Cyber criminals posing as company executives have successfully made off with millions from company coffers by tricking company employees into sending them the cash. Insurers are increasingly taking the position that this type of fraud is not covered under cybercrime policies.
Posts by: Richard Gallena
Data breaches and cyber-attacks dominated headlines during 2014. As the dust from the Target data breach settled, corporate America watched as well-respected companies came forward with their own public disclosures. The attacks varied in design and spanned industries: within the retail sector, Target and Home Depot were breached; within the finance sector, J.P. Morgan revealed that it suffered a breach that affected 76 million households; and Community Health Systems—a publicly traded company that operates 206 hospitals—reported in August that Chinese hackers stole medical records from 4.5 million patients. The sources of the data breaches range from high school students to foreign governments. In addition to intentional attacks, the public discovered that an encryption flaw dubbed “Heartbleed” had opened a window for the past two-and-one-half years through which hackers could steal personal information with little risk of detection. READ MORE