I'm always curious to see what cyber insurers are doing on coverage for different scenarios. The Revolut incident reportedly has some insurers re-thinking. Matthew Sellers reports:
"Most social engineering endorsements are triggered by a transfer of funds, not a transfer of data. A scam where nothing is paid out but a large volume of identity and biometric data leaves the building can fall between a crime policy, built for financial loss, and a data breach policy, often built around unauthorised access rather than a fraudulent-but-convincing request. Brokers reviewing fintech and financial services clients’ wording may want to check whether “fraudulent instruction” definitions extend to information requests, not just payment instructions."
Source: Insurance Business Magazine: https://www.insurancebusinessmag.com/uk/news/cyber/revoluts-paperwork-breach-shows-why-insurers-are-rethinking-what-counts-as-a-cyber-attack-589775.aspx
#databreach #cyberinsurance #Revolut
