and inducing other parties, such as personal assistants, to send funds, sometimes millions of dollars, to illegitimate destinations. Banks generally won’t accept liability, nor is it covered by most traditional cyber policies. And, in cases where coverage is available, limits have historically been well below the levels of likely damage.
That is changing with the introduction of innovative insurance products such as PURE StarlingTM Fraud and Cyber Fraud Coverage, which provides coverage for online and offline fraud and offers limits up to $1 million.
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