A Texas manufacturing firm is suing its cyber insurance provider for refusing to cover a $480,000 loss following an email scam that impersonated the firms chief executive. The insurance firm maintains that the policy it held provided coverage for both computer fraud and funds transfer fraud, but that the insurer nevertheless denied a claim filed in May 2014. The insurer said it was denying the claim because the scam, known alternatively as business email compromise (BEC) and CEO fraud, did not involve forgery of a financial instrument as required by the policy.”]
Source: https://krebsonsecurity.com/2016/01/firm-sues-cyber-insurer-over-480k-loss/