How do cyber insurance policies handle claims related to social engineering fraud?

Insurers typically handle claims for losses resulting from social engineering attacks, such as fraudulent wire transfers or impersonation schemes, by investigating the claim to determine its validity. Depending on the policy coverage and specifics of the incident, insurers may provide compensation to the policyholder for the losses incurred. It’s important for the policyholder to promptly report the incident to their insurance company and provide all necessary documentation and information to support their claim. Insurers may also work with law enforcement agencies to investigate the fraud and potentially recover some of the losses.