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3. The Daily Evolution of Cyber Threats: From Ransomware to Wire Fraud

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Despite ransomware's media prominence, wire transfer fraud emerges as a leading cybersecurity threat, with companies falling victim to sophisticated scams including deepfake tactics that result in million-dollar losses.

 

1. The Rising Tide: Business Email Compromise and Ransomware Severity

Business email compromise, increasingly severe ransomware attacks like Dark Angel targeting public companies, and persistent wire fraud continue to be prominent cyber threats requiring stringent security measures.
 

2. The Coverage Spectrum: Understanding What's Protected Under Cyber Policies

Cyber liability policies typically cover ransomware attacks, system outages, business interruption losses, and associated costs for investigation, legal assessment, threat response, and customer communication.
 

6. The Relentless Wave: Major Software Attacks Show No Signs of Slowing

Cyber attacks on major software and high-profile targets are expected to persist, as evidenced by recent incidents.
 

5. The Art of Deception: Breaking Down Wire Transfer Fraud Coverage

Wire transfer fraud is a form of cybercrime where criminals impersonate executives to request fraudulent wire transfers, sometimes using deep fake technology to make their impersonation more convincing.
Copyright © 2024 A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.