A Minnesota bank sued its insurer for coverage of costs associated with a fraudulent wire transfer. The State Bank of Bellingham sued its insurance provider, BancInsure, for $620,187, plus attorney’s fees. The bank’s computer was infected after one of the bank’s five employees neglected to remove two physical tokens from the PC used after conducting a legitimate wire transfer, court filings state. Insurance companies will increasingly include cyberattack coverage exclusions in their policies for banks, Gartner analyst says.”]
Source: https://www.inforisktoday.com/analysis-bank-sues-insurer-for-fraud-coverage-wins-a-9170