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Cyber Crime cover

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Factsheet

Cyber

    Cyber Crime cover from MPR Underwriting

    ‘Cyber Crime’ is generally accepted to be defined as:

    • Funds Transfer Fraud – fraudulent instructions issued to a financial institution to pay money from an account maintained by an organisation;
    • Computer Fraud – theft resulting from unauthorised access into a computer system;
    • Remote Access Fraud – fraudulent use from a location, other than an organisation’s own premises, of rented telephone lines; and Social Engineering Fraud – criminal taking committed by deceiving an employee into transferring, paying or delivering money; or, funds transfer fraud, or computer fraud, which involves deceiving an employee into providing security detail for operating or having access to an account held by an organisation.

    However, cyber crime is still a crime and, depending on the insurer, will potentially be covered in a number of places. With MPR, this cover is exactly the same wherever it sits, which can be in one of three policies. The trigger is also the same across all policies (some cyber policies require unauthorised access or cyber event to trigger any crime cover that may be there).

    The difference between the three contracts is what else is covered in addition to Cyber Crime (highlighted below).

    For more information about Cyber Crime visit www.mprunderwriting.com

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    Tim Jones

    Written by

    Tim Jones

    Language Matters

    D&O and PI Exclusions

    The ubiquity with which the professional services exclusion (“PSE”) appears on D&O policies might suggest a consistent and easily communicated position. Sadly, this is far from the case.

    Insight

    Recovery of assets following
    an employee fraud

    The Association of Certified Fraud Examiners estimates that, on average, 6% of the turnover of an organisation is lost to employee fraud.

    Insight

    Fraudsters show no charity

    The emergence of ‘Social Engineering’ has shattered many organisations. In this case, the hospice was duped into believing they were taking part in an on-line virus check.

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    MPR Underwriting Limited is a company incorporated in England and Wales. Registered Address: 10th Floor, Chancery Place, 50 Brown Street, Manchester, M2 2JG. Company Number: 10529758. Authorised and regulated by the Financial Conduct Authority.

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