FCPA Compliance Report-Episode 408, Brad Davis on Social Engineering for Data Protection
At this point, your IT department has almost certainly warned you to approach your e-mail inbox with skepticism--for good reason. Cybercriminals regularly and effectively impersonate our legitimate contacts for illegitimate...more
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
In the hyper-connected era of smart manufacturing, accelerated by “Industry 4.0,” the manufacturing sector is undergoing a digital revolution. By leveraging technologies such as advanced automation, artificial intelligence,...more
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
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
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
Attorneys are well aware of the ways in which corporate clients are increasingly conducting their business and affairs electronically. A business may routinely place orders with trusted vendors via e-mail, rely on the...more
Media outlets recently reported that Barbara Corcoran, one of the judges on the popular ABC show "Shark Tank," was the victim of a "spear phishing" scam....more
The Sixth Circuit recently entered a ruling in American Tooling Center, Inc. v. Travelers Casualty and Surety Co. of America, 2018 WL 3404708 (6th Cir. July 13, 2018), soundly rejecting a cyber carrier’s extremely narrow...more
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
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
Increasingly, insureds faced with cyber fraud losses are going to the courts to interpret their policies. In The Brick Warehouse LP v. Chubb Insurance Company of Canada, 2017 ABQB 413 [The Brick Warehouse], and in Taylor &...more