Here is another twist on Phishing e-mails that are costing many firms thousands if not millions of dollars. According to law enforcement this is a common story involving business email compromise (BEC) or CEO fraud. While the boss is away the e-mail comes in marked “urgent”, “payment”, and “request”. The accountant, bookkeeper or CFO then sends monies per the e-mail instructions to parts unknown.
To read more about the CEO fraud and how this business lost £150,000 while the boss was in the Greek Islands click on this BBC Article.
As to providing insurance coverage for this scam, it is important that the firm has a properly endorsed Cyber Liability and/or Crime Policy to cover this exposure.