Delaware Business Insurance Update from CNC Insurance Associates Inc. " Social Engineering Fraud , Are You Covered?" 6-25-17

What in the world is Social Engineering Fraud?  If you own a business you need to be aware of this potential risk. So let me explain. Social Engineering Fraud is a type of fraud where fraudsters target their victims with fake domain names and make money request, usually through email and with the application of some sort of social pressure. Business employees take the bait and the next thing you know, money is being stolen from the business. This type of fraud is becoming more and more frequent. Business owners are more at risk because they may have unaware employees who think they are working with a vendor or customer and click the link in the email, which is usually the method of delivery for carrying out the fraud. So what is a business to do? First take a risk management approach and educate your employees on how these schemes work and what to watch out for. If it doesn't seem right, don't click !  The next thing to do is to buy some insurance. The best way to accomplish this is to add an endorsement for Social Engineering to your crime policy. Don't look to your Cyber policy for coverage as these policies only cover unauthorized breaches. In these Social Engineering crimes the employees let them in voluntarily, so the crime policy will be the right insurance policy to cover the risk. Call your insurance professional for more information and to get the right coverage in place. Until next time be careful out there and know your risks.


G. Kevin Nemith , President CNC Insurance Associates & The Business Insurance Center
Serving DE, MD, NJ. PA & VA
www.cncinsurance.com
www.bizinsurancetv.org

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