This component offers coverage for loss of money or securities incurred due to:

• Financial fraud, including wire transfer fraud;

• Charges incurred for unauthorized calls resulting from fraudulent use of an insured telephone system;

• Expenses incurred to notify customers of phishing schemes that impersonate the Insured or the Insured’s brands, products or services; and

• Costs of reimbursing customers for losses resulting from such phishing schemes.


The reality is that every business connected to the internet can expect to fall victim to cyber crime at some point as criminals expand their ability to steal money directly or to turn stolen data into money.

Companies should always be aware of all the attacks around them whether they think they are susceptible or not.

They can happen to anyone!



An art museum was the victim of wire transfer fraud via an e-mail phishing scam. The Business Officer received an e-mail purporting to be from the Director, requesting a transfer of funds in the amount of $98,000.

The scam was discovered only after the funds were wired. The bank refused to return the funds, but the full amount of the loss was covered under Cyber Crime insurance.