A deepfake scam can look painfully real. You get a video call from what appears to be your company director. The voice sounds right. The face looks right. Then comes the request to transfer money.<\/p>\n
The problem starts with how the fraud happened. A deepfake might imitate an executive during a video meeting. It could copy someone’s voice during a phone call. The victim then authorises a payment because they believe the instruction is genuine.<\/p>\n
From the company’s point of view, money has disappeared. From the insurer’s point of view, though, the incident may look like an authorised transfer caused by deception.<\/p>\n
Many cyber insurance policies focus heavily on attacks involving computer systems or data. Deepfake fraud can work without breaking into either. The criminal simply convinces a person to send the money.<\/p>\n
Some policies include social engineering or fraudulent instruction coverage. If yours does, a deepfake scam may fall within that protection, subject to the policy’s conditions and limits.<\/p>\n
\u2022 Social engineering coverage is the big one here, although the exact wording can make a surprisingly large difference.<\/p>\n
\u2022 A policy that only covers direct hacking losses won’t automatically cover money someone was tricked into transferring.<\/p>\n
After a claim, the insurer will want to understand what actually happened. And they’ll look closely at the policy language that applied when the incident occurred.<\/p>\n
Expect questions around how the payment was approved. They may also examine whether internal verification rules were followed. If the policy requires call-back verification for unusual transfers and nobody did it, that could become a serious issue.<\/p>\n
Honestly, waiting until after a deepfake incident to discover an exclusion is a terrible way to learn about insurance.<\/p>\n
Check whether the policy specifically addresses social engineering, fraudulent payment instructions or impersonation fraud. Look at the sublimits too. Then check any requirements around employee verification and approval procedures.<\/p>\n
And don’t rely on the word “cyber” alone. A cyber policy can be broad in one area and surprisingly narrow in another.<\/p>\n
Deepfake fraud is moving quickly, while insurance wording tends to move more carefully. That gap is exactly where businesses can get caught.<\/p>","protected":false},"excerpt":{"rendered":"
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