FCPA Compliance Report-Episode 408, Brad Davis on Social Engineering for Data Protection
Most policyholders are aware of the danger of losses from fraudulent instructions and invoices accomplished through what is known as “social engineering” or related methods. Often this is carried out by an email claiming to...more
As the manufacturing sector continues to embrace the hyper-connected era of Smart Manufacturing, known as Industry 4.0, more and more organizations are integrating advanced automation, artificial intelligence (AI), the...more
Cyberattacks powered by artificial intelligence have become more sophisticated as bad actors utilize machine learning to analyze vulnerabilities, automate exploits, and outpace traditional security measures. Through the use...more
The Department of Health and Human Services recently issued a health sector alert through the Health Sector Cybersecurity Coordination Center (HC3)....more
Additional States Implement Notice Requirements for Healthcare Transactions - In a prior blog post, we noted the trend of states enacting legislation implementing reporting requirements for certain healthcare transactions....more
Ransomware attacks that shut business down to zero and data breaches that disclose the personal information of customers, vendors and employees justifiably strike fear in the hearts of executives everywhere. Organizations can...more
Retool, a software development firm offering modular code for customizable enterprise software, recently notified 27 customers that a threat actor had accessed their accounts. The attacker was able to navigate through...more
In the hyper-connected era of smart manufacturing, accelerated by “Industry 4.0,” the manufacturing sector is undergoing a digital revolution. By leveraging technologies such as advanced automation, artificial intelligence,...more
Today on Don’t Take No for an Answer, Lynda A. Bennett and Eric Jesse discuss the stealth disappearance of social engineering and fraudulent instruction coverage, and what you can do to make sure you have insurance coverage...more
Anyone who owns a cellphone or uses an email address has received a communication from a scammer seeking to extract confidential information or trick the recipient into sending money to foreign countries. These attempts come...more
CYBERSECURITY - World Economic Forum’s Global Cybersecurity Outlook for 2023 Is Bleak - Sorry to be the bearer of bad news but remember that I am only the messenger. According to the World Economic Forum’s Global...more
The more one uses and shares on social media, the more information is publicly available for cyber attackers to use to exploit users’ personal and professional information....more
This year’s deadline for filing individual tax returns is April 18. Malicious actors routinely target human resources professionals, certified public accountants, and individual employees with social engineering attacks...more
In 2022, the average cost of cybercrime has reached $4.35 million per organization, and the number of data breaches has climbed by 14%. But despite the rising frequency and impact of cyberattacks, many businesses still do not...more
Dark Reading reports that thousands of college and university students are being targeted by cyber-attackers who are using a legitimate domain to impersonate Instagram and steal credentials of the users. The attack is able to...more
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
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
CYBERSECURITY - Twilio Hit with Social Engineering Smishing Scheme - We’ve explained smishing schemes before. Smishing is like phishing, but uses SMS texting to deliver malicious code to users’ phones, or tricks the user...more
The Twilio and Cloudfare smishing attacks [view related post] provide a timely reminder of how sophisticated smishing attacks are and how they can affect businesses and their customers. But threat actors don’t just attack...more
We’ve explained smishing schemes before. Smishing is like phishing, but uses SMS texting to deliver malicious code to users’ phones, or tricks the user into visiting a malicious website to steal their credentials or money....more
Applying North Carolina law, a federal district court has held that an E&O insurance policy does not provide coverage for loss arising from social engineering fraud despite the fact that the insured’s negligence also...more
Fast-spreading disinformation and the growing ease with which believable deepfake media can be created are threats that are poised to accelerate a range of business dangers, particularly those related to reputational risk,...more
The most significant coverage issue facing the fidelity industry today is the scope of causation. Whether a court applies a “direct means direct” or a tort-based proximate cause standard often is the deciding factor in...more
Buzzy brokerage app Robinhood Markets is the latest victim of a cyberhack, disclosing earlier this week that the personal information of some 7 million users was exposed. According to Bloomberg, the “intruder made off with...more
New dictionary words have been formed to describe online scams. Phishing, one that everyone knows by now, is when a scammer uses a pretext in an email to get someone to click on a link or attachment in the email to deploy...more