Cybercrime by wire fraud

Think your cyber liability insurance will protect loss of funds? Read the fine print.

By Stacy Collett

Perhaps the only thing worse than falling victim to a business email compromise or “CEO fraud” that results in millions of dollars in wire fraud theft – is wondering whether your insurance will cover any of the loss.

Take Ubiquiti Networks Inc., for instance. The networking firm disclosed in August that cyber thieves recently stole $46.7 million using a growing scam in which cyber criminals spoof emails from executives at their company in a bid to initiate unauthorized international wire transfers.

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