Typically, comprehensive cyber insurance policies, rather than commercial crime policies, respond to claims of data breach and other cybercrimes. With the rise in hacking and ransomware attacks worldwide, businesses that may...more
The Indiana Supreme Court, applying Indiana law, has held that an insured may be entitled to coverage for a ransom payment under a commercial crime policy if the circumstances of the attack “fraudulently caused” the insured...more
A federal district court in Dallas, Texas has held that an insured's commercial crime policies were not triggered by a $6 million phishing loss where the insured did not "hold" the stolen funds. The case is RealPage Inc. v....more
A couple months into the widespread shift to remote work for many employees on a temporary basis, an increasing number of companies are considering or already implementing a permanent shift to remote work for most or all of...more
The story is becoming all too common. A merchant (or consumer) is convinced to wire money to a fraudulent account because of an incorrect belief that they are wiring the money to the real party....more
With unprecedented activity online, cybercrime is growing in frequency, sophistication and aggregate effect. Despite the increased visibility of cybercrime, cybersecurity continues to lag behind this curve. Cybercriminals...more
Companies of all sizes have fallen victim to attacks whereby fraudsters will use deceptive communications, such as spoofed emails, to trick an employee into transferring money into the fraudsters’ control. While these...more
While cryptocurrencies and digital tokens — also known as “digital assets” — have disrupted traditional notions of commerce, capital and investing, there is another asset which any company engaged in this space will need:...more
In this month's edition of our Privacy & Cybersecurity Update, we examine modifications to New York state's proposed cybersecurity regulations for financial institutions, a 5th Circuit ruling that a phishing scam is not...more
In the fast-developing world of cyber threats and corresponding cyber coverage, at least two insurance carriers are pushing back against covering losses arising out the transfer of funds to cyber fraudsters after employees...more