Hackers socially engineered or “tricked” Twitter employees into giving them access to internal Twitter systems & tools. The hackers targeted celebrity twitter accounts by requesting bitcoin for charity, tricking people into sending money to the hacker’s fraudulent bank account!
How much money did the hackers steal?
The scam resulted in 383 transactions and 13 bitcoin or $118,000 worth of money over 24 hours sent to the hackers’ fraudulent bank account. The tweets posted from the high-profile accounts were up for about 3 hours before Twitter’s cybersecurity team contained the event and alerted users to the hack.
Does Evolve provide cyber insurance for this type of event?
YES! Evolve’s Cyber Crime covers Push Payment Fraud, or 3rd party social engineering coverage for the Insured’s clients or vendors. These attacks occur when a business’ customers (or in this case social media users) are tricked into sending money to a fraudulent bank account, under the impression that it belongs to the business. If the Push Payment Fraud section of our policy is triggered due to a cyber event, we will reimburse the Insured with the costs associated to indemnify their customers who were tricked into sending money to a hacker.
