CAMICO War Stories #111-A and #111-B

#111-A: Tax Return Preparation, Hacker Attack — When a hacker penetrated the CPA firm’s computer network, the firm’s cyber coverage responded with an investigation and comprehensive services.

#111-B: Business Management Services, Email Fraud — The client’s email and voicemail had been penetrated by a “man in the middle” who was able to prompt a transfer of client funds into the hacker’s own account.

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Understanding First-Party and Third-Party Cyber Exposures

With cyber-security threats coming from all directions, it’s important for CPA firms to be aware of how the risk exposures impact the firm as well as the client. Just as important is understanding how an effective cyber insurance program works with the firm before and after a cyber incident occurs.

Cyber exposures and coverages are basically divided along two lines:
  • First-party, which refers to losses directly borne by the policyholder (or insured) firm, and

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