COVID-19 Preparedness: Updating Incident Response Plans for Pandemic Scenarios

A Q&A with Ron Raether of Troutman Sanders

In the wake of the COVID-19 pandemic, the traditional workforce has largely transformed into a work-from-home workforce, raising novel cyber security issues for organizations—particularly given a wave of attacks capitalizing on newfound vulnerabilities. One way to prepare for the current reality is to update cyber incident response plans with provisions for a remote response. We talked with Ron Raether of Troutman Sanders about making these needed updates.

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Can You Imagine the Future of Ransomware?

Over the past 18 years at NetDiligence, we’ve often been asked about the future of ransomware. And the truth is that even after 18 years in this space, no one can fully predict what will happen.

Even when ransomware became more widespread during the 2000s, no one could have imagined the current magnitude of the threat of cybercrime. Ransomware incidents have skyrocketed in recent years, becoming the number one cause of loss within the cyber risk insurance industry.

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Cyber Security and Privacy Risks During the COVID-19 Pandemic

The COVID-19 outbreak has necessitated the creation of a mobile workforce practically overnight. Yet this sudden change raises cyber security and privacy issues that companies must now reckon with. The webinar “COVID-19 Emerging Issues: Managing Cyber Risks of a Remote Workforce and Global Privacy Concerns,” presented by NetDiligence and Arete Incident Response on March 24th, addressed this rapidly evolving reality.

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What Is a Ransomware Attack and How To Deal With It

Ransomware is a type of malware designed to block access to a computer system until a sum of money is paid. Typically, a ransomware attack starts with an innocent-looking email with an infected link or fake document attached. In fact, the average company received a whopping 90% of their detected malware through email, according to Verizon’s 2019 Data Breach Investigations Report (DBIR). Unfortunately, phishing emails are getting more clever every day. For example, you might get a message that looks like it’s from a known delivery company, asking you to click to get the status of a package.

A lot of people will click because we all come across emails like this on a daily basis. But if it’s ransomware, clicking will cause the malware to execute/install and then spread throughout the network, encrypting all your devices and data and blocking you out. Once your system is completely encrypted, a message will appear on your screen with the extortion demand. It might go something like this: “Your network is now owned by us. You are locked out. In order to regain access, you must pay a certain amount of bitcoin and here are the instructions to do it.” There are many variations of this message and many include an exact deadline.

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Deepfakes: A Rising Cyber Threat

Deepfakes: A Rising Cyber Threat
A Q&A with John Farley of Gallagher

One of the most dangerous cyberattacks emerging on the threat landscape is also among the most difficult to detect or prevent. Deepfake technology enables perpetrators to mimic the voices and images of real people and it has significant consequences for companies, individuals and the democratic process. John Farley, managing director of the cyber liability practice of Gallagher, gave us an update on this concerning development.

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Ransomware Trends in 2020 Call for Increased Cyber Readiness

As IT systems and data play increasingly important roles in business, opportunities for cybercriminals continue to grow. For the first time, the annual Allianz Risk Barometer Report found cybercrime to be the number one concern for companies around the globe.

The increase in concern over cybercrime coincides with a rise in the number of ransomware attacks—and the dollar amount of payouts. A quick search of ransomware attacks in 2019 reveals that some 55 percent of SMBs in the United States were forced to pay hackers following an attack. 

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What Insurers Need to Know About New York’s SHIELD Act

What Insurers Need to Know About New York’s SHIELD ActA Q&A with Laurie Kamaiko of Saul, Ewing, Arnstein & Lehr LLP
Going into effect in its entirety on March 21, 2020, the New York SHIELD (Stop Hacking and Improve Electronic Data Security) Act updates previous data security laws while creating more obligations and potential concerns for companies and their cyber insurers. We asked Laurie Kamaiko of Saul, Ewing, Arnstein and Lehr about this legislation and how insurers can prepare for its implementation.

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The Intersection of Third Party Risk and Insurance

A Q&A with Matthew Cherian of BitSight
Third party data security risk continues to grow and even mature enterprises struggle to contain this unwieldy challenge. For cyber insurers, it’s becoming increasingly urgent to find better tools for assessing third party vendor risk when underwriting for a policy. To learn more about why and how this should be done, I spoke with Matthew Cherian, Vice President of Strategic Partnerships of BitSight. 

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Protecting Executives from Compromise

A Q&A with Chris Pierson, CEO of BLACKCLOAK
Increasingly, cyber criminals target corporate executives and high net worth individuals not inside their well protected work environments, but at home, where they are most vulnerable. We spoke with Dr. Chris Pierson, CEO of BLACKCLOAK about the risks organizations face, and how they can better defend targeted individuals against bad actors.

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