Hospitality Business Recovers Lost Funds with Swift Fraud Response
At-Bay’s proactive approach ensured a thorough evaluation of the incident, restoring the insured’s financial loss and minimizing business disruption.
The Target
Industry: Accommodation and Food Services
Attack Type: Network Security Failure and Financial Fraud
The Attack
The insured’s email was compromised, allowing a threat actor to gain access to their network and identify outstanding vendor payments. The actor then created spoofed emails impersonating legitimate vendors, tricking the insured into transferring over $200K to fraudulent accounts.
Example of an At-Bay Claim Response Timeline
Team Contact & Assembly
- Upon realizing they had paid the fraudulent invoices, the insured promptly reported the financial fraud claim to At-Bay.
- Within hours, the At-Bay claims adjuster advised on next steps and scheduled a call to initiate the resolution process.
Guidance & Resolution
- At-Bay’s Claims team identified the fraudulent payments as a potential network security issue and recommended a forensic investigation.
- The investigation confirmed the network compromise and the access of sensitive data, affecting over 1,000 employees and clients. Notification was required, and At-Bay helped the insured navigate the regulatory requirements.
- At-Bay paid out the financial fraud claim within 30 days of the claim being reported, ensuring the insured could manage legitimate vendor payments.
The Result
< 30 Days
From incident to receive reimbursement for lost funds
$260K covered
Including forensics and financial fraud losses
Testimonial
“[At-Bay’s] professionalism, knowledge, expertise, and promptness have helped many of our clients navigate the claim process smoothly.” – Broker
At-Bay: Confidence to Thrive in the Digital World
At-Bay is the InsurSec provider for the digital age. By combining world-class technology with industry-leading insurance, At-Bay was designed from the ground up to empower businesses of every size to meet cyber risk head on. At-Bay Insurance Services, LLC provides insurance protection and security prevention solutions to close to 40,000 businesses in the US, safeguarding up to $800B in collective business revenue, and offers coverage by admitted and non-admitted insurers for Cyber, Technology Errors & Omissions (Tech E&O), and Miscellaneous Professional Liability (MPL). The At-Bay Group also includes an active full-stack insurance company and a cybersecurity company. At-Bay Security offers proprietary cybersecurity solutions including At-Bay Stance Managed Detection & Response (MDR).