BUSINESS FRAUD IN THE DIGITAL AGE: PART 6
One of the best ways to mitigate business fraud is through insurance. There are varying degrees of insurance coverage to protect your business against fraud. Initially, these coverages were provided under a fidelity policy.
With the emergence of cyber crimes, cyber liability policies were created. Some of these policies are basic, and some offer robust, cutting-edge coverages. You need to consider the coverage you need and the controls you must have to qualify.
Here are some of those key coverages:
- Traditional Fidelity Bond coverages
- Employee Dishonesty
- Computer and Funds Transfer Fraud
- Social Engineering coverage
- Cyber Coverages
- Cyber Breach – First Party – Damages sustained by the policyholder.
- Cyber Breach – Third Party – Damages alleged to have been caused to others
- Ransomware
- Business Interruption Coverage
- Crisis Response Protection
To qualify for effective, robust coverage, you must complete a thorough application that will detail that you have effective controls against these threats.
ABOUT THIS SERIES
This article is part of a six-part series on business fraud in the digital age. If you need more information about any of the information in this series, please contact us for more information.