Cyber Crime 

⇒  Electronic Theft Of Client's Financial Assets 

The Insurer reimburses the client for a loss first discovered by the client during the period of the policy as a direct result of any third party committing:

• An unauthorized electronic transfer of a client’s financial assets from a bank or other financial institution, including an asset management firm, pension or investment fund; 
• Any phishing, vishing or other social engineering attack against any employee that results in the electronic transfer of the client’s funds to an unintended third party.

⇒  Electronic Theft Of Third-Party Funds Held In Escrow 

The Insurer agrees to reimburse the client for loss (including compensation you are legally obliged to pay) first discovered by the client during the period of the policy as a direct result of the client having to reimburse any third party for theft from a bank account held in client’s name of money or other financial assets held by the client on behalf of that third party provided that the theft was committed by any other third party by electronic means, including any phishing, vishing or other social engineering attack against the client.

⇒  Theft of Personal Financial Assets 

The Insurer reimburses any senior executive officer for personal financial loss first discovered by them during the period of the policy as a direct result of any third party compromising the company's network security which results in:

• Theft of money or other financial assets from a personal bank account of the senior executive officer; 
• Identity theft of the senior executive officer as a result of a privacy breach suffered by the client.

⇒  Extortion 

The Insurer reimburses the client for any ransom paid by the client, or on the client’s behalf, in response to an extortion demand first discovered by the client during the period of the policy as a direct result of any threat to:

• Introduce malware, including ransomware, into client’s computer systems;
• Prevent access to the client’s computer systems or data or any third-party systems hosting the client’s applications or data;
• Release the client’s confidential information or confidential information entrusted to the client;
• Damage the client’s brand or reputation by posting false or misleading comments about the client on social media sites.

⇒  Telephone Hacking 

The Insurer reimburses the client for loss associated with the cost of unauthorized calls or unauthorized use of the client’s bandwidth was first discovered by the client during the period of the policy as a direct result of the client’s telephone system being hacked by a third party.

⇒  Push Payment Fraud 

The Insurer reimburses the client in the event of fraudulent electronic communications or websites designed to impersonate the client or any of the client’s products first discovered by the client during the period of the policy, for:

• The cost of creating and issuing a specific press release or establishing a specific website to advise client’s customers and prospective customers of the fraudulent communications;
• The cost of reimbursing the client’s existing customers for their financial loss arising directly from the fraudulent communications, including fraudulent invoices manipulated to impersonate the client;
• Client’s loss sustained following the client’s discovery of the fraudulent communications as a direct result of the fraudulent communications;
• External costs associated with the removal of websites designed to impersonate the client.

⇒  Unauthorised Use Of Computer Resources 

The Insurer reimburses the client for loss associated with increased electricity costs and cloud service billing first discovered by the client during the period of the policy as a direct result of cryptojacking or botnetting.