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Private Company Management Liability Claims

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by Rickard Jorgensen, FCII, ARM, ACIArb We recently developed and filed a new endorsement for the CPAGold™ program which add coverage for Management Liability (otherwise known as Directors’ and Officers’ liability) claims.  Coverage is subject to a specific application and provides for defense and indemnification for a variety of scenarios arising from the management of […]

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Data Breach and Insider Trading

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CPAs practicing in mergers and acquisitions are familiar with the sensitive nature of their work and the potential for abuse of the information obtained. In addition to the conflict of interest created by trading on that information themselves, they must take extensive precautions to ensure that they do not allow that information to slip to […]

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Fraudulent Wire Transfers – the latest word

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by Rickard Jorgensen, FCII, ARM, ACIArb. In the past few years we have seen quite a few of these costly and tragic situations and paid a number of claims made against our CPA firm and investment professionals clients. The essence is that a CPA or adviser (or Trustee) is induced by a trick, artifice or […]

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Using Indemnification Clauses to protect your firm

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by Rickard Jorgensen, FCII, ARM, ACIArb All CPAs know that a signed engagement letter is a crucial tool in the defense of a professional negligence lawsuit. The engagement letter memorializes the terms of the engagement, details what services you are performing and more importantly, the services you are NOT offering (i.e. you will not detect […]

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What is an Extended Reporting Period?

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by Shirley Fraser, CPCU, AMIM.   AVP – Jorgensen & Company Most Malpractice policies are written on a claims made and reported basis, which means all claims must be made against the policyholder and reported to the insurer during the policy period. Other than a mini-extended reporting period (usually for 60 days) there is no coverage […]

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How To Protect Your Accounting Firm From a Cyber Attack

Facts you need to know on cyber attacks

By Nick Matarazzo A data breach can wreak havoc on your business and its reputation. Not to mention the fines incurred and countless hours you will spend reviewing your computers and the source of the threat. Research suggests that 90% of cyber attacks stem from a phishing or social engineering attack. Educate your employees about […]

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California Privacy Laws (GDPR II)

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By Rickard Jorgensen, FCII, ARM, ACIArb This past July we posted an article about the Europe’s Global Data Protection Regulation (GDPR) took effect in May 2018:  Go here. The law informed businesses in Europe, or with European activities, of the rules regarding the collection, storage, and usage of personally identifiable information of consumers. The law […]

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Are new statutory claims covered by your cyber policy?

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by Rickard Jorgensen, FCII, ARM, ACIArb. In June 2018, California passed the most stringent data privacy law in the United States. Companies with business in California will likely have to request fundamental changes to their insurance programs to protect against the risks created by the statute. The California Consumer Privacy Act of 2018 ["CCPA"] forces […]

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SOCIAL ENGINEERING/WIRE TRANSFER FRAUD – A NEW TWIST ON AN OLD SCAM.

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by Rickard Jorgensen FCII, ARM, ACIArb. As we discussed in prior postings, social engineering is a major problem for CPAs. Go to:  here for risk management advice and here for coverage details Social engineering is a deception to manipulate individuals into carrying out a particular act, such as transferring money, handing over confidential information or […]

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Cybercrime Uses Social Engineering Techniques to Steal Employee Credentials and Commit Payroll Diversion

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By Rickard Jorgensen, FCII, ARM, ACIArb Recent developments clearly shows the urgent need for security awareness training. The FBI warned September 18, 2018 about new criminal campaigns that target the online payroll accounts of employees in a variety of industries. METHODOLOGIES “Cybercriminals target employees through phishing emails designed to capture an employee’s login credentials. Once […]

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