November 23, 2024
Claims Story – Cyber Theft
This claims story unfortunately is not a Disney Fairy Tale. This about a lesson in listening to advice provided and
understanding the cover you have.
This week a client called the office advising that one of the subcontractors they regularly use was chasing them for $50,000.
Our client had received an invoice from the subcontractor via email, this email detailed that the subcontractor had new bank details
and that the payment needed to go directly to these details. Our client promptly paid the invoice to the new account.
Unbeknown to our client the email had been hacked and the new bank details were the hackers details.
Our client has since contacted the police and the bank to attempt to recover his lost funds, these attempts have been unsuccessful.
The client still owes his subcontractor more than $50,000.
This is not something that is covered under a Public Liability policy,
this is something that may have been covered under a Cyber Insurance policy.
As the clients Insurance Broker we had previously recommended
Cyber Insurance and the client advised he did not want cover.
As your dedicated Insurance Broker it is our job to identify risks
in your business and recommend solutions to solve them.
As clients it is your job to listen to all advice provided.
We encourage all clients to consider our recommendations thoroughly.
However at the end of the day it is your decision to whether
we can implement policies on your behalf.
