The most striking thing about the recent cyber scam lawsuit filed against Holland & Knight—which alleges that the firm mistakenly sent $3 million to a fraudulent account in Hong Kong—may lie not in the dollar figure, but the frequency of similar alleged attacks against firms.
“These attacks are super common,” said Lewis Brisbois Bisgaard & Smith data security partner Christopher Ballod about wire transfer scams. “The number is big, but I will tell you I have a few cases that are above [$1 million transferred] right now. Above a million is uncommon, but I wouldn’t even categorize it as rare.”
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