Today’s news is full of stories of cyber crime and the resulting damage to small and large businesses. There has been a particular increase in cyber criminals targeting those in the title industry, particularly those that receive and transfer funds electronically. Cyber criminals will research and find vulnerable businesses, first monitoring email conversations and then hacking the email of one of the parties to the transaction, inserting themselves into the conversation, and providing their own wiring instructions. The funds most often disappear with the criminals, leaving the businesses responsible for the missing money.
The TIAC policy offers Client Funds Protection Coverage to qualifying firms. This coverage provides a $100,000 sub-limit of liability for the loss of customer funds due to these types of cyber-crimes. It provides a layer of protection, which can mitigate a firm’s exposure in the event of a loss.
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This information is provided for the purpose of illustration. The coverage provided is that set forth in the terms, conditions, and limitations of the policy of insurance.