Security Magazine logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Security Magazine logo
  • NEWS
    • Security Newswire
    • Technologies & Solutions
  • MANAGEMENT
    • Leadership Management
    • Enterprise Services
    • Security Education & Training
    • Logical Security
    • Security & Business Resilience
    • Profiles in Excellence
  • PHYSICAL
    • Access Management
    • Fire & Life Safety
    • Identity Management
    • Physical Security
    • Video Surveillance
    • Case Studies (Physical)
  • CYBER
    • Cybersecurity News
    • More
  • BLOG
  • COLUMNS
    • Cyber Tactics
    • Leadership & Management
    • Security Talk
    • Career Intelligence
    • Leader to Leader
    • Cybersecurity Education & Training
  • EXCLUSIVES
    • Annual Guarding Report
    • Most Influential People in Security
    • The Security Benchmark Report
    • The Security Leadership Issue
    • Top Guard and Security Officer Companies
    • Top Cybersecurity Leaders
    • Women in Security
  • SECTORS
    • Arenas / Stadiums / Leagues / Entertainment
    • Banking/Finance/Insurance
    • Construction, Real Estate, Property Management
    • Education: K-12
    • Education: University
    • Government: Federal, State and Local
    • Hospitality & Casinos
    • Hospitals & Medical Centers
    • Infrastructure:Electric,Gas & Water
    • Ports: Sea, Land, & Air
    • Retail/Restaurants/Convenience
    • Transportation/Logistics/Supply Chain/Distribution/ Warehousing
  • EVENTS
    • Industry Events
    • Webinars
    • Solutions by Sector
    • Security 500 Conference
  • MEDIA
    • Videos
      • Cybersecurity & Geopolitical Discussion
      • Ask Me Anything (AMA) Series
    • Podcasts
    • Polls
    • Photo Galleries
  • MORE
    • Call for Entries
    • Classifieds & Job Listings
    • Continuing Education
    • Newsletter
    • Sponsor Insights
    • Store
    • White Papers
  • EMAG
    • eMagazine
    • This Month's Content
    • Advertise
  • SIGN UP!
Cybersecurity News

Organizations Unsure if Cyber Insurance will Payout for Email Attacks

cyber 3 responsive default
June 7, 2016

New research reveals that almost half of firms with cyber insurance are unsure if their policy is up-to-date for covering new cyber social engineering attacks, and only 10% believe it is completely up-to-date.

Just 43% of firms with cyber insurance are confident that their policies would pay out for whaling financial transactions. Nearly two-thirds (64%) of firms don’t have any cyber insurance at all.

The rise of whaling (CEO fraud) has created an attack climate where many insured organizations may not be protected from fraudulent transactions because they fall outside of the coverage scope of when their policies were originally signed. While over half (58%) of organizations have seen an increase in untargeted phishing emails, 65% have seen targeted phishing attacks grow and 67% have seen a spike in whaling attacks, where a cybercriminal dupes employees into making fraudulent transactions on behalf of a CEO or CFO. Additionally, 50% said they have seen social engineering attacks that utilize malicious macros in attachments increase.

“Cyber insurance uptake is growing quickly but a lack of employee training on the latest email attacks is leaving organizations at great risk of breaking policy terms,” said Steven Malone, director of security product management, Mimecast. “While insurers often pay for clean-up fees after a breach, it is important that organizations check that their policies protect them if an employee is tricked into sending a large amount of money to a fraudulent account. Attacks where employees are tricked into sending personal data or intellectual property are even less likely to be fully covered.

http://www.businesswire.com/news/home/20160606006329/en/Organizations-Unsure-Cyber-Insurance-Payout-Evolving-Email 

KEYWORDS: cyber attack cyber security cyber security insurance

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • Security's Top Cybersecurity Leaders 2024

    Security's Top Cybersecurity Leaders 2024

    Security magazine's Top Cybersecurity Leaders 2024 award...
    Top Cybersecurity Leaders
    By: Security Staff
  • cyber brain

    The intersection of cybersecurity and artificial intelligence

    Artificial intelligence (AI) is a valuable cybersecurity...
    Security Leadership and Management
    By: Pam Nigro
  • artificial intelligence AI graphic

    Assessing the pros and cons of AI for cybersecurity

    Artificial intelligence (AI) has significant implications...
    New Security Technology
    By: Charles Denyer
Subscribe For Free!
  • Security eNewsletter & Other eNews Alerts
  • eMagazine Subscriptions
  • Manage My Preferences
  • Online Registration
  • Mobile App
  • Subscription Customer Service

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the Security audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of Security or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Crisis Response Team
    Sponsored byEverbridge

    Automate or Fall Behind – Crisis Response at the Speed of Risk

  • Perimeter security
    Sponsored byAMAROK

    Why Property Security is the New Competitive Advantage

  • Duty of Care
    Sponsored byAMAROK

    Integrating Technology and Physical Security to Advance Duty of Care

Popular Stories

Pills spilled

More than 20,000 sensitive medical records exposed

Laptop in darkness

Verizon 2025 Data Breach Investigations Report shows rise in cyberattacks

White post office truck

Department of Labor Sues USPS Over Texas Whistleblower Termination

Computer with binary code hovering nearby

Cyberattacks Targeting US Increased by 136%

Internal computer parts

Critical Software Vulnerabilities Rose 37% in 2024

2025 Security Benchmark banner

Events

September 29, 2025

Global Security Exchange (GSX)

 

November 17, 2025

SECURITY 500 Conference

This event is designed to provide security executives, government officials and leaders of industry with vital information on how to elevate their programs while allowing attendees to share their strategies and solutions with other security industry executives.

View All Submit An Event

Products

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

See More Products

Related Articles

  • Doorway to Cybersecurity

    Baltimore to Spend $20M for Cyber Insurance to Guard Against Future Cyber Attacks

    See More
  • cyber remote work

    Business email compromise during a pandemic: Why cyber insurance is more urgent than ever

    See More
  • Cyber Liability Insurance: Moving from Insurance to Assurance; cyber security news

    How to protect businesses against the threat of ransomware attacks and the role of cyber insurance

    See More

Related Products

See More Products
  • databasehacker

    The Database Hacker's Handboo

See More Products
×

Sign-up to receive top management & result-driven techniques in the industry.

Join over 20,000+ industry leaders who receive our premium content.

SIGN UP TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletter
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing