Cyber Crimes

News & Analysis as of

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

Also In the News - Data, Privacy, & Security Practice Report - June 2016

Average Cost Of Data Breaches Estimated At $4 Million Worldwide, $7 Million In The U.S. - A new study published by IBM and the Ponemon Institute sets the average total cost of a data breach at $4 million. The study,...more

World Energy Council warns utility industry of advanced malware

The World Energy Council recently warned the utility industry that one of the top threats to the energy sector is advanced malware attacks. The warning noted that the utility sector is vulnerable because of the size of the...more

Courts: We Hear No Suit Based on Cyber Crime Before its Time

Two recent decisions out of the U.S. District Court for the District of Maryland illustrate the difficulty that cyber breach victims can have in establishing standing to sue. In both cases, the court dismissed the cyber...more

It’s Insurance: The Financial Institution Bond

Formerly known as a bankers blanket bond, and sometimes referred to as a fidelity bond, the financial institution bond as it is commonly known, is simply an insurance policy. Though the term “insurance policy” does not...more

Data Breaches Response Costs Continue to Rise

SEC Chair Mary Jo White recently opined that cyber security is the biggest risk facing the United States financial system. Companies should take heed of that warning in light of the release of the 2016 Cost of Data Breach...more

DOJ Criminal Chief Continues Push For More Access To Encrypted Data

On June 6, 2016, during a speech at a Cybercrime Symposium co-organized by the Centers for Strategic and International Studies and the Department of Justice’s (“DOJ”) Computer Crime and Intellectual Property Section,...more

They Will Click: Cybersecurity and the Human Factor

Cybercrime cost the world economy about $445 billion in 2014 and the 2015 numbers will be even higher. The cost of data breaches will reach $2.1 trillion globally by 2019. Worldwide spending on information security is...more

KitNipBox Sues Meowbox for Allegedly Hacking Website and Stealing Trade Secrets

Cat product service provider KitNipBox sued rival Meowbox in federal court in Washington alleging that Meowbox hacked into KitNipBox’s website to steal its trade secrets and confidential information and to disrupt its...more

Chiropractic Clinic Hit with Malware

Complete Chiropractic & Bodywork Therapies, located in Ann Arbor, Michigan, recently notified 4,082 patients that its server, which contained the electronic medical record and billing information of patients, was infected...more

The New US Sanctions Against North Korea: Dr. Evil's Got Nothing on Kim Jong-un

Although poor, out-of-touch Dr. Evil of the Austin Powers series had to resort to the threat of using a giant laser beam to decimate various cities to try to obtain his one million billion dollars in ransom, Kim Jong-un1...more

Federal District Court Finds No Cyber Insurance Coverage For Costly Credit Card Fraud Assessments

In one of the first court decisions to analyze in depth the coverage provided by a cyber policy, a federal judge has found that PF Chang’s policy came up short. Following a 2014 data breach in which hackers accessed and...more

Burr Alert: Two Federal Courts of Appeal Find Insurance Coverage for Data Breaches

Cases with intersecting issues of data breach and insurance coverage continue to slowly wind their way through the court system. After a number of past losses dealt to insureds who sought insurance coverage under their...more

The War to Stay Secure: Online Privacy and the Battle in the Civil Courts against Sexual Cyberharassment

Privacy Is Fundamental, Right? Over one hundred years ago, Samuel Warren and Louis Brandeis recognized that individual rights were fundamental and “as old as the common law.” Samuel D. Warren & Louis D. Brandeis, The...more

Privacy Tip #37 – Beware of fake USB drives and phone chargers

USB drives and phone chargers are expensive. Hackers know that. One way hackers are gaining access to get into computers to steal data is by planting USB drives and phone chargers in public areas, hoping someone will pick it...more

Eighth Circuit Finds That Insurance Coverage Extends To Fraudulent Losses Caused By Computer Hacker

On May 20, 2016, the U.S. Court of Appeals for the Eighth Circuit affirmed breach-of-contract claims brought by Minnesota-based State Bank of Bellingham (“Bellingham Bank”) against BancInsure Inc. (“BancInsure”), an insurance...more

Beware of Emerging Cyber Scams – Part 1: Business Email Compromise

This is the first in a series of articles about increasingly sophisticated cyber scams, and follows several alerts issued by the FBI’s Internet Crime Complaint Center (IC3). These scams include: (1) Business Email...more

SWIFT CEO announces customer security programme

Following a series of thefts from international banks utilizing the Society for World Interbank Financial Telecommunication (SWIFT) communication system, the Chief Executive Officer of SWIFT announced a sweeping five part...more

Unforeseen Consequences of Hacking: When Someone Wants To Use Your Cybercrime Misfortune Against You In A Litigation

Companies that are hacked face a range of repercussions, such as notifying clients and customers that the privacy of their information has been compromised and implementing a new security system. In July 2015, it was highly...more

Milwaukee Bucks become latest victim to w-2 phishing scheme

We have been repeatedly warning our clients and readers about the massive and successful W-2 phishing schemes where hackers impersonate the CEO or CFO and send emails to payroll and/or HR folks in companies requesting W-2...more

In Case You Missed It: Launch Links - May 2016 #4

Some interesting links we found across the web this week: - Funding for Venture Capital-Backed Fintech Startups is Poised to Hit a Record in 2016 - Some perceive fintech to be defying gravity in a down market, and...more

Cyber Security Takes Centre Stage in UK Government’s Strategy

The UK Department for Culture, Media and Sport recently released a statement on cyber security, in which it urged businesses to take better care to protect against cyber criminals. This statement follows publication of its...more

Key Takeaways from SEC/DOJ Enforcement Panel

Last week, representatives of the U.S. Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice (“DOJ”) participated in Sandpiper Partners LLC’s Annual SEC/DOJ Enforcement 2016 Panel at the Metropolitan...more

Employment Law Reporter - May 2016

The Age of The Data Breach : The Top 5 Best Practices - What will you do? We live in The Information Age. Increasingly, business success depends on the ability to obtain, maintain and intelligently utilize increasing...more

UK Financial Regulatory Developments - May 2016 #11

The Law Society responds to ESMA’s EU MAR consultation - The Law Society has published the Law Society and City of London Law Society Company Law Committees Joint Market Abuse Working Party’s response to ESMA’s...more

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