News & Analysis as of

Cyber Crimes

FBI's Fraud Complaints Indicate Most Damaging Cyber Schemes

by GB&A Insurance on

A look at the FBI’s Internet Complaint Center indicates Business Email Compromise (also known as CEO Fraud and Social Engineering Fraud) topped the list of fraud complaints by a huge margin....more

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

by 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

Avoiding Management Struggles When it Comes to Data Breaches: Part 4

by Bryan Cave on

The best way for a company to handle a data breach is to be prepared. As we discuss in our data breach readiness handbook, preparation includes, among other things, drafting an incident response plan, reviewing...more

A real estate broker’s guide to avoid being a victim of cyber fraud

by Shutts & Bowen LLP on

The headline’s become all too familiar: “Cyber thief hacks real estate broker’s email, steals retired couple’s nest egg,” or something similar. The past few years have seen a dramatic increase in such incidents, with the FBI...more

Follow the Money and Beware the Extra “L”: First Department Sustains Claims against Fund Administrator After Hackers Grab Millions

A legal feud is underway between the world’s biggest hedge fund administrator and a former client over an email scam that resulted in hackers stealing millions in client funds. And not surprisingly, the time-honored...more

Court Holds Crime Policy Covers Business Compromise Email Loss

The “business compromise email” is what the FBI calls the “$5 billion scam,” but apparently an insurance company did not agree with an insured company that they had been the victim of a crime....more

At the Intersection of Cybersecurity and White Collar

by Blank Rome LLP on

The global "ransomware" cyberattack in early May 2017 resulted in tens of thousands of computer systems being taken hostage by hackers and, in the instances involving hospitals, put lives at risk. Companies that suffered...more

Privacy Tip #97 – Send Your Kid to Cyber Camp This Summer

I have lamented repeatedly that we have a dearth of cyber talent in the U.S. to meet the needs of employers. Many of our clients recruit talent from other countries in order to meet their cyber needs. The need continues to...more

Ashley Madison Settles Data Breach Case for $11.2M

Ashley Madison, which suffered a data breach in 2015 involving the loss of 37 million users’ personal and financial information, has settled the suit for $11.2 million....more

What To Look For In Strong Computer Fraud & Social Engineering Insurance

by GB&A Insurance on

Cyber security has been the talk of the town for quite a while now. Organizations today flooded with statistics and mentions of the importance of proper security measures and cyber liability programs. Some companies...more

Buyout Firms Must Take Action to Respond to Global Cyber Threats

by Latham & Watkins LLP on

Cybercrime has become a critical issue for buyout firms as hackers are increasingly targeting sensitive business data to profit from insider knowledge. According to a Private Funds Management survey of 91 PE houses, 54% of PE...more

Cyber Threats Equal Serious Threats

by Burr & Forman on

Every where you look these days, there seems to be another report of a cyber attack--attacks which do not discriminate based on industry type, size of business, or impact. In other words, everyone is vulnerable. In fact, the...more

Three Million Wrestling Fans’ Data Compromised

World Wrestling Entertainment, Inc. (WWE) has announced that it is investigating a “vulnerability of [a] database” containing over three million users’ names, addresses, email addresses, dates of birth, educational...more

House Spending Bill for Homeland Security Heavy on Border Wall, Enforcement, and Deportation

On Tuesday, July 11, the House Appropriations Committee released a spending bill for the Department of Homeland Security (DHS). It features increases in spending to both the Customs and Border Patrol (CBP) and Immigration and...more

Ransomware is taking the world by storm; does insurance respond?

On June 27, 2017, the world had its second major ransomware attack in two months, and experts are predicting more to come. The first, named WannaCry, began May 12, and quickly spread to over 400,000 machines, the vast...more

Senate Passes Russia and Iran Sanctions Legislation

by Bass, Berry & Sims PLC on

On June 19, 2017, the U.S. Senate overwhelmingly passed a bill mandating sanctions against Russia and Iran and a 30-day congressional review period should the president attempt to reduce those sanctions....more

Data Breach Disruptions: The Cost of Cybercrime in Canada

News about malicious cyber-attacks have been flooding media outlets in recent weeks as high-profile viruses (including WannaCry and Petya) continue to hit leading global and Canadian companies. What’s the cost here at home?...more

Authorities Investigating Cyber Intrusion of Numerous U.S. Nuclear Power Plants

It’s scary to think about, but anything that is online is hackable. Including critical infrastructure like nuclear power plants. It has been reported that U.S. authorities are investigating a cyber intrusion that has hit...more

Alabama Man Sentenced to Prison for Elaborate “Phishing” Scheme

by Balch & Bingham LLP on

An Alabama man has been sentenced to spend six months in prison for illegally accessing the personal information of over fifty women. For over two years, Kevin Maldonado engaged in a hacking technique called “phishing,”...more

Increasingly Sophisticated And Damaging “NotPetya” Cyber Attack Highlights Importance Of Timely Update

by King & Spalding on

Last Tuesday morning, June 27, 2017, a version of the “Petya” malware attack—dubbed “NotPetya”—hit several multinational companies in a variety of industries. This is the second major cyber attack in just two months following...more

Southern Oregon University Victim of Phishing Scheme

Last month, Southern Oregon University (SOU) announced that it was the victim of a $1.9 million phishing scheme. SOU received an email purportedly from their contractor, Anderson Construction, requesting the April payment for...more

Stolen Tax Returns? Virginia Seeks a Solution.

Did someone steal your tax return? You are not alone. Indeed, the rise in tax-related identity theft has been well documented. In 2015, the FTC reported a 50% increase in identity theft complaints. A primary cause for...more

OCR Issues Reminder on Security Incidents

Following the frequent and varied ransomware attacks on health care entities over the past few years, the Office for Civil Rights (OCR) published guidance last summer to the health care industry reminding it that a ransomware...more

Phishing Lures: What To Do If You’ve Taken The Bait - U.S. Version

by Dickinson Wright on

Sometimes, it’s easy to know you’re being phished. There’s little chance that a bank administrator in a country you’ve never heard of really needs your help to get the unclaimed money of a deceased, rich foreigner out of the...more

Petya Ransomware Attack Has No Kill Switch

On the heels of the WannaCry ransomware attack last month, a new ransomware variant, Petya, hit organizations around the world on Tuesday and stopped them in their tracks—including a major law firm. This keeps us up at night...more

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Cybersecurity

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