JLT introduces 'social engineering' fraud protection
Social engineering fraud is to be addressed by broker JLT Specialty, which has launched a product to cover businesses against the rising form of identity crime and cyberattack. The company said it created the policy to meet demand from business customers. Social engineering deception usually takes the form of a fraudster posing as somebody else in order to extract vital information from which they can illegally profit. Alternatively, it involves perpetrators circumventing a company's IT security through planting or downloading malicious software.

Broker said move comes after demand for the cover from businesses.

JLT Specialty (JLT) has launched a Crime and Social Engineering (CASE) insurance policy which it said followed a rise in businesses asking about the availability of such cover.

The broker detailed that just as cyber-attacks are growing so social engineering fraud impacts businesses globally affecting all sectors and sizes of companies.

JLT listed that social engineering fraud involved fraudsters persuading employees to make significant payments, working around internal controls and processes.

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