Cyber liability is one of the fastest growing areas of risk, and the engineering profession is not immune. Cyber Liability Coverage is available to participants in the OSPE Professional Liability Insurance program.
BMS, in cooperation with a market-leading Lloyd’s Underwriter, has introduced an insurance product that manages a cyber or privacy breach from start to finish, allowing professionals to operate with the comfort of knowing that if a breach occurs, a response is in place. OSPE members have access to a comprehensive stand-alone Cyber Security and Privacy Liability insurance to provide coverage for:
"Fraudulent instruction scams are so sophisticated that basically any business that transfers funds is vulnerable." - Beazley
Cyber-criminals use hacking and phishing techniques to accumulate information that allows them to send plausible-looking emails and requests to transfer funds to bogus accounts. In addition to losing money, organizations may also have to conduct exhaustive systems analysis to ensure that individuals' personal and private data has not been compromised. Recent cyber insurance claims date indicates that organizations are facing an increased threat to their operations from fraudulent instruction scams.
Fraudulent Instruction insurance addresses losses from the transfer of funds as a result of fraudulent instructions from a person purporting to be a vendor, client or authorized employee. The endorsement, which has a limit of up to $100,000, is available for insureds who currently purchase the stand-alone cyber insurance policy for an additional premium and subject to the completion of a short questionnaire.
For more information, please click on the link below. You can also speak to a BMS broker should you have any questions.Cyber brochure (PDF)