Fraud and defalcation—or embezzlement—have long been two of the most frequent and egregious types of professional liability claims, and the trend does not appear to be changing anytime soon. A prime example is an embezzlement discovered in 2012 involving the city of Dixon, Ill., in which the municipal comptroller pleaded guilty to siphoning public money into a secret bank account. 

Last year, the U.S. Department of Health and Human Services (HHS) released omnibus regulations under the Health Insurance Portability and Accountability Act (HIPAA), that included guidance for implementing changes made by the final rule of the Health Information Technology for Economic and Clinical Health Act (HITECH).

Q: My firm recognizes that, in order to remain competitive and satisfy increasing customer expectations, we need to enhance our ability to leverage new technologies. What factors should we consider before we introduce a new tech initiative? 

John and Karen Smith, long-term clients of your firm, are in the midst of a divorce. John is an old friend from college, and you have advised him on tax and accounting matters for more than 15 years. When he and Karen wed 10 years ago, you began to provide services to them as couple. Your family and theirs are quite close, and you are deeply saddened by the news of their impending split. 

From the colossal data breach at Target last year, to revelations that an Internet security bug  left Web surfers prey to hackers, recent headlines have pushed executives and their boards to reexamine how equipped they are to protect their businesses from cybersecurity attacks. Here’s a look at some common assumptions businesses make about cybersecurity threats that could leave them vulnerable.