Email piracy, also called Business Email Compromise (BEC), is becoming a significant threat, and only a few Cyber Risk Insurance policies provide adequate protection from this type of attack. A different (additional) approach to IT security may be needed. And because most employees are not well prepared for this exposure internal communication may be necessary. Cyber Risk insurance policies should be reviewed for coverage as well. Email piracy is the theft of funds using deceptive email or electronic communications. Other names include Business Email Compromise (BEC), CEO Fraud and social engineering fraud, and this type of activity is rising rapidly. Email piracy attacks vary, but there is a common theme (see our prior post) of deception. Hackers gain access to...
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