The U.S. Second Circuit has upheld a decision of the U.S District Court for the Southern District of New York finding insurance coverage under a crime policy for Medidata Solutions Inc. for wire transfer losses resulting from a spoofing attack.
Anderson Kill P.C. filed an amicus brief in support of Medidata on behalf of United Policyholders, a nonprofit dedicated to educating policyholders and defending their access to coverage.
"Joshua Gold, Chair of the Cyber Insurance Recovery practice at Anderson Kill and amicus counsel to United Policyholders in the Medidata appeal stated: 'The Second Circuit’s rejection of arguments intended to undermine the very rationale for purchasing computer fraud insurance coverage is a most welcome result. This is a reminder that when money, securities or property are stolen by a cyber criminal, policyholders are well advised to consider insurance coverage under more than just dedicated specialty cyber policies and property policies. Crime insurance may be available to cover these types of cyber losses.'"
Read More: Second Circuit Upholds Crime Insurance Coverage for Medidata in Cyber Scam Loss