Cybercrime

Why Developing Cyber Resilience Requires Emotional Intelligence 

Liability cases are rising as the top leaders of corporations are being held personally accountable for data breaches. The Bank of Ireland, for example, was recently fined a record €24.5m and publicly reprimanded by the Central Bank of Ireland for IT failures dating back to 2008. The visible cost of malicious cybercrime attacks is estimated…
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Cyber Insurance

Ransomware Attacks Continue to Cause More Underwriter Scrutiny

Continued widespread cyber attacks have leaders in just about every industry wary and watchful, and insurance underwriters are no exception. Given the increase in claims from recent ransomware attacks, cyber insurers are requiring even more information as part of their underwriting processes. Applications for cyber insurance are already lengthy and require detailed information around specific practices,…
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Ransomware

Cyber Ransoms: To Pay or Not to Pay?

Ransomware attacks are an increasingly prevalent form of cyber threat. COVID-19 has contributed to the increase in ransomware attacks, as remote workforces are increasingly dependent on email and therefore susceptible to phishing attacks. In a typical ransomware attack, the hacker encrypts key files and systems at the target organization to cripple its operations and demands…
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Ransomware

Senate Introduces Ransomware Notification Mandate 

The US Senate has introduced a bill that would require businesses with more than 50 employees to report ransomware payments within 24 hours.  (S. 2666), the “Sanction and Stop Ransomware Act of 2021,” was introduced by the Senate Homeland Security Committee and Governmental Affairs Committee and also would apply to nonprofits, state and local government…
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Ransomware

New Ransomware Guidance Issued

On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued new ransomware guidance, discouraging companies and citizens from paying ransoms. The Updated Advisory on Potential Sanctions Risks for Facilitating Ransomware Payments is the latest step taken by the Biden Administration to curb the increase in ransomware attacks. In…
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Data Security

The Impact of Data Security Incident Trends on Commercial Transactions

The 2021 edition of BakerHostetler’s annual Data Security Incident Response Report – a report based on the firm’s experience with data security incident response and litigation over the past year – features a number of important insights previously covered on this blog including trends in global breach notification, healthcare industry risks and ransomware. The Report is a helpful tool for companies…
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Ransomware

U.S. Government Releases Tools for Fighting Ransomware

The U.S. Department of Homeland Security, in conjunction with the U.S. Department of Justice, launched a new one-stop hub for ransomware guidance on July 15. The hub is designed to help the public and private sectors deal with the rising threat of ransomware, writes JD Supra. The hub includes resources for private and public organizations,…
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