As social engineering attacks continue to proliferate, insurers are responding with specialized coverages to provide specific social engineering coverage. These coverages often are available as endorsements to Cyber, Commercial Crime, or Fidelity policies. Endorsement may be titled “Social Engineering,” “Fraudulent Funds Transfer,” “Fraudulent Impersonation,” “Business Email Compromise,” or something conveying a similar meaning.
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Several years ago, a series of massive and highly publicized retail data breaches took the issue of cyber security out of IT circles and inserted it into the mainstream news, cocktail party banter, and corporate board agendas. Those breaches also served to introduce the concept of cyber insurance to a much wider audience. Interest in and uptake of cyber insurance began to grow, largely driven by the breach response services (including incident response, forensic investigation, notification and credit monitoring costs) and class action lawsuit defense coverage available under those policies.
In their 2018 Cybersecurity Predictions report, Aon expects to see a surge in uptake of standalone cyber insurance policies.