A hacker impersonated a client of the Insured, using an identical email address. The hacker emailed the Insured advising that future payments should be made to a new bank account. When the Insured was due to pay the client, they paid $41,000 into the fraudulent account.
The Insured claimed against their Cyber policy which triggered the optional Social Engineering cover. Indemnity was granted for the direct financial loss suffered by the Insured.