Archive: March 2, 2020

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No cyber insurance? Check your policy – you may be covered for more than you think
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A New Low: Red Cross subject to Fraudulent Claims for Bushfire Grants by Cyber Thieves

No cyber insurance? Check your policy – you may be covered for more than you think

By Cameron Abbott, Rob Pulham and Max Evans

Over the past 2 years we’ve seen a steady rise in interest in cyber insurance policies to cover key online risks.

However, as the terms and coverage for cyber insurance offerings steadily standardise, it may not be worth throwing out your old policies just yet.

In his recent article available here our colleague Gregory Wright discusses several recent US cases where insurance holders were found to be covered under more general policies of insurance – even if they weren’t specifically directed towards cyber risks.

A New Low: Red Cross subject to Fraudulent Claims for Bushfire Grants by Cyber Thieves

By Cameron Abbott and Max Evans

If you thought cyber attackers couldn’t go any lower, think again. Cyber thieves are tying up valuable resources at the Australian Red Cross through computer generated applications for bushfire relief assistance, according to an article from the AAP.

According to the article, cyber thieves are using applications to automate hundreds of fraudulent attempts to access financial assistance from the Red Cross, which is distributing grants of up to $20,000 per application with a total grant of around $1,000,000 per day. In one community, there were applications made in respect of 15 homes that purportedly had been destroyed by bushfires, but when physically checked remained unaffected. Go figure!

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