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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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Insurance coverage has been denied where computers were used to commit fraud and steal, but where the computer system security itself was not compromised. (Photo: iStock) Insurance coverage has been denied where computers were used to commit fraud and steal, but where the computer system security itself was not compromised. (Photo: iStock)

While a pandemic continues to rage, it is understandable to lose focus on the continued scourge of computer-enabled theft. In fact, cybercriminals are counting on it. Hackers routinely rely upon a state of distraction and the craft of diversion to hack, scam and steal.

As such, it is useful for risk managers to keep in mind that insurance coverage regularly purchased by organizations to protect against crime losses can protect against computer fraud incidents.

The hacks keep coming

In the age of COVID-19, foreign cybercriminals have hacked pharmaceutical companies looking for a coronavirus cure, law enforcement databases have been hacked, criminals have sought to interfere in elections, and (to prove no one is immune), a cybersecurity firm was hacked as a means of revenge.

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