Exclusive social engineering facility
Safeguarding your digital future
Miller’s exclusive social engineering policy addresses the gap in heavily sub-limited cyber policies on an excess or ground-up basis.
Many cyber policies typically have a sub-limit up to a maximum of USD250k, for many policyholders this is inadequate.
Key features and benefits
- Exclusive, unique product addressing gap in cyber coverage – providing clients with the option to increase coverage and peace of mind.
- Limits up to USD3m (will consider up to USD5m on risk-dependent basis). Minimum premiums:
- USD15k for USD500k limit - USD20k for USD1m limit
- Consider FinTech (no financial institutions).
- Optional cover for funds in custody and control for additional premium.
Cover available
With this policy, the insured can buy-back the benefit of cybercrime cover for loss of money, securities or property caused by a bad actor (a person or organisation responsible for actions that are harmful, illegal, or morally wrong) who has:
- Fraudulent instruction: tricked an employee into the transfer by pretending to be a customer, client, vendor, or another employee authorised to direct funds.
- Computer fraud: gained access to the insured’s/banks network and redirected funds, securities, or property elsewhere.
- Funds transfer fraud: tricked the insured’s bank or financial institution into transferring funds to the bad actor by pretending to be the insured.
- Telephone fraud: gained access to the insured’s phone line and has made hundreds or thousands of calls to international long-distance/premium numbers.
- Invoice manipulation: used the insured’s computer system to create or transmit false instructions to a customer, resulting in that customer sending payment to the bad actor, rather than the insured.