Business Email Compromise
Key Takeaway
A cyber attack where criminals gain access to or spoof a legitimate business email account to trick recipients into making unauthorized fund transfers or disclosing sensitive information. BEC attacks on law firms frequently target trust accounts and real estate closing funds, making them one of the most financially damaging cyber threats facing the legal profession..
Definition
A cyber attack where criminals gain access to or spoof a legitimate business email account to trick recipients into making unauthorized fund transfers or disclosing sensitive information. BEC attacks on law firms frequently target trust accounts and real estate closing funds, making them one of the most financially damaging cyber threats facing the legal profession.
Why This Matters for Law Firms
How claims are handled directly impacts your firm financially and reputationally. Understanding the claims process and related terminology helps law firm leadership make informed decisions when a claim or potential claim arises, and ensures you do not inadvertently jeopardize your coverage by failing to comply with policy requirements.
Example Usage in Context
When a partner receives a demand letter from a former client, the firm's risk manager might reference this: "We need to understand the business email compromise requirements under our policy before taking any action. Let me contact our carrier and broker immediately."
Related terms
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