Ascent has enhanced its CyberPro cover with the addition of social engineering fraud to its already comprehensive crime module.
Ascent Underwriting, the Managing General Agent (MGA) specialising in emerging and professional risks, has enhanced its CyberPro cover with the addition of social engineering fraud to its already comprehensive crime module.
With immediate effect, the insurance product, which was first launched in December 2013 to offer financial protection against professional and ecommerce risks, will now include coverage for an insureds losses arising from phishing and other scams which results in an insured being misled into transferring monies or assets to criminals.
The new coverage is designed to further enhance Ascent's crime product and address the emerging business exposures associated with cyber related risk. Our crime coverage includes traditional fraud arising from theft of electronic funds, but also extends to cover losses where the fraud causes loss of an insured's tangible product or merchandise, or compromises a trade secret or non-tangible asset resulting in a loss of revenue.
We first launched our crime coverage back at the beginning of 2014 and we are always looking for ways to bring new products to the market and further protect the businesses of our insureds.
The way in which crime is being undertaken is changing and criminals are largely turning to the internet for ways to undertake scams.
Whilst we still see crime losses occurring as a result of a hack or by more of the traditional means, we have started to see a wave of new exposures where an insured may be 'tricked' into transferring monies to a supposed vendor or following an email from the CEO, its only after the transfer has happened that it may come to light that the email was in fact not from the CEO at all. ”