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This is a notice for site visitors
First-party damages: refers to losses directly suffered by the policyholder (or insured) firm in response to a firm’s data breach or other covered cyber event. Topic: First-Party Cyber Attack CAMICO policyholder Mary Davis had just signed on to her computer one morning when she received an email from a “potential client” named “Tim,” who was … Read more
Third-party damages: refers to damages alleged by clients or other third parties that the negligence of the CPA firm contributed in whole or in part to the third party’s cyber-related loss. Topic: Third-Party Cyber Attack CAMICO policyholders Michael Jones and Tom Smith of Jones & Smith Accounting Services were out of the office during the … Read more
In today’s digital landscape, it is no surprise that there appears to be a new cybersecurity story in the news every week, from attacks on major infrastructure to small companies being held for ransom. The risk of cyber threats continues to grow for CPA firms, along with other professional services firms, as all are considered … Read more
With cybersecurity threats coming from all directions, it’s crucial for CPA firms and their staff to be aware of how the risk exposures impact the firm as well as the client. When there is a claim, it is important to understand how cyber insurance coverages respond and it’s vital to engage with qualified legal and … Read more
Generative artificial intelligence (“AI”) solutions such as OpenAI’s ChatGPT continue to gain popularity. Many CPA firms seek to leverage the use of generative AI to accelerate innovation and increase productivity. As the use of AI technology evolves, CPAs need to obtain a solid understanding of their needs and objectives – and gain an understanding of … Read more
CAMICO has been developing solutions for CPA professional liability problems for more than 35 years, and tax season has always been a major part of that activity. The use of engagement letters for non-audit work, including tax engagements, was pioneered by CAMICO as an effective way to help document the CPA’s understanding with the client. … Read more
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CAMICO Services, Inc. dba CAMICO Insurance Services, CA License #0C09618. CAMICO Mutual Insurance Company, (Rated A- (Excellent) by AM Best) San Mateo, CA, domiciled in California is licensed in all states and the District of Columbia, NAIC #36340. Copyright © 2024 CAMICO. All rights reserved. Website design by StyleSite.