11th Circ. Insurance Ruling Views Cybercrime Realistically

Law360 (January 24, 2020, 4:49 PM EST) -- Business email compromise, or BEC, scams, wherein attackers target companies’ financial employees and trick them into transferring funds to criminals, is one of the most costly forms of cybercrime. The crime can be highly sophisticated, employing the skills of lawyers, linguists, hackers and social engineers. According to the FBI, BEC scams accounted for over $1.2 billion in losses in 2018 alone.

Cybercriminals’ success makes coverage for cyber-related loss critical for any business. For companies that hold commercial crime policies, the U.S. Court of Appeals for the Eleventh Circuit’s recent decision in Principle Solutions Group LLC v. Ironshore Indemnity Inc. should provide...

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