Recent developments reinforce the urgent need for general counsel and legal departments to deepen their focus on cybersecurity. In today’s environment, any organization can be the target of a cyberattack, regardless of industry, size, or geographic footprint. Indeed, in just the past few years, a variety of cyber adversaries have attacked financial institutions, social media sites, a movie studio, hospital systems, a peer-to-peer ridesharing company, the Democratic National Committee, hotel chains, city governments, educational institutions, telecommunications and energy utilities, prominent retailers, manufacturers, and even the mobile app of a well-known coffee and donut chain.
Major companies, health care organizations and government agencies are facing a wave of cyberattacks involving ransomware that takes control of computers and denies access until a ransom is paid. These attacks are occurring on a global scale and in some cases are having a significant impact on business and healthcare operations. The cyberattack has disrupted targets throughout the world from Britain’s National Health Service to US Fortune 500 companies, the Russian Foreign Ministry, and universities in China.
The Office of the Comptroller of the Currency (OCC) issued an alert today warning banks of a recent spate of distributed denial of service (DDoS) attacks directed at several U.S. banks, and reiterating its expectation that banks have risk management programs in place to identity and mitigate the “new and evolving threats” to online customer […]