Business email compromise (BEC) is a technique used to gain access to your company email so criminals can impersonate a co-worker, manager or other trusted business partner to steal sensitive data and money. Email fraud such as this can cost you millions. According to FBI statistics, BEC resulted in losses totaling $1.8 billion in 2020 alone.
While BEC is common and pervasive, there are some simple steps that policyholders can implement to mitigate their risk. Click here to download the BEC Guide, provided by our cyber risk experts, Tokio Marine HCC – Cyber & Professional Lines Group, that outlines best practices and offers effective solutions to prevent BEC.
Cyber Liability Coverage and Resources from LAMMICO
LAMMICO includes $10,000 of MEDEFENSE® Plus/Cyber Liability coverage in most provider policies at no additional charge to the insured. We also offer the option to purchase higher limits of protection through our subsidiary agency, Elatas Risk Partners, subject to underwriting which will include questions that hone in on two factor authentication and backup processes and procedures. Please contact Carly Thames, Elatas Account Executive, at firstname.lastname@example.org or 225.906.2062 for information on purchasing higher limits of Cyber Liability insurance.
In partnership with our cyber risk experts, Tokio Marine HCC – Cyber & Professional Lines Group, LAMMICO offers our insureds complimentary access to TMHCC CyberNET®, the most advanced cyber risk management solutions inclusive of incident response plans, compliance and training materials as well as information addressing latest trends in data breaches and cybercrime, including those concerns surrounding COVID-19.
Registered lammico.com Members are encouraged to log in and access the CyberNET® portal.
For more information about minimizing cyber security threats, please contact the LAMMICO Risk Management and Patient Safety Department at 504.841.5211.