What Will ‘G&G Oil’ Mean for New York Businesses Seeking Insurance for Ransomware Attacks?

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Ransomware - Close up of Your Files Are Encrypted on the Screen (Shutterstock) Shutterstock.

In an all too familiar scenario—a business email compromise scheme—a malicious actor poses as a top-level executive and directs an employee via email to wire money. The alleged purpose of the wire could be to pay a vendor or to consummate an important deal. Deceived by the imposter, the employee complies and wires the money as requested. Soon thereafter, the funds disappear, and the business is left bereft of funds and scrambling for solutions.

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