FCPA Compliance Report-Episode 408, Brad Davis on Social Engineering for Data Protection
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
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
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
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
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
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
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
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
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
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
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