Over the last several years several companies, including Marriott, Yahoo and Volkswagen, have been victimized by hackers breaking into a company’s computer network. In some cases, they have put confidential information on the...more
7/19/2023
/ Audits ,
Commercial General Liability Policies ,
Confidential Information ,
Contract Terms ,
Cyber Attacks ,
Cyber Crimes ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Hackers ,
Ransomware ,
Risk Mitigation ,
Service Contracts ,
Third-Party Service Provider ,
Vendors
A genuine looking email is sent to a company’s accounts payable department with instructions from its president to pay money to a certain account. The “To” and “From” headers and the signature block look identical to hundreds...more
Where companies are victimized by ransomware or email scams, their losses arise from payments made by an officer or employee of the company.
In the case of ransomware, a company’s files are held hostage pending payment...more
4/5/2023
/ Business Losses ,
Computer Fraud Insurance ,
Cyber Attacks ,
Denial of Insurance Coverage ,
Fraud ,
Hackers ,
Insurance Claims ,
Insurance Litigation ,
Phishing Scams ,
Policy Exclusions ,
Ransomware ,
Reimbursements ,
Scams
Losses arising from email scams are usually covered, if at all, under a company’s crime policy. But a recent decision from The District Court in Minnesota suggests that recourse may also be found under an insured’s cyber or...more
1/27/2023
/ Business Interruption ,
But For Causation ,
Commercial Insurance Policies ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Denial of Insurance Coverage ,
Email ,
Phishing Scams ,
Policy Terms ,
Popular ,
Scams
Your CFO or accounts payable clerk receives a legitimate-looking email supposedly from the company’s president authorizing a wire transfer to a vendor or business partner. In reliance on that email, the company’s bank is...more