Cyber Phishing Scams: Do You Have Coverage?
Over the past decade, our society has seen a shift in the way that criminal activities target businesses. Criminals have engineered sophisticated methods of duping unsuspecting employees into wiring funds, often times in ways that wholly evade detection from the most intelligent cybersecurity software platforms.
While commercial insurers have tended to modify the crime policies that they offer to cover risks like email phishing scams (and not cover such risks under the other policies and coverage forms that they offer), many older traditional crime policy forms may not provide coverage for such email phishing scams.
This article will discuss the case law addressing coverage for these types of email phishing scams under the traditional crime policy forms; highlights protocols and procedures that can be used by companies to reduce the risk of falling victim to such scams; and concludes that companies should assess whether they have adequate coverage for these types of email phishing scams.
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