Elan Kandel and Gary Gassman of the Global Insurance Department, along with Doug Karpp and Maureen Le Paine of Hiscox, will present a one hour webinar discussing various types of social engineering threats that companies of all sizes face on a daily basis and best practices companies should consider implementing to minimize the risk and severity of social engineering attacks.
In a social engineering attack, an attacker uses human interaction (i.e., social skills) to obtain or compromise information about an organization or its computer systems. Social engineering tactics include deception, manipulation, and intimidation to exploit the human element or users of information assets. In January 2015, the FBI released stats showing that between Oct. 1, 2013 and Dec. 1, 2014, some 1,198 companies lost a total of $179 million in so-called business email compromise (BEC) scams, also known as “CEO fraud,” which is a type of a social engineering attack. In view of the severity and frequency of social engineering claims, cyber insurance and crime insurance policyholders have examined their insurance policies to determine whether these policies might respond to a social engineering attack. Cyber insurance and crime insurance insurers are likewise examining their policies to determine whether they might respond to such attacks.
Policyholders and insurance claim adjusters attending this webinar will learn how traditional cyber and crime insurance policies may or may not respond to social engineering attacks through an examination of key policy terms and examination of recent decisions issued by various courts faced with coverage litigation involving social engineering. Participants will also learn about best practices that policyholders should consider adopting to minimize their social engineering risks. Lastly, attendees will learn about innovations in the insurance market specifically designed to target social engineering risks.
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