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
The Fifth Circuit has affirmed a district court ruling that a crime policy’s Computer Transfer Fraud coverage did not apply to losses incurred in connection with an email phishing scam. See Mississippi Silicon Holdings LLC v....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. See, e.g.,...more
The Situation: Businesses are increasingly at risk of social engineering crimes, and often their commercial insurance policies do not provide the full protection that they expected. The Result: Three recent decisions...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
In this month's Privacy & Cybersecurity Update, we examine recent trends and court decisions, including a new law in Ohio that provides a safe harbor from tort-based data breach claims if the company adopts certain security...more
In this month's edition of our Privacy & Cybersecurity Update, we examine Brazil's new data protection regulation, the French data protection authority's warning to two companies of potential GDPR violations and the U.S....more
As the number and sophistication of social engineering attacks increases, victims are examining their insurance policies to see if they are covered. In The Brick Warehouse LP v. Chubb Insurance Company of Canada, 2017 ABQB...more
In this month's edition of our Privacy & Cybersecurity Update, we discuss the Article 29 Data Protection Working Party's critique of the Privacy Shield and the Sixth Circuit's decision to consider the issue of computer fraud...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