Learn how to get the right cover for the latest deepfake scams and invoice fraud with an expert cyber insurance partner.
In a digital business world increasingly targeted by fraud and cyber crime, having the right insurance coverage is no longer a luxury – it’s a necessity. As cybercriminals adopt more advanced tactics, from AI-powered deepfakes to sophisticated social engineering scams, the risks facing businesses are evolving faster than ever.
For insurers, brokers, and organisations alike, this poses a serious challenge – but also an opportunity for innovative thinking. Costero Brokers is at the forefront of this evolving space, offering deep expertise and now a powerful new insurance solution: Crime Connect.
This article explores the current cyber risk landscape, the shortcomings of traditional insurance coverage, and how working with Costero can help organisations be better protected.
The growing cyber threat landscape: AI, deepfakes and digital deception
Cyber crime is no longer just about hacking into systems. Today’s fraudsters are leveraging artificial intelligence (AI) to carry out highly targeted, sophisticated attacks. Deepfake technology, voice cloning, and intelligent phishing scams are being used to impersonate executives, manipulate financial processes, and bypass traditional security protocols.
A particularly insidious tactic is ‘social engineering’ – a form of psychological manipulation where attackers trick employees into transferring money, revealing confidential information, or clicking on malicious links. According to INTERPOL, these scams often involve impersonation of a trusted source, making them extremely effective and hard to detect. Anyone who processes payments or works with sensitive data is potentially a target – making every organisation vulnerable.
The rise of AI-driven fraud is not theoretical; it’s already costing businesses millions.
A recent $25 million wake-up call on the dangers of cyber fraud
In one of the world’s most dramatic deepfake fraud cases to date, international engineering firm Arup reportedly lost around USD $25 million when scammers used deepfake video technology to impersonate senior executives during a virtual meeting. As reported by the Financial Times, staff were tricked into transferring funds to fraudulent accounts after attending what they believed was a legitimate video call with the company’s CFO and colleagues – who were, in reality, digitally cloned imposters.
This incident underscores the terrifying potential of AI-fuelled scams and the urgent need for more comprehensive protection. And this is not an isolated case. A recent report by cybersecurity firm At-Bay reveals that:
- Cyber-enabled fraud incidents have surged by around 20% in the past year, with the average cost of a ransomware attack now approaching $470,000.
- Some businesses surveyed have faced individual cyber fraud losses exceeding $5 million, while mid-sized firms commonly report losses in the $500,000–$4 million range.
- Over 80% of financial fraud cases begin with a malicious email or other social engineering tactic, often exploiting trust to authorise fraudulent fund transfers.
Despite the increasing scale and seriousness of online crime, most cyber insurance policies still cap financial fraud cover around just USD $250,000 – a fraction of the actual exposure many companies face today.
How cyber insurance is evolving to meet the growing challenge
Cyber insurance policies have traditionally focused on data breaches, ransomware, and system downtime. But today, financially motivated frauds like business email compromise (BEC), fund transfer fraud, and social engineering are among the most frequently triggered claims. Unfortunately, many existing policies still treat these risks as add-ons with low sublimits.
This gap leaves risk managers in a tough spot. You may have a cyber policy in place, but when the worst happens, the coverage may fall far short of what’s needed. That’s why there’s a growing demand for specialist cyber crime insurance products designed specifically to address these new and complex risks.
Working with a specialist in cyber insurance for the latest risks
As a Lloyd’s broker with deep experience in cyber risk, Costero Brokers is uniquely positioned to help you build a cyber protection programme that fits your evolving needs. We collaborate directly with Lloyd’s of London syndicates and international reinsurers to design fit-for-purpose, competitively priced solutions tailored to specific risk profiles.
Whether you’re an insurer seeking specialist solutions, a broker looking for better coverage for your clients, or a business leader seeking direct protection, Costero can provide the expertise and access to capacity that make the difference between partial recovery and full resilience.
Introducing ‘Crime Connect’ – the smarter way to protect against e-crime
To help bridge the protection gap, Costero has launched Crime Connect – our proprietary cyber crime insurance product, developed in partnership with Lloyd’s of London syndicates. Key Features of Costero Crime Connect include:
- Up to $/£/€10 million in limits.
- Available as standalone cover or excess of sublimits on existing cyber policies.
Our solution covers the most commonly exploited vulnerabilities, including:
- Social engineering
- Invoice manipulation
- Fund transfer fraud
- Impersonation of executives / customers / suppliers
Most cyber policies sublimit these coverages to $/£250k or less. Crime Connect offers the extra capacity businesses need, especially in high-risk sectors like insurance, real estate, construction, and manufacturing.
Flexible purchase options include:
- Excess coverage over existing cyber sublimits.
- Standalone e-crime coverage.
- Standalone e-crime coverage combined with traditional crime insurance.
This is not just an add-on. It’s a purpose-built solution to today’s fastest-growing threats.
Providing the cyber protection that organisations need today
The conclusion is clear: cyber criminals are evolving, and your protection strategies must evolve with them. A basic cyber policy is no longer enough. You need expert insight, specialised coverage, and the ability to respond rapidly to emerging threats.
At Costero, we’re proud to offer that expertise through our bespoke cyber insurance coverage and our powerful new Crime Connect solution. We’ll work with you to understand your exposures, review your current insurance arrangements, and help you access best-in-class coverage from Lloyd’s and global markets.
Learn more about the latest in cyber fraud insurance
Whether you’re an insurer, broker, or business decision-maker, now is the time to evaluate new options in cyber crime cover. Contact Costero’s Cyber, Media and Technology insurance team today to discuss how our expert brokers can help protect organisations from the fast-evolving risks of financial fraud and e-crime.
To find out more and discuss your goals, please get in touch with our expert Jonathan Olley at Costero Brokers.
