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.

War Story #116

War Story #116: Business Management/Accounting Services, Wire Transfer Fraud
Sophisticated hackers can cause a lot of trouble, damages, and wasted time if precautions are not taken to avoid their traps.
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Please see the Q&As on social engineering scams and wire transfer fraud in the article, “Top 11 Loss Prevention and Claims Trends” in this issue of IMPACT.

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