Another example of a bank account takeover triggers the question: Did they have Cyber Risk Insurance? It appears not. Brian Krebs of Krebs on Security reported that another small business is the victim of a bank account takeover (see here). The cyber thieves initiated three wire transfers to the Ukraine totaling approximately $223,000, and the victim is seeking to hold the bank responsible. No mention of cyber risk insurance.
As a follow-up to a prior post on bank account takeovers (see here), an escrow firm in Missouri lost its case for recovery of funds from its bank. It lost $440,000 as a result of bank account takeover and cyber heist (report here, prior post here).
Why no mention of cyber risk insurance? Cyber risk insurance is an essential coverage and is not expensive. It is not difficult to explain to potential clients, although the details can be complex. As a wholesale broker, we provide cyber risk insurance to all types organizations through retail insurance agents and brokers.