In this session, the presenters covered the five biggest drivers of cyber claims today. They walked through real claims examples to show where coverage gaps happen, how policies overlap and what organizations can do now to be more cyber resilient.

Social Engineering and Fraudulent Wire Transfers

Social engineering is the most frequent type of cyber claim, and AI is making these schemes harder to spot.

• Social engineering coverage almost always has a sublimit, so review whether your current limit still fits your exposure
• Coverage may be available under crime, cyber and package policies, and in some cases, limits can be stacked
• Callback or verification provisions can affect coverage, depending on how the policy is worded
• Many policies only cover transfers to vendors or clients you already have a contract with

Ransomware and Cyber Extortion

Ransomware attacks happen less often as security controls improve, but each claim is getting more expensive.

• Have an incident response plan in place, and report claims right away so a scoping call can happen within hours
• The decision to pay a ransom is yours, but carriers generally cover only “reasonable” payments, so involve them early
• Most policies require you to use the carrier’s approved vendors for forensics, legal and negotiation services
• Extortion coverage is usually paid as a reimbursement rather than paid on your behalf

Third-Party and Supply Chain Compromise

When you outsource a function, you keep the liability. If a vendor that holds your data has a breach, it can trigger reporting and coverage under your own cyber policy.

Identity and Access Compromise

Attackers are increasingly getting into systems quietly, through help desk impersonation, spam bombing and voice phishing. An email that looks spoofed may point to a business email compromise, which calls for a full breach response.

Unlawful Collection of Data

Claims tied to website pixels, cookies and session replay tools are rising quickly. Many of these claims cite privacy laws such as the California Invasion of Privacy Act (CIPA).

Review your website regularly, not just once

Coverage is often defense only, sublimited or excluded

Bring legal, marketing and IT together to review your tracking tools, consent banners and privacy policy