Real estate firms, including real estate, title and escrow agents, are targets of Cyber fraud and should have Cyber Risk Insurance.
The attackers intercept emails from title agencies providing wire transfer information for borrowers to transmit earnest money for an upcoming transaction. The scammers then substitute the title company’s bank account information with their own, and the unsuspecting would-be homeowner wires their down payment directly to the fraudsters.
First American Title notified its agents of this scheme earlier in 2014.
Cyber Risk insurance is one solution for cyber exposures, although underwriters are tightening their policy forms and underwriting approaches as losses increase. At the moment, Cyber Risk Insurance is easy to obtain and is affordable (see here). Not all insurance policies are the same and exposures vary, so no one policy is right for all organizations. Review your coverage with an expert.
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber), including Cyber Risk insurance. We excel at hard to place accounts.