The Cybersecurity Law Report

Incisive intelligence on cybersecurity law and regulation

Articles By Topic

By Topic: Ransomware

  • From Vol. 4 No.5 (Mar. 14, 2018)

    Identifying and Preparing for Ransomware Threats (Part Two of Two)

    Ransomware response will depend on the risk tolerance of an organization, and companies should have comprehensive yet flexible response plans in place suited to their needs. This second installment of our two-part series on ransomware offers insights from technical and legal experts on effective response measures, including bringing in the experts to understand what happened and why, and whether to pay a ransom. It will also look at how cryptocurrency is changing the ransomware landscape. Part one covered the current methods of attack and their risks as well as prevention techniques and advance planning. See “Defending Against the Rising Threat of Ransomware in the Wake of WannaCry” (May 31, 2017).

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  • From Vol. 4 No.4 (Feb. 28, 2018)

    Identifying and Preparing for Ransomware Threats (Part One of Two)

    With easy-to-use ransomware toolkits hitting the cybercrime market and more sophisticated hackers using novel attack strategies, companies should have a firm grasp of the current risks of ransomware and the measures they can take to proactively mitigate those risks. They also need to create an effective, comprehensive response plan if attacked. In this two-part article series, legal and technical experts share their insights on how to prepare for ransomware threats with effective cyber hygiene and planning. This first part covers the current methods of attack and their risks as well as prevention techniques and how to be prepared for the inevitability of one of these attacks. Part two will address effective response measures including bringing in the experts to understand what happened and why, and whether to pay a ransom. It will also look at how cryptocurrency is changing the landscape. See “Defending Against the Rising Threat of Ransomware in the Wake of WannaCry” (May 31, 2017).

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  • From Vol. 3 No.15 (Jul. 26, 2017)

    What the Financial Industry Should Know to Recognize and Combat Cyber Threats (Part One of Two)

    In addition to the rise of ransomware attacks, financial Trojans are a widespread threat faced by the financial industry, according to Symantec’s 2017 Internet Security Threat Report (ISTR). In a recent webinar, Symantec’s technical director and threat researcher provided insight on the key findings of the ISTR, which includes a comprehensive overview of the current cyber-threat landscape, with a focus on the latest and growing threats to the financial sector. This first part of our two-part article series covering the ISTR and Symantec’s webinar summarizes the threat landscape and the speakers’ insights on what common attacks look like, new threat actors and tools, and how to recognize them. Part two will go further in depth on financial Trojans and provide best practices for avoiding and mitigating these attacks. See also “How Financial Service Providers Can Address Common Cybersecurity Threats” (Mar. 16, 2016).

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  • From Vol. 3 No.11 (May 31, 2017)

    Defending Against the Rising Threat of Ransomware in the Wake of WannaCry

    The recent WannaCry attack that affected 150 countries and hundreds of thousands of victims served as a wake-up call for many about the potential devastation of ransomware – malevolent software that extorts payments from people and organizations after infecting and encrypting their systems. “Whether it’s WannaCry or the whole host of other cybersecurity attacks that we’ve seen in recent times, these kinds of cyber attacks will continue in different scales,” Paul Rosen, a partner at Crowell & Moring, told The Cybersecurity Law Report. Companies and governments are increasingly trying to use information sharing and other collaboration to confront threats like WannaCry, and regulatory agencies such as the SEC have chimed in to emphasize what companies should be doing to mitigate the damage of future attacks. See also “Technology Leader Discusses How to Deal With the Growing Threat of Ransomware” (Jul. 6, 2016); and “Preparing For Ransomware Attacks As Part of the Board’s Fiduciary Duty” (Mar. 8, 2017).

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  • From Vol. 3 No.10 (May 17, 2017)

    Executive Order on Cybersecurity Signed Amidst Massive Worldwide Ransomware Attack

    Shortly before a massive ransomware attack that affected over 100 countries – reportedly the result of hackers exploiting a Microsoft Windows vulnerability through leaked tools developed by the NSA – President Trump signed an executive order on cybersecurity that, among other things, directs agency heads to produce various reports on cybersecurity risks. While it does not address ransomware specifically, the order will build cybersecurity into the mission of federal agencies, Ari Schwartz, Venable’s managing director of cybersecurity services, and former member of the White House National Security Council, where he served former Special Assistant to President Obama and Senior Director for Cybersecurity, told The Cybersecurity Law Report. See “Presidential Commission Recommends Ways For Public and Private Sectors to Improve Cybersecurity” (Dec. 14, 2016).

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  • From Vol. 3 No.8 (Apr. 19, 2017)

    Goodbye to the Blame Game: Forging the Connection Between Companies and Law Enforcement in Incident Response

    Organizations can benefit from working with law enforcement after a breach. However, only 20 percent of organizations that have suffered a breach are reaching out to agencies like the FBI due, in part, to the fear of loss of control and concerns about attorney-client privilege, explained James Trainor, former lead of the FBI’s Cyber Division who joined Aon’s cyber solutions group as SVP in October 2016. The Cybersecurity Law Report interviewed Trainor at Skytop Strategies’ recent “Cyber Risk Governance” conference. He shared his experiences and opinions on the benefits and challenges of working with law enforcement in a breach situation, the Yahoo indictment and how to handle ransomware. See also “Law Enforcement on Cybersecurity Matters: Corporate Friend or Foe? (Part One of Two)” (Jun. 22, 2016); Part Two (Jul. 6, 2016).

