Cyber Insurance: Read the Fine Print!

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Those of us with experience in IT security know there are some risks we just can’t mitigate. In such cases, many of us seek out risk transference through cyber insurance. But, some of us had a rude awakening when we found out that the coverage we’ve spent tens of thousands (or even millions) of dollars a year on fails to honor our claim.

This is exactly what happened with Ameriforge Group, a victim of an email scam in which a company’s chief executive was impersonated. The losses to Ameriforge were worth nearly half a million dollars. But the insurance carrier claimed the company’s coverage was for forgery of financial instruments, not fraudulent emails that executives were tricked into following.

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