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Pillsbury Winthrop Shaw Pittman LLP

NYDFS Imposes $2M Penalty for Violations of its Cybersecurity Regulation

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The New York State Department of Financial Services (NYDFS) announced on August 14, 2025, resolution of civil enforcement action requiring Healthplex, Inc., a licensed insurance agent and independent adjuster, to pay a $2...more

Paul Hastings LLP

You’ve Got Mail: NYDFS Enforcement Action Highlights Cybersecurity Risk of Over-Retention and Other Risks

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On Aug. 14, 2025, the New York Department of Financial Services (NYDFS) issued a Consent Decree announcing that Healthplex, Inc. (Healthplex) has agreed to pay a $2 million fine, as a result of an investigation into a 2021...more

Carlton Fields

Fifth Circuit Affirms Finding of No Coverage for Phished Funds Never “Held” by Insured

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As we previously reported, in February 2021, a Texas federal court ruled that RealPage Inc. was not entitled to insurance coverage for funds diverted in an email phishing scheme because RealPage did not “hold” the diverted...more

Carlton Fields

Texas Federal Court Finds No Coverage Under Crime Policy for Phishing Scheme Because Insured Did Not “Hold” Diverted Funds and...

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RealPage was the victim of a phishing scheme that resulted in the diversion of its client funds from the bank account of a third-party payment processer, Stripe Inc. In the ensuing insurance coverage litigation styled...more

Farella Braun + Martel LLP

Another Federal Circuit Finds Phishing Loss Covered Under Crime Policy

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Companies of all sizes have fallen victim to attacks whereby fraudsters will use deceptive communications, such as spoofed emails, to trick an employee into transferring money into the fraudsters’ control. While these...more

Blank Rome LLP

American Tooling and Medidata: The Latest Rulings on Coverage for Phishing Scams

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“Phishing” is a scheme in which criminals use spoofed e-mails, copycat websites, or other deceptive communications to trick unwitting companies or individuals into sharing valuable personal information or into wiring money to...more

Nossaman LLP

Two Court Rulings Show Coverage Difficulties for “Fake President” Fraud

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A few weeks back, the Insurance Recovery report posted a blog about the difficulty obtaining insurance coverage for “fake president” fraud, which is also known as business e-mail compromise, or social engineering fraud. Two...more

Orrick, Herrington & Sutcliffe LLP

Does Your Insurance Cover Phishing Attacks and Business Email Compromise? The Uncertainty Continues…

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The coverage landscape for “Business E-mail Compromise” (BEC) scams remains somewhat tenuous, as organizations and carriers continue to battle in court over the extent of coverage. Although recent positive,...more

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