If you’re relying on cyber insurance, check if your policies are up-to-date in covering new social engineering email attacks that are leaving firms at risk for taking the full financial brunt of these attacks.
New Mimecast research into the growing cyber insurance industry and evolving email attack techniques reveals that 45% of firms with cyber insurance are unsure if their policy is up-to-date for covering new cyber social engineering attacks, and only 10% believe it is completely up-to-date.
Just 43% of firms with cyber insurance are confident that their policies would pay out for whaling financial transactions. 64% of firms don’t have any cyber insurance at all.
The rise of whaling (CEO fraud) has created an attack climate where many insured organizations may not be protected from fraudulent transactions because they fall outside of the coverage scope of when their policies were originally signed.
