Embezzlement and the 'Classic' Claims Scenario
By Ron Klein, J.D.
18
Feb
07
Feb
Hacker Attacks on Email Systems and Tax Files
CAMICO's cyber-related claims experience reveals that hacker attacks on CPA firm email systems were the most frequent cause of cyber-losses for firms. These cyber-attacks accounted for almost two-thirds of cyber-related claims.
Many claims are also related to tax return preparation. A trend appears to involve waiting until just before a tax return deadline (e.g., late March and early April) to launch an attack that encrypts all of the firm's tax files. A demand is then made for ransom in exchange for access to the files. Ransom demands have ranged from about $1,000 to $20,000.
Many claims are also related to tax return preparation. A trend appears to involve waiting until just before a tax return deadline (e.g., late March and early April) to launch an attack that encrypts all of the firm's tax files. A demand is then made for ransom in exchange for access to the files. Ransom demands have ranged from about $1,000 to $20,000.
