If you read about the world of hackers and cyber threats, you will quickly become numb to the creativity and variety of techniques that may threaten your organization. Like all risks, however, the key is to consider practically the real and significant threats to your organization. If you attempt to address each and every possible threat, you will drive yourself crazy. It is important to...
In today’s world of cyber threats, many companies have fallen victim to ransomware attacks. Corporate boards and senior executives face serious issues when their companies are attacked. The payment of ransom is not only costly, but presents significant ethics and compliance issues. Many companies often conduct ransomware exercises to develop common scenarios and potential responses. It is an issue worthy of board, senior management and...
Matt Stankiewicz, Partner at The Volkov Law Group, joins us for an interesting post on ransomware and OFAC sanctions compliance. Matt can be reached at [email protected]. Ransomware attacks are on the rise and companies everywhere should be taking action to strengthen their cybersecurity defenses and resiliency to ensure their internal systems are able to withstand cybercrime attacks. Cybercriminals are exceedingly sophisticated, some groups even maintain...
The Justice Department continues to attack and dismantle global ransomware extortion organizations. Business surveys often confirm that executives are hyper-focused on the risk of ransomware attacks against businesses. Interestingly, government regulators have focused on ransomware scenarios to ensure that regulatory restrictions on sanctions and other restrictions are not violated. The message behind DOJ and regulatory interests is clear – if attacked, notify law enforcement right...
You just can’t make this stuff up – the Justice Department, displaying its growing sophistication of the cyber world, announced it recovered most of the ransom paid to criminal hackers of Colonial Pipeline Co. (Colonial). As you will recall, Colonial’s pipeline had been the victim of a cyberattack resulting in a shutdown of a critical supplier of gasoline, diesel and jet fuel. Colonial paid the ransomware...
Sometimes it takes a public event to remind corporate risk managers about the importance of effective risk management. While corporate risk management functions have become yet another “hot” topic or new-fangled response to corporate failures to prevent obvious risk, most organizations continue to wander in the world of reactive business planning rather than proactive prevention. It has been fairly obvious for years that most corporate...
Companies are correctly focused on cybersecurity risks. Notwithstanding this focus, companies are struggling with how to respond to threats and risks. Cybersecurity threats are quickly evolving – akin to the time when countries engaged in military arms races. As they evolve, companies have to embrace proactive strategies and cannot rely on a compliance strategy that reacts to events and threats. Cyber criminals are quickly embracing...
