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9th Circ. Assesses Insurance for Social Engineering Scams

Cybersecurity and Privacy   |   Insurance   |   Financial Services Regulatory   |   April 27, 2018

Carlton Fields Shareholders Robert MacAneney and John C. Pitblado authored the Law360 article, ”9th Circ. Assesses Insurance for Social Engineering Scams.” The article discusses business email compromise (BEC), a type of social engineering fraud in which scammers target employees with access to company finances and trick them into making wire transfers to bank accounts thought to belong to trusted partners — except the money ends up in accounts controlled by the criminals.

Financial institutions look to cover their losses under the “computer fraud” coverage of crime/fidelity/financial institution bonds. According to MacAneney and Pitblado, this has become one of the most hotly litigated cyber coverage issues, and the results are decidedly mixed.

Read the article.

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