As a firm that provides on-demand Digital Forensics and Incident Response services (including e-mail compromise, data loss, and/or network intrusion investigations), BW Cyber Services is often hired to investigate a company breach with the belief that our services and any resultant wire fraud losses will be covered under an asset manager’s insurance policies.
Cybersecurity insurance and Crime insurance are two types of policies that asset managers can rely on to cover the risk of fraud. Unfortunately, both of these coverages are complex and modular, and more often than not, we find that the policies procured by the manger were not structured properly to address fraud risk .
Invariably, many of the cybersecurity and crime policies we see have extremely high retention levels and limited or no wire fraud coverage. The asset management industry (and especially the Alternatives industry) has a unique cybersecurity risk profile associated with newly evolving and highly sophisticated wire fraud schemes that most brokers (or managers) simply do not understand. Consequently, unless specifically requested to be incorporated in the policy by the manager, most cyber and crime insurance policies that BW Cyber Services encounters fail to mitigate the most prevalent cyber risks facing asset managers (most notably PE).
Watch a recent webinar to learn about the most common cyber fraud events and how to properly structure your cybersecurity and crime insurance to maximize your opportunity to secure insurance coverage for these financial losses. Hear from industry leaders including BW Cyber President Michael Brice and Senior Vice President at Towne Insurance, Pat Riley. The full PowerPoint is available here.