In Medidata Solutions, Inc. v. Federal Insurance Company, 268 F. Supp. 3d 471 (S. D. N. Y. 2017), aff’d, 729 Fed. Appx. 117 (2nd Circuit 2018), the Court found that there was insurance.
Cyber Security And Privacy Insurance Claims - This is the fifth installment of our series of articles reviewing some of the key trends and developments currently.
Business email compromise threats trick unsuspecting targets into sending money to the perpetrators, often through use of fraudulent wire or ACH transfer instructions. Entities should.
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The Fifth Circuit has affirmed a district court ruling that a crime policy’s Computer Transfer Fraud coverage did not apply to losses incurred in connection with an email phishing scam. See
. As we discussed in a prior alert, employees of the insured silicon manufacturing company were tricked by fraudsters posing as a vendor into transferring over $1 million to the fraudster’s bank account.
The policy’s Computer Transfer Fraud provision applied to loss resulting directly from Computer Transfer Fraud that causes the transfer, payment, or delivery of Covered Property from Premises or Transfer Account to a person, place, or account beyond the Insured Entity’s control, without the Insured Entity’s knowledge or consent.