Deepfake fraud is getting harder to spot. A fake video call can look convincing enough to fool an employee, while a cloned voice can make a payment request sound like it came from the boss. The awkward part is figuring out whether cyber insurance actually covers the money lost.<\/p>\n
A deepfake itself isn’t usually the event an insurer is paying for. The bigger question is what happened because of it. If an employee receives a fake voice message and sends money to a fraudster, the claim may be treated as social engineering or funds transfer fraud.<\/p>\n
But some cyber policies don’t include that protection unless it’s specifically added. And even when it is included, there can be a separate limit that is much lower than the main cyber insurance limit.<\/p>\n
\u2022 No social engineering extension? That’s a warning sign if your biggest concern is payment fraud caused by a fake identity.<\/p>\n
\u2022 A separate fraud limit may apply, even when the overall cyber policy has a much larger limit.<\/p>\n
\u2022 Policy wording wins here, especially around who gave the instruction and how the transfer happened.<\/p>\n
Some policies cover fraudulent instructions received through electronic communication. Others have specific requirements around verification procedures. If the policy says the company must confirm payment instructions using an approved process and that step wasn’t followed, the claim can become much harder.<\/p>\n
And honestly, I think relying on the word “cyber” in the policy name is a mistake. A cyber policy can have plenty of protection while still leaving a big gap around social engineering fraud.<\/p>\n
Read the exclusions and extensions together.<\/p>\n
Also check the sub-limits. A policy might provide substantial cyber coverage but cap social engineering losses at a much smaller amount.<\/p>\n
Deepfake fraud is moving quickly. Insurance wording is catching up, but businesses shouldn’t assume the policy automatically follows the technology.<\/p>","protected":false},"excerpt":{"rendered":"
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