In an attempt to minimize coverage for wire fraud attacks, many insurers offer separate social engineering or impersonation fraud coverage and take the position that losses are capped by the often significantly lower limits of liability for these coverages. (Credit: Vladislav/Adobe Stock)
Companies increasingly face the rampant threat of wire fraud. Wire fraud typically occurs where cyber criminals pose as legitimate persons of authority, such as a high-ranking company executive, a vendor, or a customer, and trick the business into wiring money to the fraudster's bank accounts. Businesses targeted by such attacks often turn to their insurance companies to recover their resulting losses.
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