Cyber & Privacy Protection

Cybercriminals hacked an insured real estate agent’s email and sent fraudulent payment information to one of their clients. The client transferred a $5,000 deposit to the cybercriminal’s account.

When the client followed up with the real estate agent for a receipt, they received no response. The agent became aware of the issue and reported it to their IT vendor and the Australian Cyber Security Centre (ACSC).

The insurer engaged a forensic IT specialist to help the real estate agent minimise additional losses and evaluate the situation. The agent was a victim to social engineering fraud.

The insurer paid $11,756 for the forensic investigation expenses. However, as the agent’s deductible was $5,000, no payment was issued to cover their losses.

The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy will be determined by the insurer, not BizCover for Brokers.