How does cyber insurance cover losses from financial fraud?

Yes, a company experiencing financial fraud due to a cyberattack may be able to claim insurance coverage for the losses incurred. Cyber insurance policies can provide coverage for various aspects of a cyberattack, including financial losses due to fraud. However, the specific coverage and criteria for reimbursement can vary depending on the insurance policy. Typically, to be eligible for reimbursement, the company would need to demonstrate that the financial losses were directly caused by the cyberattack and meet any other requirements outlined in the insurance policy. It’s essential for companies to carefully review and understand their cyber insurance policies to ensure they have appropriate coverage in the event of a cyberattack.