Hiscox Insurance Co. lost its bid to dismiss a suit by a financial technology company seeking coverage for a 2024 data breach caused by its former CEO.
Balgo Technologies LLC sufficiently alleged losses potentially covered by its cyber insurance policy, Judge Anne C. Conway in the US District Court for the Middle District of Florida said in a Dec. 5 order.
According to Balgo’s complaint, its CEO exfiltrated and deleted company and client files after being terminated in February 2024. The data breach allegedly forced Balgo to shut down its business—an online platform enabling the use of AI tools to ...
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