Insurance for Professionals Adam E. Gwaltney, Agent, Ritman & Associates
WTF! Wire Transfer Fraud... What Now? Adam E. Gwaltney, Agent, Ritman & Associates
Case Study: A Buyer Cash Deal- Social Engineering Fraud Adam E. Gwaltney, Agent, Ritman & Associates
Presented by: Adam E. Gwaltney, Agent Ritman & Associates, Inc Presented by: Adam E. Gwaltney, Agent Ritman & Associates, Inc. Specializing in: Legal Professional Liability Insurance, Title Agent E & O Insurance, Cyber Liability /Data Security Insurance and Crime/Fidelity Insurance Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Attacking the Weak Link… Lender Title Agent Title Ins. Carrier Realtor Adam E. Gwaltney, Agent, Ritman & Associates Soft Target
The Email Hack Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Initial Investigation Adam E. Gwaltney, Agent, Ritman & Associates
The Instructions Change… Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Gone Disappeared Vanished Departed Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
in the Form of Wire Funds …Social Engineering in the Form of Wire Funds Transfer Fraud Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates Complaint That is
Selling Agent Broker Title Agent Gardner Parking Lot Attendant Pastor Kindergarten Teacher and Your Brother-Cousin Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Professional Services The Pyramid of Protection…. Money, Data, Services Money Securities Data, Information Professional Services Crime Insurance Cyber Liability Adam E. Gwaltney, Agent, Ritman & Associates Errors & Omissions
Adam E. Gwaltney, Agent, Ritman & Associates
Identify Protect Detect Restore Recover Adam E. Gwaltney, Agent, Ritman & Associates
Whom do you contact? In what order? Within the first 1 to 5 hours of the detected fraud…waiting is your enemy. FBI – must report in two segments Your legal counsel – attorney client privilege Secret Service – wire fraud division Chain of banks that may receive funds All of your insurance carriers Your local police Your IT department/provider MAINTIAN A DETAILED LOG OF EVERYTHING Do not trust anyone post claim Adam E. Gwaltney, Agent, Ritman & Associates
What’s the big diff? Wire transfer fraud: when a thief steals your money without your knowledge Social engineering fraud: when a thief convinces you to voluntarily GIVE them your money under the guise of trust Care, custody and control Adam E. Gwaltney, Agent, Ritman & Associates
Oh @*#&! Finding Coverage
Coverage for the Risk… Cyber Liability / Data Breach Errors & Omissions Insurance Crime / Fidelity Escrow Security Bond Adam E. Gwaltney, Agent, Ritman & Associates
Key Areas to Prioritize… Employee training Incident response plan(s) Staying current with technology Enhanced detection methods Budget increases Procuring insurance at appropriate levels Business partners carry insurance at appropriate levels Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Cyber Liability Insurance Fidelity Crime Coverage Errors & Omissions Insurance Cyber Liability Insurance Risk Management Insurance Coverage Adam E. Gwaltney, Agent, Ritman & Associates Best Practices
What you Think You’re Buying… Adam E. Gwaltney, Agent, Ritman & Associates
What you Actually Bought… Adam E. Gwaltney, Agent, Ritman & Associates
Training Education Transfer T.E.T. Offensive… Training Education Transfer Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent, Ritman & Associates
Disclaimer This information is written from an insurance perspective and is meant to be used for informational purposes only. It is not the intent to provide legal advice, or advice for specific fact, situation or circumstance. Contact legal counsel for specific advice. Adam E. Gwaltney, Agent, Ritman & Associates
Adam E. Gwaltney, Agent Ritman & Associates, Inc Adam E. Gwaltney, Agent Ritman & Associates, Inc. Noblesville, Indiana 317-770-3000 – ext. 103 agwaltney@ritmanassoc.com Licensed in Alabama, Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, South Carolina, Tennessee and Virginia Specializing in Professional Liability Insurance for Attorneys, Law Firms, Title Agents Offering Legal Professional Liability, Title Agent E & O, Cyber Liability, Crime Insurance, Escrow Security Bonds
Insurance for Professionals Adam E. Gwaltney, Agent, Ritman & Associates