Trading on New Zealand’s stock exchange was disrupted last week, following four straight days of repeated cyberattacks that resulted in outages affecting debt, equities, and derivatives markets. The DDoS attack, which is said to have originated offshore, is allegedly part of a global extortion scheme that has also targeted companies like PayPal and Venmo. With this type of cyberattack becoming only more common and sophisticated, it is vital for policyholders to focus on the host of available insurance coverage options to protect against and maximize their insurance recovery following losses from a cyberattack.
Continue Reading Continuous 4-Day Cyberattack on the New Zealand Exchange Highlights Importance of Insurance Coverage for Cyberattacks and of Having a Sound Strategy to Maximize Recovery
Crime Insurance Policy
Insurer on the Hook for Loss Resulting From Phishing Scheme
On December 9th, the Eleventh Circuit held that a loss of over $1.7 million to scammers was covered under a commercial crime insurance policy’s fraudulent instruction provision.
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Continue Reading Insurer on the Hook for Loss Resulting From Phishing Scheme