A law firm with a focus on real estate transactions and its cyber insurance provider have informed a federal court in North Carolina that they have resolved their disagreement over insurance coverage related to a phishing incident. The firm claims that the scam resulted in approximately $647,000 being unwittingly wired to a hacker’s bank account. Details of the settlement have not been disclosed publicly.
This settlement marks a significant resolution in the realm of cyber insurance disputes, which have been increasingly prevalent as businesses face rising cybersecurity threats. The case highlights the challenges law firms and their insurers face in determining liability and coverage in the aftermath of cyber incidents. Additional information on the settlement can be accessed through the original article on Law360.