Does Cyber Insurance Cover Social Engineering?
Cyber insurance may cover social-engineering losses only when the policy includes that specific fraud protection; standard cyber liability may not reimburse money you send to a scammer.
Chubb lists social-engineering fraud as cyber crime coverage available by endorsement. Compare the fraud limit and requirements for call-back verification, prompt notice, and employee participation.
Read the endorsement for the covered deception, required verification steps, who must receive the fraudulent instruction, and whether the event must involve a computer system. Check the limit, retention, coinsurance, time to report, and whether the insurer requires a bank recall attempt or law-enforcement report. Do not assume that a cyber liability limit automatically applies to money transferred by an employee.
