Indirect damages, such as those incurred by fraudulent manipulation of digital ledger technology, such as blockchain, by an external individual, may not be covered by commercial computer crime policies for erroneously approved fraudulent payments. In this situation, the subsequent payments might be excluded if the policy in question contains an “indirect or consequential damages” exclusion, which excludes losses that are proximately but not directly caused by a covered event. The Commission has also proposed to amend the definition of “financial institution” in section 1 of title II of this Act and sections 2 through 5 of subtitle A of Title III of Part I of Should a mistake occur in DLT setup, professional services policies may not cover any loss, and claims stemming from regulatory investigation or action will not be covered by typical director and officers policies.
Indirect damages, such as those incurred by fraudulent manipulation of digital ledger technology, such as blockchain, by an external individual, may not be covered by commercial computer crime policies for erroneously approved fraudulent payments. The Commission has also proposed to amend the definition of “financial institution” in section 1 of title II of this Act and sections 2 through 5 of subtitle A of Title III of Part I of Should a mistake occur in DLT setup, professional services policies may not cover any loss, and claims stemming from regulatory investigation or action will not be covered by typical director and officers policies.