Cyber Attacks

News & Analysis as of

Ninety-Nine Problems but a Breach Ain’t One: Cybersecurity Lessons for Insurers

In the movie WallStreet , the character Gordon Gekko famously states that information is the most valuable commodity he knows. These days, the same could be said of data, which can now be bought, sold, and, increasingly,...more

Malware Attacks Against Healthcare Sector Rose 67 percent in Q3 of 2016

The NTT Security Q3 Quarterly Threat Intelligence Report states that the healthcare industry is the fifth most targeted industry for ransomware (behind financial services, retail, manufacturing and technology) for all cyber...more

A New Chapter in the Cybersecurity? Is there a Role for Active Deterrence?

In the 1969 film Butch Cassidy and the Sundance Kid, after Butch and Sundance rob Union Pacific Railroad (“Union Pacific”) the first time, Union Pacific employs a stronger safe. After Butch and Sundance rob Union Pacific a...more

Trump’s New Cyber Security Plan?

With the recent news regarding Yahoo’s massive data breach and the continuing posting of Clinton Foundation emails by Wikileaks, cybersecurity policy is beginning to get the discourse it is due. Secretary Clinton’s campaign...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more

FinCEN Issues Advisory and FAQs Regarding Reporting Cyber-Events

The Financial Crimes Enforcement Network (“FinCEN”) has issued an advisory (“Advisory”) and Frequently Asked Questions (“FAQs”) to assist financial institutions in reporting cyber-events, cyber-enabled crime, and...more

Recent CyberSecurity Incidents Emphasize Importance of Cyberinsurance

As the threat of cyberattacks continues to pose daily threats to businesses large and small, more companies have turned to cyber insurance products to shore up protection against these disruptive threats. A spate of recent...more

FTC Issues Data Breach Response Guidance

The Federal Trade Commission (FTC) this week issued the publication, Data Breach Response: A Guide for Business, that outlines steps it recommends that businesses take when it believes it may have suffered a data breach....more

Why The Election Can’t Be Hacked: Internet Of Things Edition.

In our consulting days, a former boss – a retired Army Colonel – enjoyed sharing his Cold War recommendation for protecting sensitive documents from the KGB: fill up a fleet of tractor-trailers with every U.S. government...more

DOT Issues Proposed Cybersecurity Guidance for Auto Industry

On Monday, October 24, 2016, the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) issued proposed cybersecurity guidance to the auto industry, including auto manufacturers and designers...more

Latest Cyber Attack a Wake-up Call: What are your company’s IoT exposures?

The Internet of Things gives rise to many risks and exposures that companies and their insurers were not thinking about as recently as a couple years ago, and probably aren’t fully cognizant of today....more

G-7 Leaders Establish Cybersecurity Best Practices for Financial Sector

Businesses and financial entities continue to grapple with the increasing frequency and sophistication of hacking, displayed by the recent botnet attack that affected numerous websites on October 21, 2016, as well as the...more

European Court Of Justice Rules That Dynamic IP Addresses Can Be Personal Data

In a ruling with significant potential impact, the Court of Justice of the European Union (CJEU) has ruled that a dynamic internet protocol (IP) address may constitute "personal data" under EU Data Protection Directive...more

FFIEC Releases Answers To FAQs About Cybersecurity Assessment Tool

On October 17, 2016, the Federal Financial Institutions Examination Council (“FFIEC” or the “Council”) released a set of answers to frequently asked questions about its cybersecurity assessment tool (the “CAT”). The FFIEC, an...more

DoD Finalizes Cybersecurity and Cloud Computing Rule

On October 21, 2016, the Department of Defense (DoD) issued a final rule following-up on the interim rules it had issued on August 26 and December 30, 2015, regarding safeguarding contractor networks and purchasing cloud...more

When Botnets Attack: How Hackers Shut Down the Internet

Beginning early on October 21, 2016, Dyn, a New Hampshire based internet service company, was the victim of three distributed denial of service (DDoS) attacks. The first attack began at 7am ET and was resolved within about...more

DoD issues final rule on covered defense information clarifying contractor obligations

The US Department of Defense (DoD) issued a rule on Friday, October 21, 2016, finalizing its information security and cyber incident reporting requirements. The rule, Network Penetration Reporting and Contracting for Cloud...more

Employment Law Navigator – Week in Review: October 2016 #4

Last week, the Federal Trade Commission and the U.S. Department of Justice Antitrust Division issued guidance for human resources professionals on how antitrust laws apply to employee hiring and compensation. The federal...more

Connecticut Governor appoints State Cybersecurity Czar

Gov. Dannel P. Malloy recently appointed Democrat Arthur H. House the state’s first cybersecurity czar. House moves into the role after serving as the chairman of the Public Utilities Regulatory Authority for the past four...more

Cyber Security and Loss Recovery - A New Alternative for Organizations

The largest data breaches ever have occurred since 2015, and targets have encompassed a wide spectrum of entities. Organizations affected range from U.S. DOJ and the IRS—where citizens’ personally identifying information was...more

Federal Banking Agencies Propose New Requirements for Managing Cyber Risk

Three federal banking agencies have announced plans to develop new rules that would establish cyber risk management and resiliency standards for large interconnected entities under the agencies' supervision, as well as those...more

Bank Regulators Issue Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

Three federal banking regulatory agencies have approved an advance notice of proposed rulemaking (ANPR) inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply...more

Prepare for the Hack: Five Things to Keep in Mind when Shopping for Cybersecurity Insurance

When your company's confidential information ends up on the dark web, it is obviously too late to start thinking about adequate insurance coverage for the barrage of claims and expenses that are about to hit like a tidal...more

World Energy Council Issues New Report on Cyber Risk

Because cyber risk presents a “unique concern” in the energy sector, the World Energy Council has issued a new report entitled “The Road to Resilience: Managing Cyber risks,” to its industry leaders....more

Privacy Tip #56 – Be Careful Before You Link Your Home Appliance to Your Smartphone and Change Your Passwords Now

Last week, Brian Krebs reported that hackers using a malware dubbed “Marai” have identified hundreds of thousands of home and office devices that have weak security. Then the hackers released the malware publicly so anyone...more

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