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Instant Insights / October is National Cybersecurity Awareness Month

The COVID-19 pandemic has revealed new cyber threats. Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.

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Crime insurance may cover cyber fraud

U.S. 2nd and 6th Circuits find coverage for cyber fraud under crime policies, rejecting 'direct loss' argument.

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Insurance companies have argued that some cyber attacks are ‘indirect losses’ and should not be covered by crime insurance. (Photo: Shutterstock)

If you suffer a theft at the hands of a cybercriminal, promptly check your insurance protection — particularly your crime insurance. Two major federal court cases decided this month reaffirm the protection many policyholders already have available to them for cyber scams. With cybercrime rampant, policyholders should remember that there may be a number of insurance products they purchase (or can purchase) that provide cyber loss protection.

Related: What’s the best business insurance to cover a cyber breach?

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