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  • From Vol. 3 No.5 (Mar. 8, 2017)

    Preparing For Ransomware Attacks As Part of the Board’s Fiduciary Duty

    Managing enterprise cybersecurity risk is a key obligation of a company’s general counsel and board of directors. The rapidly increasing frequency and sophistication of ransomware attacks in particular have made them a pervasive and challenging part of that enterprise risk. Debevoise partner Jim Pastore spoke with The Cybersecurity Law Report about what GCs and boards need to know about ransomware and how those stakeholders can effectively fulfill the board’s cyber-related fiduciary duty to the company. Pastore will be a panelist at Skytop Strategies’ Cyber Risk Governance conference on March 16, 2017 in New York. An event discount registration link is available to CSLR subscribers inside this article. See also “How In-House Counsel, Management and the Board Can Collaborate to Manage Cyber Risks and Liability (Part One of Two)” (Jan. 20, 2016); Part Two (Feb. 3, 2016).

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  • From Vol. 3 No.1 (Jan. 11, 2017)

    FTC Priorities for 2017 and Beyond

    From holding events on ransomware, disclosure and marketing tactics, to entering into settlement agreements for the misuse of location data, to tackling APEC’s privacy framework for the first time, 2016 was a busy year for the FTC’s privacy and security enforcement arm. The Commission’s actions indicate that it is intending to keep pace with the latest tech and policy developments. But what is in store for 2017? At IAPP’s recent Practical Privacy Series conference, FTC Commissioner Maureen Ohlhausen discussed the agency’s priorities for the coming year. See also “Demystifying the FTC’s Reasonableness Requirement in the Context of the NIST Cybersecurity Framework (Part One of Two)” (Oct. 19, 2016); Part Two (Nov. 2, 2016).

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  • From Vol. 2 No.22 (Nov. 2, 2016)

    Advice From Blackstone and Tiffany CISOs on Fighting Cybercrime

    Information security is “the hottest industry of all time” according to Lisa J. Sotto, managing partner of Hunton & Williams’ New York office and chair of the firm’s global privacy and cybersecurity practice. At a recent PLI panel, Sotto and fellow panelists Jay Leek, managing director and CISO for The Blackstone Group L.P.; Anthony Longo, CISO for Tiffany & Co. and Matthew F. Fitzsimmons, an Assistant Attorney General in Connecticut and head of the office’s Privacy and Data Security Department discussed the ballooning issue of cybercrime and how to both prevent and respond to attacks. See also “Establishing Strong Cybersecurity and Data Privacy Leadership: The Roles of the Chief Information Security Officer and Chief Privacy Officer” Part One (May 6, 2015); Part Two (May 20, 2015).

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  • From Vol. 2 No.14 (Jul. 6, 2016)

    Technology Leader Discusses How to Deal With the Growing Threat of Ransomware 

    Ransomware attacks – where attackers hold data “hostage” unless a ransom is paid – are becoming more sophisticated and frequent. Law firms and hospitals are common targets. The Cybersecurity Law Report discussed the evolving nature of this threat, how to prevent an attack and what to do once a company is facing one with Shahryar Shaghaghi, the leader of BDO’s technology advisory services practice and the head of BDO international cybersecurity. See also “How to Prevent and Manage Ransomware Attacks (Part One of Two)” (Jul. 15, 2015); Part Two (Jul. 29, 2015).

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  • From Vol. 2 No.9 (Apr. 27, 2016)

    Regulators Speak Candidly About Cybersecurity Trends, Priorities and Coordination

    Understanding the regulators’ priorities and concerns can help a company work effectively with them to investigate and respond to cybersecurity incidents. In a recent panel at the ABA National Institute on Cybersecurity Litigation, authorities from the DOJ, the SEC, the FCC and the Connecticut Attorney General’s office weighed in about the cyber threat landscape, their agencies’ enforcement priorities, strategies for collaboration (including when and how information shared with the government will remain confidential) and effective incident response. See also “Private and Public Sector Perspectives on Producing Data to the Government” (Jun. 3, 2015).

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  • From Vol. 1 No.9 (Jul. 29, 2015)

    How to Prevent and Manage Ransomware Attacks (Part Two of Two)

    Even when companies take each recommended step to prevent a ransomware attack (such as properly training employees, backing up files, segregating data and limiting network access), a ransomware attack can still sneak through, and without a rapid proper response, cause widespread damage.  This article, the second of a two-part series, addresses how to handle a ransomware attack, when and how to report the incident, and strategies for working with law enforcement.  The first article in the series explained the threat and provided steps that companies can take to prevent ransomware attacks and mitigate the impact if one does occur.  See also “Weil Gotshal Attorneys Advise on Key Ways to Anticipate and Counter Cyber Threats,” The Cybersecurity Law Report, Vol. 1, No. 4 (May 20, 2015).

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  • From Vol. 1 No.8 (Jul. 15, 2015)

    How to Prevent and Manage Ransomware Attacks (Part One of Two)

    Ransomware attacks can cause substantial disruption and damage by tempting a single employee to click on a link or visit a malicious site.  “The threats are getting more and more sophisticated every day in terms of the malware itself and the delivery,” Judy Selby, a partner at BakerHostetler, said.  This article, the first part of a two-part series, explains the threat and suggests steps that companies can take to prevent ransomware attacks and mitigate the impact if one does occur.  The second article will address how to handle a ransomware attack and when and how to report and work with law enforcement.  See also “Weil Gotshal Attorneys Advise on Key Ways to Anticipate and Counter Cyber Threats,” The Cybersecurity Law Report, Vol. 1, No. 4 (May 20, 2015).

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