Criminal bank account takeovers are getting more sophisticated and brazen, and the right Cyber Risk insurance coverage is essential to protect at risk customers. A recent incident is a fascinating example. This was first reported by Brian Krebs of Krebs on Security (see here). In addition to the reporting, he also was the first to inform the victim about the theft.
Hackers stole the bank account access information of a construction company and then stole $900,000 in a coordinated series of wire and ACH transfers. The criminals withdrew the cash and used 62 different mules to immediately fly the cash out of the country. What was unusual about this cyberheist was the coordination of a large DDoS (distributed denial of service) attack at the company’s bank and a takeover of the company’s computers to prevent both organizations from seeing what was happening until the money was gone.
Cyber Risk Insurance is an essential coverage and is not difficult to explain to potential clients, but the details are complex. As a wholesale broker, we provide Cyber Risk Insurance to all types organizations through retail insurance agents and brokers.