Together, email-based fraud and funds transfer scams make up a significant share of cyber losses reported by businesses. While individual BEC incidents often involve smaller losses than ransomware, they occur far more frequently and can still cost organizations tens of thousands of dollars per event. The data highlights a clear trend: email-based social engineering attacks are now one of the most common ways criminals steal money from businesses.
Many company owners are shocked when they call their insurance agent only to learn their general liability policy won’t cover these types of losses. Understanding why requires knowing the difference between computer fraud, social engineering scams, and the types of business insurance that respond to each.
