Many real estate agents have been in contact with Jardine Lloyd Thompson (JLT) in relation to the Cyber Liability cover on their professional indemnity insurance policy. The Realcover policy holds a sub-limit for Privacy and Data Breach cover (Cyber Liability), although this section does not provide cover for loss of money.
When obtaining cover for loss of money, the risk management criteria is important to insurers to allow cover to be provided. We recommend agencies:
- Segregate duties, so no single person can request or authorise expenditure or refund monies, make payments and reconcile bank statements
- Segregate system passwords, so no single person can request and authorise the release of electronic funds transfers in respect of the same transaction
- Require all cheque requisitions and fund transfers to be counter signed.
Following are two case studies that demonstrate two very different claim scenarios and show why careful consideration of your cyber liability coverage is a must.
While care has been taken in preparing this article, and the information in it has been obtained from sources that Realcover believe to be reliable, Realcover does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose that the article may be used. Realcover accepts no liability for any loss or damage (whether caused by negligence or not) resulting from the use of this article.
For further information and to discuss your insurance needs, please contact Realcover by speaking with a JLT representative on 1800 990 312 or email email@example.com.