One more Cyber crime reported and came in lime light on non registration of offence by Cyber Crime cell cops. This time victim is KEC International, engineering and Construction Company majorly owned by RPG Group.
About Incident:
Delhi based women, Parminder Kumari, who lives at Tilaknagar in Delhi is alleged to have siphoned off Rs 38.37 lakh from KEC International’s corporate current account. As per news, KEC has arrangement with the bank to transfer money from KEC’s account only after receiving a letter signed by the accounts manager and the head of accounts. Since neither of them had sent any letter, it is alleged that money is siphoned off by hacking the employee’s email account.
Nature of Loss Suffered by KEC International – Financial loss of Rs 38.37 lakh.
Coverage under Insurance Policy – Commercial Crime Insurance Policy is covers the financial loss of Rs 38.37 lakh under Computer and Fund transfer fraud/IT Criminal Act section of Commercial Crime Insurance policy.
Commercial Crime Insurance is a modern age policy which pays losses suffered by Insured from various crimes, such as fraud, theft, embezzlement, forgery, computer and Fund transfer fraud / IT Criminal Act etc committed by employee, employee in collusion with third party or third party.
Whether you are small or large, listed or non-listed, pvt ltd or ltd organization, all are exposed to cyber crime and the exposure is increasing with the increase in use of technology. Cyber Crime is causing huge financial loss to organizations. Such financial loss may be insured under Commercial Crime Insurance Policy tailored by Beacon.
Regards,
Beacon Insurance Brokers Pvt Ltd