Britain’s Co-op Group said on Thursday that losses from shoplifting in its food retail business rose by over 14% to 80 million pounds ($105 million) in 2024, or more than half of its adjusted operating profit. The group, which trades …
One big national insurance cannabis firm sifted through some of its claims data to tell us that many thefts at cannabis operations are occurring overnight, but more interestingly, based on security footage and other available evidence, it appears criminals are …
Companies of all sizes have fallen victim to attacks whereby fraudsters will use deceptive communications, such as spoofed emails, to trick an employee into transferring money into the fraudsters’ control. While these increasingly prevalent schemes are an ever-present risk for …
In a closely-watched case on insurance coverage in an age of expanding cyber risk, a federal appeals court in New York has upheld a lower court ruling that a commercial crime insurance policy covers wire transfer losses resulting from a …
The $500 million heist of digital tokens from Japanese exchange Coincheck Inc. on Friday is remarkable for its sheer size, but thefts in the lightly regulated world of cryptocurrencies are woefully frequent. In less than a decade, hackers have stolen …
Major global insurers are starting to offer protection against cryptocurrency theft, willing to tackle daunting challenges it brings rather than miss out on this volatile and loosely regulated, but rapidly growing business. So far only a few insurers sell such …
To help businesses recover from the financial repercussions of corporate crime, XL Catlin’s Global Crime business has introduced a new commercial crime insurance policy in the US. According to Greg Bangs, chief underwriting officer of XL Catlin’s Global Crime insurance …
Berkshire Hathaway Specialty Insurance (BHSI) has introduced a crime protection policy along with a new executive impersonation coverage endorsement for large public and private companies in Canada. “Designed by BHSI executives with more than three decades in the fidelity and …
Beazley Plc hired Matt Barone from American International Group Inc., becoming the second insurer in a month to recruit from AIG to build groups that sell coverage protecting corporate clients against crimes. Barone joins the fidelity bond and crime team …
The Chubb Group of Insurance Companies has created a crime insurance endorsement to help protect companies from an increasingly prevalent type of fraud. Chubb’s Social Engineering Fraud Endorsement provides coverage for an organization’s losses when an employee is tricked into …
