Insurer Hiscox has unveiled Cyber Deception endorsement, a new addition to its crime insurance coverage designed to protect against online deception.
The new endorsement is said to provide protection against malicious efforts by criminals to trick employees into transferring company funds.
Hiscox USA executive risks practice leader Bertrand Spunberg said: "Criminals are becoming increasingly sophisticated in their methods, and it is important that insurance coverages evolve to address new risks.
"Cyber deception differs from hacking, there are no technology solutions to effectively prevent it and every organization is vulnerable."
According to Hiscox, the new endorsement protects against losses from cyber deception as part of their executive risks suite of insurance coverages.
The company will provide protection for cyber deception, including phishing, spearphishing, pretexting, social engineering and confidence tricks through email, phone or other electronic means.
The new endorsement is available with a limit of up to $250,000 in conjunction with crime coverage, and provided either standalone or as part of an executive risk packaged policy.
Hiscox provides a diverse portfolio of professional liability and other specialty insurance products, in addition to executive risks coverage in the US.