67% of cyber claims are due to human error

Many businesses don’t think they need cyber insurance because they have good IT security in place. But it’s people who are often the weakest link.

Hiscox reported that 67% of their cyber claims were due to human error including clicking on malicious links in emails, visiting harmful websites and losing devices.

Below is a claims example that shows how a business was tricked by a fraudster which resulted in an insurance claim.

Claims example: Human Error

A law firm was tricked into transferring money to fraudsters following an email purporting to be from Microsoft. An employee clicked on a link which took them to what appeared to be a legitimate looking webpage and entered their credentials, providing their login details to a fraudster.

This allowed the fraudster to monitor communication and gather confidential data including details on an imminent property transaction. A fake email was sent providing the seller with wire instructions and the money was transferred to the fraudster’s account.

A Cyber Insurance policy can significantly mitigate the financial impact to your business in the event of a cyber-attack occurring.