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Hiscox Endorsement Covers Business Loss by Cyber Deception, Phishing - Insurance Journal


International specialist insurer Hiscox is now offering a Cyber Deception endorsementas part of its crime insurance that is aimed at protecting businesses against malicious efforts by criminals to trick employees into transferring company funds.

Cyber deception is a growing threat to small and mid-sized companies, with successful attacks up 144 percent in the past four years, according to the Ponemon Institute 2014 Cyber Crime Study. Hiscox’s new endorsement protects against losses from cyber deception as part of its executive risks suite of insurance coverages.

Cyber deception occurs when criminals intentionally mislead company representatives by disguising themselves as a trusted vendor, client or even an employee.The communications appear legitimate and prompt employees to provide financial details or transfer funds out of the company.

Hiscox offers protection for cyber deception including phishing, spear phishing, pretexting, social engineering and confidence tricks...(continued)

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