Since launching our CSOS compliant Fidelity and Computer Crime Policy wording in 2016, we have noted a significant increase in cyber fraud across the market, resulting in a surge in the number of claims being paid out.
Unfortunately, poor financial controls and processes are often to blame making it easy for fraudsters to take advantage.
To encourage the implementation of sound controls and ensure this cover remains sustainable we have revised our underwriting procedures and made changes to our policy wording that will affect cover and the way claims are paid.
These changes will only take effect at policy renewal starting from 1st July 2019.
Please feel free to get in touch should you have any queries.