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Cybersecurity: Stolen $1.4 Million Not Covered Under Fraud Policy The US District Court for the Eastern District of Pennsylvania recently determined that a $1.4 million wire transfer fraud was not covered under Ryeco, LLC, a fruit distributor s, commercial crime policy. Ryeco, LLC v. Selective Ins. Co., No. 2:20-cv-03182 (E.D. Pa. May 13, 2021). A hacker in South Africa had gained access to Ryeco s network, fraudulently applied the company s vice president s signature to wire transfer forms, and emailed these forms to Ryeco s bank, causing the funds to be transferred into a sham account. Ryeco discovered the fraud, performed a forensic investigation, and obtained a coverage denial from Selective Insurance Company.

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