Reuters reported that “Grandpoint said the coverage includes losses from wire-transfer scams including business email compromise [BEC]. In business email compromise schemes, fraudsters pose as executives or vendors from a business, sending requests for money transfers to accounts controlled by criminals.”  Grandpoint operates in Southern California, Arizona and Southern Washington and Reuters reported that:

Grandpoint said the policy, which is underwritten by Hiscox Inc, a unit of Hiscox Ltd, costs $30 to $70 per month for up to $1 million in coverage.

Reuters also pointed out that:

The approach is similar to mobile phone carriers offering customers insurance for lost or stolen phones, which is also available directly through insurers.

Let’s watch to see if other banks now start offering Cyberinsurance.