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Social Engineering

Social Engineering

Definition

Social Engineering —

The art of manipulating people in an online environment, encouraging them to divulge—in good faith—sensitive, personal information, such as account numbers, passwords, or banking information. Social engineering can also take the form of the "engineer" requesting the wire transfer of monies to what the victim believes is a financial institution or person, with whom the victim has a business relationship, only to later learn that such monies have landed in the account of the "engineer."

Coverage for losses sustained by means of social engineering is available by endorsement under cyber and privacy insurance policies, although typically limited to $100,000. In addition, social engineering coverage (also known as fraudulent instruction coverage) only applies as excess coverage over limits available under any applicable commercial crime insurance policy.

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