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Fraud insurance or cyber crime policy: know the difference!

News
11 February 2021

 

Becoming a victim of fraud is the big nightmare of every entrepreneur. And of course, we don't need to explain to you that cybercriminals also pose a very real danger to your company. Fortunately, you can protect yourself extensively against the risks by means of a fraud insurance and a cybercrime insurance. Pay close attention to the word 'and', because these insurances complement each other. You can read about the differences here.

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Suppose someone - a (former) employee or an external party - deliberately misleads your organisation in order to obtain an unlawful advantage (spoofing). There has been no breach of your data, networks or systems. In that case, your fraud insurance covers the financial losses that your company directly suffers.

Insurers speak of cybercrime when someone gains unwanted access to your computers, networks or systems in order to steal money or data, or with the purpose of demanding a ransom from you. Your cybercrime policy covers not only the direct financial consequences, but also your liability for any third-party claims. Moreover, you will receive free assistance from lawyers and other experts to stop the hacking and repair the damage (data damage but also reputation damage).

Does the crime have an impact on your data, networks or systems? Then your cybercrime policy comes into effect. Is there no such impact, even though the criminals did use a digital way (e.g. CEO fraud by e-mail)? Then you have to appeal to your fraud insurance.

 

When does a fraud insurance come in?

A fraud insurance covers various forms of fraud. Think for example of:

  • Money that you have paid for a falsified invoice (invoice fraud).
  • An order that you have placed via a fake website (phishing).
  • CEO fraud (also via digital communication).
  • An employee who pays for his leisure trip with the company's credit card
  • - ...

When does cybercrime insurance come into play?

Cybercrime insurance covers damage caused by criminals who breach your data, networks or systems. Here are a few examples:

  • Someone hacks into your accounting system and changes the account number on your digital invoices.
  • A hacker takes your data hostage using ransomware in exchange for a ransom.
  • A disgruntled ex-employee raises the temperature in your cold stores overnight because he still has the password. You have to throw away all your products.
  • - ...

 

Combine for optimal coverage

It is strongly recommended to take out  a cybercrime insurance as well as a fraud insurance. Only then will you, as a modern business, be sufficiently covered against the various risks of crime. Our experts will always tailor your cyberinsurance and fraud insurance to fit in seamlessly with each other. So please do not hesitate to contact us for a no-obligation discussion and a tailor-made proposal.

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