Computer crime

It covers (mainly) financial institutions for: · Computer Systems – Loss due to the fraudulent preparation, modification or input of data into a computer system, a service bureau’s computer system, an electronic find transfer system or a customer communication system.
Electronic Data, Electronic Media, Electronic Instruction – Loss due to: 

  • The fraudulent modification of electronic data or software programs within computer systems
  • robbery, burglary, larceny or theft of electronic data or software programs 
  • The acts of a hacker causing damage or destruction to electronic data or software programs 
  • Damage or destruction of electronic data or software programs due to a computer virus 
  • Electronic Communication – Loss due to the transfer of funds as a result of unauthorized and fraudulent electronic communications from customers, a clearing house, custodians or financial institutions.

  • Insured’s Service Bureau Operations – Loss due to a customer transferring funds as a result of fraudulent entries of data whilst the insured is acting as a service bureau for customers.

  • Electronic Transmission – Loss due to the transfer of funds on the faith of any unauthorized and fraudulent customer voice initiated funds transfer instructions.

  • Customer Voice Initiated Transfers – Loss due to the transfer of funds on the faith of any unauthorized and fraudulent customer voice initiated finds transfer instructions.

  • Extortion – Loss by a third party who has gained unauthorized access into the insured’s computer systems threatening to cause the transfer of funds, disclosure of confidential security codes to third parties, or damage to electronic data or software programs.
Typically, cyber insurance policies do not cover the same exposures covered by a computer crime policy, which was originally written to compliment the theft coverage under a bankers blanket bond. That said, extortion can be common to both.

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