Ransomware
A large architecture firm received an email appearing to be from an MEP consultant requesting updated ACH information. The email chain was real – an attacker had infiltrated the consultant’s Office365 account.
The impact
- $265,000 transferred to a fraudulent overseas account
- Vendor relationships strained
Takeaway
A&E firms frequently pay consultants, making them prime targets for funds-transfer fraud.
The claims scenario is strictly documented for illustrative purposes only and provides an example of what a policy could cover. It is intended to provide a general overview of the program described. Please remember only the insurance policy can give actual terms, coverage, amounts, conditions and exclusions. Program availability and coverage are subject to individual underwriting criteria.