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Business Email Compromise
Virtually all organizations have an obligation to safeguard their personal data against unauthorized access or use. Failure to comply with such obligations can lead to significant financial and reputational harm. In a...more
It’s not getting any easier. In fact, “for K-12 schools, cyber incidents are so prevalent that, on average, there is more than one incident per school day.” While high-profile cyber threats like ransomware and data...more
The Massachusetts State Police Commonwealth Fusion Center (CFC) believes that cyber actors may use the current bank failures for future phishing and business email compromise (BEC) attacks. Cyber actors often use current...more
We have written on previous occasions about the rise in frequency and severity of Business Email Compromise (BEC) cyberattacks. As explained in other posts, BEC attacks are a type of phishing scam typically targeting...more
On March 30, FinCEN released a Financial Trend Analysis examining threat patterns and trends identified in Bank Secrecy Act (BSA) data relating to business email compromise (BEC) in the real estate sector during 2020 and...more
Fight back against this major cyber threat. Business Email Compromise is one of the greatest cyber threats to businesses of all sizes and industries, particularly those involved in regular wire transfers of funds....more
It used to be that one of the sure ways to identify a phishing email was to notice grammatical errors or broken English in the text of the communication. Thanks to new translation tools like Google Translate, that are...more
Introduction - The cybersecurity threat landscape continues to evolve and present new challenges pertaining to the protection of electronically stored information. Innovative “hacking” tactics constantly emerge and...more
Please join Consumer Financial Services Partner Chris Willis and his colleagues and fellow Partners Mary Zinsner and Susan Flint as they discuss the current landscape of wire fraud scams in the financial services industry....more
As technology evolves, companies are finding ways to become more nimble and conduct business more efficiently — over remote networks, email on handheld devices, the cloud, and on cellphones. Yet, as technology advances, so...more
HR employees are, willingly or not, the guardians of the company’s most sensitive collection of data—its employee’s personal information. Cybercriminals often perceive the human resources department as the perfect gateway...more
Business email compromises (BECs) remain big business. According to a recent FBI report, “[i]n 2021, BEC schemes resulted in 19,954 complaints with an adjusted loss of nearly $2.4 billion.” This is an increase from just over...more
In June 2014, the CEO of Omaha-based Scoular Company sent a series of emails to his company’s controller to let him know that the company was in negotiations to buy a Chinese company. The emails highlighted the sensitivity of...more
Please join us for a discussion and Q&A regarding the growing threat of business email compromises (a.k.a. man-in-the-middle attacks). Attorneys Chris Hart and Yoni Bard, litigators with experience in privacy matters and...more
One of the most common forms of data or security breaches is the compromise of a business e-mail account that allows a threat actor to obtain financial or other sensitive information. Security professionals report that...more
Welcome to our last Decoded issue of 2021. With this last publication, we wanted to do something a little different. We looked at the top issues that affected the industry and our clients over the past year. And, we look...more
In This Issue. The U.S. Securities and Exchange Commission (SEC) published a sample comment letter on climate change disclosures; the Financial Industry Regulatory Authority (FINRA) is conducting a review of brokerage firm...more
By this point, most businesses that regularly send and receive funds electronically have heard about the risk of wire fraud scams in which an intruder changes wiring instructions and diverts funds to its own account,...more
Each year, the Internet Crime Complaint Center (“IC3”) of the Federal Bureau of Investigation publishes its Internet Crime Report. The IC3’s 2020 Internet Crime Report includes startling information about the continuing...more
Our Virtual Regional Compliance Conferences provide updates on the latest news in regulatory requirements, compliance enforcement, and strategies to develop effective compliance programs. Watch, listen, and ask questions from...more
In early March, the New York State Department of Financial Services (“NYDFS”) announced a consent order that required Maine-based mortgage servicer Residential Mortgage Services, Inc. (“Residential”) to pay a $1.5 million...more
Although this is no ordinary campaign, recent news shows how politicians have many of the same worries as typical businesses. On Thursday, October 29, 2020, the Wisconsin Republican Party reported that it had been victimized...more
As a result of the COVID-19 pandemic, millions of Americans have deserted the physical workplace. Modern technology and remote access capabilities have made it possible to transform almost any job to a telework position. As...more
Business Email Compromise (BEC) scams have become increasingly commonplace and financially destructive. According to the Federal Bureau of Investigation (FBI), 2019 was the worst year on record for BEC scams — both in terms...more
The Financial Crimes Enforcement Network (“FinCEN”) just issued yet another Advisory regarding fraud threats faced by financial institutions, as exacerbated by the COVID-19 pandemic. This Advisory pertains to “Cybercrime and...more