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Do you get Bragging Rights if the Malware Infecting your Computer was Named after Zeus?

April 17, 2017

Authors

Jerry Blanchard and David Zetoony

Do you get Bragging Rights if the Malware Infecting your Computer was Named after Zeus?

April 17, 2017

by: Jerry Blanchard and David Zetoony

Over the last decade as the specter of cyber attacks has increased dramatically, financial institutions have been encouraged to look into the use of cyber fraud insurance as one means of minimizing risk. A recent decision by the 8th Circuit provides an interesting opportunity to see how such policies are going to be interpreted by the courts.

In 2011, an employee at Bellingham State Bank in Minnesota initiated a wire transfer through the Federal Reserve’s FedLine Advantage Plus system (FedLine). Wire transfers were made through a desktop computer connected to a Virtual Private Network device provided by the Federal Reserve. In order to complete a wire transfer via FedLine, two Bellingham employees had to enter their individual user names, insert individual physical tokens into the computer, and type in individual passwords and

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Cyber Criminals Don’t Dig Mile Long Tunnels

September 1, 2015

Authors

Jerry Blanchard and David Zetoony

Cyber Criminals Don’t Dig Mile Long Tunnels

September 1, 2015

by: Jerry Blanchard and David Zetoony

Digging a tunnel for a mile so that El Chapo could slip into the shaft through his shower and disappear from a high security Mexican prison is something you might expect a Hollywood screenwriter to come up with. Is it any more remarkable though than a cyber-criminal reaching all of the way around the world to try and slip into a bank’s or a customer of the bank’s computer system in order to initiate a wire transfer?

We live at a time when individuals and criminal gangs can reach across oceans and national boundaries to try and initiate unauthorized transfers of funds. Bankers understand that this is a hot topic and that the risk of cyber-fraud is what is currently keeping  regulators awake at night. While a great deal of attention is now being focused on how to keep cyber criminals out of the bank, recent attacks on various public

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