Specialist insurer
Hiscox has launched a new crime product that would protect small and medium-sized enterprises (SMEs) in the UK and Ireland against various fraudulent acts.
The firm’s new product provides SMEs access to more comprehensive cover for a broad range of financial crimes including telephone fraud, physical destruction, computer violations and theft of money, securities and property.
Hiscox said businesses can also purchase a social engineering endorsement, which covers the emerging but prolific problem of fraudsters posing as company directors to exploit unwitting victims.
Bronwen Horn, senior development underwriter at Hiscox UK, said the new product aims to help clients overcome all the impacts of commercial crime losses.
“Commercial crimes are often discovered purely by chance, and while the financial impact on a business can be devastating, what is often overlooked is the resulting threat to business processes and the reputational impact,” he said.
“These kinds of losses, while not always quantifiable, can over time dwarf the relatively shorter-term impact of financial losses.”
Citing a recent PwC study, Horn said 50% of UK businesses have experienced economic crime.
“These risks are becoming more complex, and the threat can come from employees, suppliers, customers, agents, hackers and unknown third parties,” said Horn.
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