In the internet and technology age, cyber-crime is on the rise. As a business, you have to be aware of it and consider the types of protections that you need. Cyber insurance social engineering coverage is crucial to the success and longevity of your company. Of course, in order to understand the type of protection that you need, it’s important to understand what social engineering is.
What Is Social Engineering?
Social engineering involves a cyber-criminal who will use a phishing scheme to target an individual. Then, this person will generally use manipulation to convince a target to give information or money to a third party. Any business that falls victim to these schemes can lose a large amount of profit.
How Common Is Social Engineering?
Social engineering attacks happen all of the time. These attacks impact small businesses, large businesses and even nonprofits. When it comes to cyber insurance social engineering, some cyber carriers will offer social engineering fraud coverage. Claims of social engineering fraud continue to expand at a rapid rate. This makes the need for insurance more crucial.
When it comes to cyber-crime, you need to be aware of the dangers and risks. Social engineering attacks can be devastating for a business. No matter what type of company you have, you need insurance to stay protected.