White Paper

The Boundaries of Cyber and Commercial Crime Risks Are Blurring

Losses from social engineering fraud reached $1.7 billion in 2019, but many of these incidents aren’t covered by traditional policies.

White Paper Summary

Traditionally, commercial crime policies cover direct losses from fraud and theft — failures of human behavior. Cyber policies, on the other hand, were meant to cover indirect losses stemming from failures of systems and technology, picking up the costs of notification, forensic investigation, privacy monitoring and data recreation when PII is breached.

But new types of theft are blurring the line between cyber and commercial crime risk — most notably social engineering fraud. These schemes result in direct financial loss without any system failure or data breach … but bad actors nonetheless rely on computers and wire transfers to perpetrate their fraud. These incidents do not fit neatly into either a cyber or commercial crime bucket.

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AmTrust Financial began in 1998 with a commitment to innovation in small business insurance. Since, we’ve grown into a global property and casualty provider with a broad product offering. Our company has grown, but our commitment to innovation and service remain the same.

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