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Does Cyber Liability Insurance Cover Email Scam Losses?

In December of last year, we wrote about a growing spearfishing threat that continues to successfully entice company employees to wire transfer funds to illegitimate organizations.

 

Known as the Business Email Compromise or CEO fraud scam, the scam typically starts with a lower level employee receiving an email from a company executive—usually the CEO—asking that person to wire funds to an account in order to settle an outstanding balance on what looks like a legitimate invoice from another company. It’s an alarmingly successful tactic, which the FBI reports has impacted more than 17,500 companies in the last three years.

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