$300 of Premium Prevented a $95,000 Loss. Cyber Criminals
$300 of Premium Prevented a $95,000 Loss
This true story was recently reported by Independent Agent magazine: While transferring $95,000 between bank accounts, a bookkeeper was redirected to a fake website by cyber criminals. The funds were then transferred to another bank, and subsequently to Serbia. Nothing more is known about what happened to the funds.
Because the firm had insurance coverage for computer fraud, the insurance company reimbursed all but the $1,000 deductible on the policy. The annual premium for coverage was less than $300, dwarfing what would have been a $95,000 loss.
This story has a happy ending only because company management planned ahead by transferring cybercrime risk through insurance coverage. Management realized cybercriminals are indiscriminate – they target small as well as large firms. As a result they acted prudently and protected the firm’s assets from the cyber breach.
AT KMRD Partners, we know the issues and vulnerabilities in the rapidly changing cyberspace. We are dedicated to helping our clients guard against cybercriminals. It is our job to help your company anticipate what can happen one minute from normal.
- Become knowledgeable regarding when and how cyber criminals will strike.
- Review insurance coverage against cyber crime risk profiles on an ongoing basis.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To identify and correct coverage and service gaps in your insurance contact us at contactus@kmrdpartners.com before one minute from normal strikes your company.
