Page 42 - Deleware Medical Journal - September/October 2019
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File W-2s, W-3s, and 1099s as early as possible. Under the Protecting Americans from Tax Hikes (PATH) Act enacted in deadline for employers to submit forms W-2. The earlier deadline is intended to help the IRS catch discrepancies between those submitted by cybercriminals.
INSURANCE CONSIDERATIONS
Fraud from a W-2 phishing scheme is commonly called “social engineering fraud,” “imposter fraud,” or “business email compromise fraud.” What the thieves are after will determine what type of insurance coverage applies:
If the cybercriminals steal money or securities (and don’t gain access to company
a claim against its crime policy. Some network security and privacy carriers may
add a small sub-limit, so it is important to
is coordinated. The network security and privacy carrier will look to be excess of the crime carrier on the loss, so it is important to make sure the crime policy states that it is primary.
If the cybercriminals steal information or data and/or gain access to corporate systems while stealing money or securities,
its network security and privacy liability policy.
In certain cases, both the network security and crime policies may apply.
Most network security and privacy liability policies provide coverage for breach coaches and IT forensics. You should engage your network security and privacy liability carrier if you feel that a theft of money or securities was the result of a failure of your network security or a breach.
Key questions to ask about your coverage include:
Does your policy cover your liability in the event of theft of W-2 data or other sensitive employee information?
Will your policy cover costs for sending provide them with identity monitoring services? If so, for how long?
Will your policy cover extra expenses that your employees and their dependents incur to hire tax attorneys to remediate tax fraud?
Will your policy cover lost payments from vendors due to a business email compromise of your systems that instructs them to send payment to a false account?
With strong employee education, proper controls, and comprehensive insurance in place, you can help your organization avoid becoming the latest victim.
SUBMIT YOUR CONCERNS FOR A RESOLUTION
The Medical Society of Delaware is looking for health care related issues to be considered
Contact Mary.LaJudice@medsocdel.org or (302) 224-5183 for details.
JOIN AN MSD COMMITTEE AND MAKE A DIFFERENCE!
Contact Mary.LaJudice@medsocdel.org or (302) 224-5183 for details.
