9th Circ. Assesses Insurance For Social Engineering Scams
By J. Robert MacAneney and John Pitblado (April 27, 2018, 2:33 PM EDT) -- Losses from social engineering schemes continue to grow exponentially. According to FBI data published in early 2017, losses from these schemes totaled over $3 billion between 2013, when the FBI started tracking data, and the end of 2016. One recent estimate suggests projected growth to over $9 billion in 2018 alone. The problem is not going away; it's getting much, much worse.
Under these schemes, perpetrators trick company employees into believing that they have received instructions from a high-ranking officer such as a chief financial officer or CEO, to change wiring information to vendors or other trusted recipients, who then appear...
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