Top NFT-Related Cybersecurity, Phishing, Hacking and Other Risks in 2022

By Veronica Reynolds, Robert A. Musiala, Sally Kim and Reem Chehade on October 26, 2022 Posted in Data Breaches

The continued growth of the market for nonfungible tokens (NFTs) in 2022 has helped shape the zeitgeist of what has been referenced colloquially by some as the “fourth industrial revolution,”[1] defined largely by network effect (e.g., virality); rapid innovation; social, creative and civic engagement; and evolved perspectives with regard to how rights and obligations between … Continue Reading

SEC Investigation Highlights BEC Risk and Need for Comprehensive Risk Assessments by Public Companies

By Andreas Kaltsounis on October 17, 2018 Posted in Cybersecurity, Data Breaches

The Securities and Exchange Commission issued a press release and an investigative report on Oct. 16 cautioning public companies to consider cyber threats when implementing internal accounting controls. The report stems from the SEC’s investigation of nine companies that lost between $1 million and $100 million each in so-called business email compromise (BEC) frauds, in … Continue Reading

UPDATE: If There is Credit Card Fraud, There Must Have Been a Breach

By Craig A. Hoffman on May 30, 2012 Posted in Data Breaches, Payment Card Industry

As we reported in December 2010, after an online merchant suffered chargeback losses of almost $12,000 on nine fraudulent orders, it sued the bank that issued the nine cards that were fraudulently used alleging that the most likely cause of the fraud was a data security breach at the bank that the bank ignored. The merchant … Continue Reading