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Short answer: sometimes, but a fraudulent payment instruction is not automatically covered by a cyber policy. Wording may distinguish a network security incident from social engineering or funds-transfer fraud, and may require specific verification steps before payment.
Why the wording matters
A criminal may impersonate a supplier and request a bank-detail change through email or a compromised mailbox. Policies differ in how they define computer fraud, funds transfer fraud, invoice manipulation and social engineering. Check whether the loss is insured, whether a sub-limit applies and what evidence the insurer requires. Some policies require prompt notification and cooperation with the bank or law enforcement.
Controls to review
- Verify bank changes using a known phone number, not details in the change request.
- Require a second approver for new payees or material amendments.
- Train staff to report unusual urgency, altered domains and unexpected attachments.
- Keep payment logs and preserve original messages if an incident occurs.
Insure24’s cyber insurance information can help frame an enquiry. Contact the broker to discuss business systems and controls. Insure24 is not the insurer; terms, limits and claim decisions depend on the policy wording and facts.
General information only. Follow your incident response plan and notify relevant providers promptly.
Common questions
Does this article replace insurance advice?
No. It is general guidance only. The right policy still depends on the business activity, contracts, locations, turnover, staff, assets, claims history and insurer wording.
What information should I prepare before asking for quotes?
Prepare turnover, wage roll, activities, locations, contract requirements, claims history, asset values, existing policy details and any deadlines for evidence of cover.
Where should I go next?
Use the main Cyber Insurance page if you are ready to compare quote-led cover options or talk through the risk with Insure24.