Cyber Insurance Claims team saves law firm $150,000 in social engineering attack
The importance of cyber insurance continues to grow daily. Cyber attacks continue to happen and it doesn’t matter it your business is big or small, you still could fall victim to an attack. Below if a real life example of how one of our markets (Coalition) saved a law firm $150,000.
“We received a call that a policyholder had lost $200,000 in a social engineering incident. A hacker sent a spoofed email to their controller, impersonating the company’s CFO, and the controller wired the funds to the bad actor. The company thought the funds were gone for good, but then they called Coalition.
Upon receiving the call, Coalition immediately began discussions with financial institutions and law enforcement. As a result of Coalition’s urgency and relationships, $150,000 of the $200,000 was recovered within 24 hours of receiving the call. The money was returned to the policyholder, and they were able to get back to business quickly. Their insurance policy with Coalition covered the remainder of the lost funds. Coalition’s Security team also helped the company implement two-factor authentication practices to ensure a second person at the firm signed off on all significant wire transfers.
Unlike traditional insurance companies, Coalition has the relationships and know-how to recover funds even after they’re out the door. As a result, we’re able to recover all of the funds lost for many policyholders, helping them avoid a claim entirely. Coalition brings together active monitoring, incident response, and comprehensive insurance to solve cyber risk.”