Cyber insurance rejects claim after BitPay lost $1.8 million in phishing attack

Bitcoin payment processor BitPay was in for a rude awakening when an unknown hacker pulled off a social engineering attack. The insurance company denied the claim due to the wording in the contract. BitPay then sued the insurance company, which supposedly covered BitPay for a million dollars. The policy stated:We will pay for loss of or damage to loss of. loss of money, securities and other property resulting from the use of any computer to fraudulently cause a transfer of that property from inside the premises or banking premises”]

Source: https://www.csoonline.com/article/2984989/cyber-insurance-rejects-claim-after-bitpay-lost-1-8-million-in-phishing-attack.html