Enhanced cyber offering
19 Jun 2017
Underwriting agency Dual has introduced a $250,000 sub-limit for social engineering, phishing and cyber fraud under its cyber product.
“The cyber risks society faces are constantly evolving, where an exposure such as this was not even identified two years ago,” Dual says. “This cover will now be excluded under a [management liability] policy because we believe this exposure is more appropriately dealt with via a cyber policy to ensure a seamless cyber cover.”
Dual has also reduced minimum premiums on its standalone cyber offering for businesses with less than $3 million annual turnover.
“These changes have been made to ensure we continue to improve new business take-up of cyber policies for this particularly price-sensitive section of the market,” Dual says.
What is Social Engineering?
Social Engineering is effectively the use of deception to manipulate individuals into divulging confidential or personal information that may be used for fraudulent purposes.
A common example is where a person receives a phishing email which is a clever, authentic-looking email aimed at tricking individuals into disclosing sensitive information or carrying out tasks through deceptive means. They can include malicious links, attachments or redirection to a fake website that requests information. The email looks like it has come from a legitimate sender such as your colleague, organisation, supplier or vendor.
The White Papers section of our web site has a paper on social engineering attacks. The paper looks at three types of this growing problem.