Companies that haven’t yet reviewed their cyber risk insurance might want to consider scheduling a look at what they’ve got sooner, rather than later—particularly since one cloud-based services firm had to take its insurer to court to get them to pay up.
Business Insurance reports that California-based Medidata Solutions Inc., which provides cloud-based services to scientists conducting research in clinical trials, lost $4.8 million after an employee in its accounts payable office fell for a spoofing e-mail that supposedly came from the company’s president instructing her to devote her full attention to the demands of “attorney” Michael Meyer.
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