Think your company bank account is safe and secure? Think again!
Businesses have traditionally protected their balance sheet by insuring assets, earnings and liabilities. Traditionally assets have comprised of buildings, machinery, fixtures/fittings, stock and work in progress, i.e. tangible assets. These are insured against contingencies such as fire, storm, flood, burglary etc.
During recent months we have seen claims being reported for losses which can be described as ‘on-line’ or ‘electronic’. Typically we have seen email and phone scams where clients have been tricked into transferring substantial bank balances to fraudsters.
The insurance market has responded by creating “Crime” Policies which seeks to cover the following types of losses:
- Internal crime
– Direct financial loss as a result of fraud or dishonesty by employees stealing money, securities or property from you
- External crime
– Third party computer crime such as forgery, counterfeit, theft
Should you act now ?
The risk of these type of losses is now becoming significant in terms of both frequency of attack and also the amounts that are being asked to be paid.
We at ProAktive have been at pains to emphasise to our customers the dangers of continuing to insure tangible assets (as we have done for many years) whilst ignoring newly emerging risks such as Cyber Crime.
If you would like to discuss any details regarding a Crime Policy for your business, please contact myself or a member of our team on 01302 341 344.
By Martin Singleton Cert CII, Account Executive.