A victim of a Cyber Theft lost $327,000 and is proceeding with a lawsuit against their bank. See Krebs on Security (here) for information on the breach, the mechanics the thieves used and the legal arguments that might be used in the suit. Also see here and here for additional information.
It will be interesting to see the outcome, but in prior actions victims have not been successful when the cyber thieves gained access to the bank accounts using the victims stolen login credentials. This situation may be complicated by the bank’s actions.
Insurance can be an effective protection against Cyber theft, including both traditional crime policies (with the proper coverage extensions) and some Cyber Risk insurance policies. (See prior posts here and here)
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber). We excel at hard to place and unique accounts, including Cyber Risk coverage.