Hiscox to Offer Cyber Deception Coverage

November 13, 2014

Hiscox has announced that it will offer a new cyber deception coverage as part of its executive risks suite of insurance coverages.

Cyber deception occurs when criminals intentionally mislead company representatives by disguising themselves as a trusted vendor, client or even an employee in order to trick employees into providing financial details or transferring funds out of the company. Successful cyber deception attacks on small and midsize companies have risen 144 percent in the past four years, according to Ponemon Institute’s 2014 Cyber Crime Study.

Hiscox offers protection for cyber deception including phishing, spearphishing, pretexting, social engineering and confidence tricks through email, phone or other electronic means. Limits of up to $250,000 are available in conjunction with crime coverage provided either standalone or as part of an executive risk packaged policy.

“Criminals are becoming increasingly sophisticated in their methods, and it is important that insurance coverages evolve to address new risks,” said Bertrand Spunberg, Executive Risks practice leader for Hiscox USA. “Cyber deception differs from hacking; there are no technology solutions to effectively prevent it and every organization is vulnerable.”