If one of your employees gets duped into transferring money or securities in a phishing scam, don’t expect your cyber insurance policy to cover it. And even your crime policy won’t cover it unless you purchase a specific social engineering endorsement. Many companies have learned the hard way and tried to sue their insurance carriers, with little luck.
Aqua Star, a New York seafood importer, expected to be covered after a spoofed email from a supplier drove an employee to change the supplier’s bank account, causing Aqua Star to wire more than $700,000 to a hacker instead of the supplier.
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