Loss Trends in Cyber Liability Insurance Webinar
First-party cyber coverage protects against direct company losses including breach notification costs, forensic investigations, ransomware payments, and data restoration.
Despite ransomware's media prominence, wire transfer fraud emerges as a leading cybersecurity threat, with companies falling victim to sophisticated scams including deepfake tactics that result in million-dollar losses.
Wire transfer fraud is a form of cybercrime where criminals impersonate executives to request fraudulent wire transfers, sometimes using deep fake technology to make their impersonation more convincing.
Cyber liability policies typically cover ransomware attacks, system outages, business interruption losses, and associated costs for investigation, legal assessment, threat response, and customer communication.
Businesses without adequate cyber liability coverage risk bearing full financial responsibility for data breaches, potentially facing legal consequences from shareholders and other stakeholders.
