A staff member receives a convincing phishing email impersonating a supplier and authorises a payment to a fraudulent account. Customers are impacted by delayed services and demand reimbursement for resulting losses.

Losses arising from phishing, social engineering or fraudulent payments may be covered under Crime or Cyber Insurance. Separate claims from customers for resulting losses may be covered under Professional Indemnity where the insured is legally liable.

An automated algorithm miscalculates fees and interest for a group of customers due to a coding error. Affected users claim they were overcharged and allege negligence and misleading information provided by the fintech business.

Claims arising from incorrect calculations, errors or misstatements in fintech services may be covered under Professional Indemnity where the insured is legally liable.

A software update causes a system outage that prevents customers from completing payments and accessing accounts for several hours. Several users allege financial loss and demand any settlement or compensation for failed or delayed transactions.

Claims alleging financial loss from system outages or software errors may be covered under Professional Indemnity where the insured is legally liable. Separate cover may apply under Cyber Insurance for the insured’s own interruption losses.

A fintech platform suffers a cyber attack after a system vulnerability is exploited. Customer financial details are accessed without authorisation, triggering mandatory notifications, customer complaints and a regulatory investigation into data handling practices.

Claims arising from unauthorised access to financial or personal data, privacy breaches and related regulatory investigations may be covered under Cyber & Privacy Liability.