You bought cyber insurance because you knew a serious cyber theft could threaten the business you have spent years building.
Your company paid premiums year after year, maintained payment controls, and worked to protect its systems and financial information. No CEO expects perfect security or expects every loss to be covered by insurance. But a company that buys coverage for computer fraud, funds-transfer fraud, and social engineering reasonably expects the policy to matter when criminals compromise company communications and divert a seven-figure payment.
Insurance is supposed to be the company’s financial backstop when prevention fails. The company did not buy an insurance policy to debate technical definitions after a loss. It bought the policy to keep a sophisticated theft from becoming an uninsured loss, an unpaid vendor obligation, and another crisis for management.
This is how quickly a routine vendor payment can become a cyber crisis.
Continue Reading When Your Cyber Insurer Sends You in Circles: A Hacked CFO Email, a Stolen Vendor Payment, and the Coverage Maze That Can Follow
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