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Member, Beacon International Group, Ltd.
Hiscox Ltd. has added cyber deception coverage to its crime insurance program to help protect against losses incurred by employees tricked into transferring company funds, the insurer said.
The cyber deception endorsement is meant to protect against attempts to obtain personal information via phishing, social engineering and confidence tricks over email, phone and other electronics, Hiscox said Wednesday in a statement.
The cyber deception coverage, with limits of up to $250,000, is available as an endorsement to users of Hiscox’s crime insurance coverage, Hiscox said.
“It is important that insurance coverages evolve to address new risks,” Bertrand Spunberg, executive risks practice leader for Hiscox USA, said in the statement. “Cyber deception differs from hacking, there are no technology solutions to effectively prevent it, and every organization is vulnerable.”
Hiscox USA, a unit of Hiscox Ltd. is introducing a portfolio of policies that provide up to $5 million of primary or excess coverage for asset management firms including private equity funds, venture funds and hedge funds, the insurer said Tuesday.