D&O, Cyber, Bond, and P&C
Bind EPLI, Cyber and Nonprofit D&Oonline in minutes
In a relatively high profile court case, an appellate court ruled in favor of the defendant/bank rather than the plaintiff (the bank’s customer) in a dispute over an account takeover claim and reversed a lower court opinion, ruling that the bank may seek attorney’s fees from the plaintiff. In many respects, the decision handed down will be a significant influence on future court cases and also on security/verification procedures a bank mandates or places on accounts regarding account transfer requests.
Recently, there has been an astounding increase in the number of ATM skimmer attacks nationwide. ATM skimmers are becoming more complicated and difficult to detect. Precautions should be taken to curtail ATM skimming.
First discovered in June 2014, “Dyre” malware has quickly become one of the most prominent banking Trojans targeting corporate customers’ bank accounts today. A system infected with the Dyre malware, which is delivered and downloaded through phishing/spam campaigns, will attempt to harvest customers’ information and online banking credentials to conduct unauthorized transfers.
By now, you’ve mostly likely heard the news: ransomware is here and it’s a problem. The impact can be devastating. Imagine not being able to access your email, customer information or vital records for days or even weeks. Victims not only face monetary losses associated with the ransom and loss of business during the downtime, but also the additional forensics costs, the loss of employee productivity and, most importantly, customer trust.
The Equifax data breach affected 143 million people whose personal information and sensitive data were potentially exposed and was reported as the “largest ever recorded” compromise of social security numbers to date in 2017.
Many electronic crimes begin with phishing emails used to induce individuals to divulge private information or to click on a malicious link that downloads malware onto a computer network. Often these emails are highly targeted and appear legitimate to even the most skeptical recipients. An effective cybersecurity strategy is critical to combat electronic crime.
Substantial sales are being generated in states that have allowed legalized marijuana sales and passed decriminalization measures. Marijuana-related businesses (“MRB’s”) in these states need to receive suitable banking services. While a number of banks are willing to establish banking relationships, many are unwilling to do so, preferring to let the dust settle. What do banks need to understand before establishing MRB relationships?
Cyber risk management webinar for banks and their agents: What are the latest and common online, email, or social media scams out there that your employees or customers may fall for, and what can you and they do to avoid becoming another victim?
The FBI has issued a post-alert to their confidential notification to the financial industry warning that cyber criminals are planning to conduct a global ATM cash-out scheme, likely associated with an unknown card issuer breach.
An effective cybersecurity strategy is critical when it comes to combating electronic crime such as "phishing." These emails are highly targeted and include advanced web design, making them appear legitimate to even the most skeptical recipients.