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Insurance Industry › Social Engineering

Maynard Nexsen

Urgent Cybersecurity Briefing: Scattered Spider Attacks

Maynard Nexsen on

Several insurance companies have been targeted this month by cyberattacks, including AFLAC, Erie Insurance, and Philadelphia Insurance. The threat actor, Scattered Spider, is now focusing on the insurance industry. We want to...more

McCarter & English, LLP

Don’t Get Caught in Scattered Spider’s Web

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The cybercrime group known as Scattered Spider is at it again, according to Google’s Threat Intelligence Group. This criminal group is known to focus its cyber attacks on one sector at a time. Last spring, it was the retail...more

Bradley Arant Boult Cummings LLP

Does Your Cyber Insurance Cover Social Engineering Fraud?

Bradley Arant Boult Cummings LLP on

Most policyholders are aware of the danger of losses from fraudulent instructions and invoices accomplished through what is known as “social engineering” or related methods. Often this is carried out by an email claiming to...more

Lowenstein Sandler LLP

Call Me, Maybe? The Stealth Disappearance of Social Engineering and Fraudulent Instruction Coverage

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Today on Don’t Take No for an Answer, Lynda A. Bennett and Eric Jesse discuss the stealth disappearance of social engineering and fraudulent instruction coverage, and what you can do to make sure you have insurance coverage...more

Lowenstein Sandler LLP

Call Me, Maybe? The Stealth Disappearance of Social Engineering and Fraudulent Instruction Coverage

Lowenstein Sandler LLP on

Anyone who owns a cellphone or uses an email address has received a communication from a scammer seeking to extract confidential information or trick the recipient into sending money to foreign countries. These attempts come...more

White and Williams LLP

Minnesota Federal Court Rejects Insured’s Attempt to Cast Social Engineering Fraud As Computer Fraud Under Crime Policy

White and Williams LLP on

On August 12, 2022, the U.S. District Court for the District of Minnesota dismissed a policyholder’s complaint seeking a declaration that $600,000 in social engineering fraud loss fell within a crime policy’s computer fraud...more

Wiley Rein LLP

No Coverage for Loss in Consequence of Social Engineering Fraud

Wiley Rein LLP on

Applying North Carolina law, a federal district court has held that an E&O insurance policy does not provide coverage for loss arising from social engineering fraud despite the fact that the insured’s negligence also...more

Clark Hill PLC

“Cause(ation)” For Concern: Two Recent Troubling Social Engineering Cases

Clark Hill PLC on

The most significant coverage issue facing the fidelity industry today is the scope of causation. Whether a court applies a “direct means direct” or a tort-based proximate cause standard often is the deciding factor in...more

Blank Rome LLP

Is There a Glitch in Insurance Coverage for Social Engineering Scams?

Blank Rome LLP on

Social engineering scams seeking to deceive companies into making wire transfers to fraudulent bank accounts continue to plague companies. According to the FBI, social engineering fraud costs businesses billions of dollars...more

K&L Gates LLP

Recent Cases Hold that Policyholders Are Entitled to Insurance Coverage Under Various Types of Insurance Policies for Losses...

K&L Gates LLP on

In recent weeks, several courts across the country have ruled that policyholders are entitled to insurance coverage for losses incurred as a result of social engineering schemes and ransomware attacks. ...more

Carlton Fields

District Courts Buck Trend on Fidelity Coverage for Social Engineering and Business Email Compromise Schemes

Carlton Fields on

The FBI continues to warn that losses are on the rise from business email compromise (BEC) or “social engineering” schemes, which the Bureau describes as: Carried out by transnational criminal organizations that employ...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

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