Con artists have been increasingly busy the past couple of years convincing employees of companies and financial institutions to transfer funds to accounts masquerading as those of legitimate vendors or business partners. Perpetrators impersonate company executives and vendors, using electronic communications and information obtained through social engineering to induce company employees to authorize requested payments. Such fund transfers can range from a few thousand dollars to many millions.

These events have sparked a debate in the insurance industry: Should crime policies and fidelity bonds cover the loss, or are these cyber events to which cyber policies should apply? In addition, when professional services firms are the target and client funds are involved, professional liability policies can also come into play....

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