Cyber Insurers Owe Millions for Attack, Transcription Firm Says

Cyber insurers improperly refused to cover the full cost of losses resulting from a 2023 cyberattack on a transcription services provider, according to a lawsuit filed by the company.

Despite the insurers accepting the claim, they refused to cover the total cost of the losses calculated by the plaintiff’s forensic accounting firm, instead relying on calculations by a separate firm to dispute those sums, Vitac Corp. and its parent company Verbit Inc. said in a lawsuit filed Thursday in the US District Court for the Southern District of New York.

Vitac in its complaint said the the policy it purchased ...