A 2011 staged pirate attack on a Greek cargo vessel was an outlandish attempt to collect an insurance payment. These extreme fraud claims pose a legitimate threat to marine underwriters.
The biggest cyber weakness, as these authors so adroitly illuminate, is “between the monitor and the chair,” i.e., the human susceptibility to falling for a cyber scam.
The threat of social engineering and bank fraud are likely to continue. Strong risk management remains the best weapon for businesses to avoid getting conned.
Michael Cohen’s testimony before Congress included an accusation that Trump inflated assets to insurers. But it’s unclear whether such misstatements constitute insurance fraud.
Elizabeth Holmes tricked investors out of millions by dressing in ‘Steve Jobs’ black and pitching health care technology that didn’t work. The risk management lessons from the Theranos fiasco are both scary and insightful.