Commercial crime involves either a staff member or third party fraudulently accessing and misappropriating an organisation’s money, securities or property.
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Commercial crime can affect any business, regardless of size, industry or location. Criminals and fraudsters are becoming more inventive; using malware, hacking and social engineering to commit these crimes, which means that even the most vigilant of organisations can fall victim.
Social engineering and particularly mandate fraud is a very prominent form of commercial crime at present and without adequate protection a business could lose that appropriated money for good.
In addition to the costs incurred from the initial crime (such as lost money and goods), commercial crime can result in unforeseen expenses arising from contractual penalties, investigative costs, reputational damage and so forth.
A commercial crime policy can provide protection against:
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Commercial crime is estimated to cost UK businesses £73 billion each year.