Fraud risk: spotlight on cyber-insurance

Cyber-insurance for households, small businesses and large companies is nothing new. But as with other types of coverage, this line of insurance is equally exposed to fraud risk. And as always, prevention is better than cure.

Cyber-insurance fraud was recently studied in an academic context. A comprehensive analysis of the terms on offer to small and midsized companies by major providers brought to light approximately 15 techniques that can be exploited for the purposes of fraud.

First of all, it is not surprising to find some well-known tricks being used to obtain fraudulent settlements in cyber-insurance, for example, the falsification of accounting records used for calculating an operating loss caused by cybercriminals. Secondly, new specific types of conduct have been identified, from deliberate malware creation and concealment of back-up copies to ransomware simulations. And that is only a few examples.

Detection and investigation methods have also been assessed by XpertCenter, so that we’re now fully prepared to handle this type of threat. If you would like a precise assessment of the threat to your company from cyber-insurance fraud, simply get in touch with us.