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Cybersecurity › Wire Transfers

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +
Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now.   less -
Orrick, Herrington & Sutcliffe LLP

Managing Fraud Risk in Consumer Wires

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As anticipated, 2025 is already shaping up to be a busy year in consumer financial services, with a federal district court expanding the application of a strict consumer protection law to wire transfers. The potential for a...more

Orrick, Herrington & Sutcliffe LLP

Cyber Threats in Public Finance: Protecting Transactions from Wire Fraud

Orrick, Herrington & Sutcliffe LLP on

A recent cyberattack on a Michigan township has exposed weaknesses in the bond-closing process. In this incident, hackers stole over $25 million in bond proceeds by using spoofed email addresses to provide fraudulent wire...more

Paul Hastings LLP

New CPPA Regulations for Data Brokers and ADMT Rulemaking Package Advance

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On November 8, 2024, the California Privacy Protection Agency (CPPA) Board voted to adopt new regulations for data broker registration requirements. The CPPA Board also voted to advance proposed rules for insurance companies,...more

Paul Hastings LLP

Revised FTC Safeguards Rule Brings Breach Reporting Obligations to Non-Banking Financial Institutions in May 2024

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Federal jurisdiction under the Gramm Leach Bliley Act (“GLBA”) is a patchwork, particularly for banks –the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency all...more

Bradley Arant Boult Cummings LLP

Cybersecurity in the U.S. Construction Industry: Navigating Challenges and Strategies for a Secure Future – Part 1

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The construction industry’s rapid digital transformation has opened the door to new cybersecurity challenges. As the sector adopts innovative technologies like cyber-physical systems, Building Information Modeling (BIM), and...more

Spilman Thomas & Battle, PLLC

Cyberattacks and Construction – A Hard Hit Industry

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When you hear the word cyberattack you think of attacks on banks, large box stores, or medical facilities. You should add the construction industry to that list because it is the third most common target for cyberattacks....more

Warner Norcross + Judd

[Webinar] Wire Transfer Fraud: Preventing and Mitigating this Rising Threat - December 6th, 12:00 pm - 1:00 pm ET

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Join Warner Norcross + Judd LLP attorneys Madelaine Lane, Kelly Hollingsworth and Nate Steed for a webinar focused on preventing and mitigating wire transfer fraud. Cyber criminals are utilizing phishing emails and other...more

Carlton Fields

No Coverage Under Cybercrime Endorsement for Florida Fraudulent Wire Transfer

Carlton Fields on

In Star Title Partners of Palm Harbor LLC v. Illinois Union Insurance Co., the Eleventh Circuit Court of Appeals affirmed judgment for the insurer and held that coverage did not exist under the plain language of a...more

Wiley Rein LLP

Court Holds Social Engineering Fraud Does Not Trigger Computer Fraud Coverage

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The United States District Court for the District of Minnesota, applying Minnesota law, has held that an insured’s loss resulting from the insured’s payment of fraudulent invoices received from a bad actor who hacked into the...more

Troutman Pepper Locke

WTF?! – Wire Transfer Fraud Coverage Disputes Continue

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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

Troutman Pepper Locke

WTF?! – Recurring Issues in Wire Transfer Fraud Coverage Disputes

Troutman Pepper Locke on

Business email compromise threats trick unsuspecting targets into sending money to the perpetrators, often through use of fraudulent wire or ACH transfer instructions. Entities should take steps to protect themselves from...more

Goodwin

Gone Phishing? Wire Fraud Scams Continue Unabated Throughout 2021 So Far

Goodwin on

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

Hinshaw & Culbertson - Insights for Insurers

Fifth Circuit Affirms No Computer Transfer Fraud Coverage for Phishing Scam

Hinshaw & Culbertson - Insights for Insurers on

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

Neal, Gerber & Eisenberg LLP

High Profile "Shark" Gets Phished, Demonstrates Continued Need for "Social Engineering" Insurance

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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

White and Williams LLP

Phishing Scam Does Not Implicate Forgery Coverage, Court Requests Further Briefing for Computer Fraud Coverage

White and Williams LLP on

This week, in Crown Bank JJR Holding Company v. Great American Insurance Company, 2020 U.S. Dist. LEXIS 23136 (D.N.J. Feb. 11, 2020), the New Jersey federal court held that loss from mis-wiring bank funds as a result of a...more

A&O Shearman

European Commission Publishes Report on Implementation of Wire Transfer Regulation

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The European Commission has published a report detailing: (i) the extent to which Member States have implemented the sanctions and monitoring sections of the EU Wire Transfer Regulation; and (ii) the particular sanctioning...more

Foley Hoag LLP - Security, Privacy and the...

Minimizing Risk and Liability from Man in the Middle Attacks (or, How to Keep Your Company’s Wire Transfers from Going Awry)

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Imagine this scenario: you’ve had a productive and mutually advantageous ongoing contractual relationship of several years with another party. You have built up quite a bit of trust over the years, and communicate regularly...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2019 #4

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In its C-Suite Challenge 2019, The Conference Board surveyed more than 800 CEOs and some 600 other C-Suite executives around the globe, drawing primarily from the U.S., Asia, and Europe. ...more

Robinson+Cole Data Privacy + Security Insider

CFOs Beware: You are Being Targeted by Nigerian Hackers

Robinson+Cole Data Privacy + Security Insider on

A report released by cybersecurity firm Agari has come to a conclusion that we have experienced all year—that a hacking group in Nigeria, dubbed “London Blue,” is targeting CFOs and Controllers in small businesses to...more

Mitchell, Williams, Selig, Gates & Woodyard,...

The Rise of Wire Fraud: Cybercrimes Targeting Money Wired in Real Estate Transactions Increasing

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No one can argue that technology has worked wonders in the area of real estate transactions, making these transactions faster, smoother and more accessible. However, thanks to technology these transactions are now exposed to...more

Gray Reed

Who Loses When Hacked Emailed Send Wire Transfers to the Wrong Account?

Gray Reed on

Excited about closing on his new house, Furst Thyme Byer received emailed wire transfer instructions for his full $250,000 payment from his broker Chad at Chase N Rainbows Realtors. ...more

Robinson+Cole Data Privacy + Security Insider

DocuSign Breach Leads to Email Malware Campaign Requesting Wire Transfers

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Electronic signature technology company DocuSign has admitted that it suffered a breach of one of its computer systems resulting in stolen data including customer and user email addresses. The breach has allowed the hackers...more

Robins Kaplan LLP

[Webinar] Protecting Against Wire Transfer Fraud: Limiting Your Company's Exposure - Feb. 25th, 1:00pm CST

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Beyond the headlines, the latest cyberattacks target corporate bank accounts, rather than consumer credit cards. The FBI has been warning that wire transfer fraud is booming. The billion-dollar problem targets businesses --...more

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