A company that transferred $1.3 million from a client’s payment fund in response to emailed requests from a hacker has lost its bid for insurance to cover the loss. Pennsylvania-based Construction Financial Administration Services (CFAS) argued that the money error …
For the second time in about a week, a federal appeals court has sided with a commercial policyholder where the insurer denied coverage under a computer fraud provision of a crime insurance policy for a money transfer involving fraudulent emails. …
In a closely-watched case on insurance coverage in an age of expanding cyber risk, a federal appeals court in New York has upheld a lower court ruling that a commercial crime insurance policy covers wire transfer losses resulting from a …
