Shark Tank star, Barbara Corcoran, wired & lost nearly $400,000 to a hacker in an elaborate email scam that tricked her staff. Corcoran said someone “acting” as her assistant sent an invoice to her bookkeeper earlier this week for a renovation payment. Corcoran is a large investor in the real estate, so when her assistant requested a wire for $388,700, it seemed business as usual.

Unfortunately for the Shark Tank star, the email address requesting the wire didn’t belong to her assistant, it belonged to a hacker! The scammer had changed one letter in the assistant’s actual email address, tricking everyone involved. Corcoran’s response to the attack, “I was upset at first, but then remembered it was only money.” If Corcoran had a quality cyber insurance policy, this claim could have been covered…

Protect Your Business: Cyber Crime Coverage

Strong Cyber Insurance Crime coverage should protect 3 bank accounts: the Insured’s bank account, senior executive officers’ personal bank accounts, & clients bank accounts (3rd party fraud). Buyer beware! Cyber carriers can include “risk management warranties” that require multi factor authentication in order for coverage to be picked up. The best cyber coverage will not have any risk management warranties! 

Contact Evolve MGA to fend off wire transfer fraud scams and ensure your information is kept safe. We provide a suite of cyber insurance offerings that cover policyholders in the event their cloud data is hacked, lost, or stolen. Get appointed with our cyber insurance specialists for a FREE Quote!