Insurance
Apr. 3, 2024
A new twist on coverage for losses from ‘spoofed’ emails
A recent case in California highlights the potential for coverage under a Directors and Officers (D&O) policy for computer fraud committed by a third-party hacker.
The facts are frequently the same. A company that has retained the services of a vendor receives an authentic-looking email from the vendor’s CFO which advises that the vendor has changed its bank account or method of payment. Believing that the email is genuine, the company wires funds as directed by the vendor’s CFO. It then turns out that a hacker has impersonated the vendor’s CFO and the company’s payment has gone to an overseas account controlled by the vendor.
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