News & Analysis as of

Email Internal Controls

Health Care Compliance Association (HCCA)

Report on Patient Privacy Volume 19, Number 11. Privacy Briefs: November 2019

Report on Patient Privacy Volume 19, Number 11. (November 2019) ? The biggest threat to protected health information comes from carelessness within your organization, according to a brief from the Clearwater...more

Faegre Drinker Biddle & Reath LLP

Recent FinCEN Advisory Details Dramatic Increase in Frequency and Severity of Business Email Compromise Fraud Schemes

On July 16, 2019, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued an “Updated Advisory on Email Compromise Fraud Schemes Targeting Vulnerable Business Processes” (the “Advisory”). The...more

Robinson+Cole Data Privacy + Security Insider

Test Your Employees with Internal Phishing Campaigns

Phishing campaigns continue to be one of the most successful ways for malicious intruders to access company information, including personal information of employees and customers. Phishing emails continue to get more and more...more

Dorsey & Whitney LLP

SEC Report on Internal Controls, Cyber-security

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Cyber-security has become – or perhaps should be – a key area of concern for every enterprise. The risks are substantial for the firm, its shareholders, executives and customers as recent cases illustrate....more

Wilson Sonsini Goodrich & Rosati

The SEC Issues Warnings to Companies to Review Controls to Prevent Wire Fraud Hacking Attempts

In an October 16, 2018 investigation report, the Securities and Exchange Commission found that nine companies that suffered Business Email Compromise, or BEC, had insufficient internal controls to prevent such attacks....more

Brownstein Hyatt Farber Schreck

SEC Cautions That Cyber-Related Fraud Could Evidence Failed Internal Accounting Controls

On Oct. 16, 2018, the Securities and Exchange Commission (the “SEC”) released a cautionary report discussing whether certain public companies that had become victims of cyber-related fraud may have violated federal securities...more

A&O Shearman

Can a Cyber Breach Be a Violation of Internal Controls? The SEC Says, ‘Maybe’

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On October 16, 2018, the Securities and Exchange Commission (SEC) issued a report outlining an investigation conducted by the SEC’s Division of Enforcement related to the internal accounting controls at nine public companies...more

Mayer Brown Free Writings + Perspectives

Investigative Report Offers Insights on Internal Controls in the Context of Cybersecurity

Last week, the Securities and Exchange Commission published an investigative report. The report discusses the Commission’s investigation of nine public companies that were subject to cyber breaches. ...more

Ballard Spahr LLP

SEC Special Report: Rampant Business Email Compromises Require Reassessment of Internal Accounting Controls

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The U.S. Securities and Exchange Commission (SEC) has joined the government chorus in sounding the alarm about the rapid rise in "business email compromises" that are victimizing organizations across industry sectors....more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - October 2018 #3

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This week the Securities and Exchange Commission (SEC) issued an investigative report that outlined cyber incidents that nine public companies had experienced, causing fraudulent losses totaling more than $100 million. The...more

Bass, Berry & Sims PLC

SEC Issues Report Warning about Fake Email Scams

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On October 16, 2018, the SEC issued a 21(a) report announcing that it had investigated whether certain public companies that were victims of oftentimes unsophisticated, cyber-related frauds had violated federal securities...more

Bass, Berry & Sims PLC

Don’t Let Spoofing Fool You – SEC Says Internal Accounting Controls Should Address Cyber Threats

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On October 16, 2018, the SEC released an Investigative Report detailing recent email spoofing schemes that caused nine public companies to lose a total of nearly $100 million. Building on its February 2018 guidance about the...more

Akin Gump Strauss Hauer & Feld LLP

SEC Warns Companies of Potential Internal Accounting Control Violations with Business Email Compromise

• The SEC issued guidance in the form of a rare “21(a) report” this week after investigating a series of email frauds impacting 9 unnamed companies. • These email-based frauds, referred to as “CEO scams” or “vendor scams,”...more

Locke Lord LLP

Cyber Threats and Internal Accounting Controls

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On October 16, 2018, the Securities and Exchange Commission (“SEC”) issued an investigative report (see here) pursuant to Section 21(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) warning public companies that...more

BakerHostetler

SEC Investigation Highlights BEC Risk and Need for Comprehensive Risk Assessments by Public Companies

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The Securities and Exchange Commission issued a press release and an investigative report on Oct. 16 cautioning public companies to consider cyber threats when implementing internal accounting controls. ...more

Patterson Belknap Webb & Tyler LLP

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

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