On April 15, 2021, the New York Department of Financial Services (NYDFS) issued a report on the recent SolarWinds cyberattack. A copy of the report is available here. NYDFS called the attack a “wake-up call” to regulated financial institutions and insurers that should cause them to immediately assess and, if necessary, improve their own cybersecurity posture in order to avoid victimization in future attacks.
NYDFS characterized the SolarWinds attack as a “widespread, sophisticated espionage campaign” by Russian foreign intelligence actors that resulted in “the most visible, widespread, and intrusive information technology supply chain attack” successfully completed to date. According to the report, the attack opened back doors into thousands of organizations around the United States and involved the theft of sensitive data from over 100 private sector companies, as well as at least nine federal agencies. NYDFS noted ominously that the attack highlighted the obvious “vulnerability to supply chain attacks” within the financial services industry.
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Due diligence is at the heart of negotiating and finalizing any major deal, and parties’ cybersecurity practices have become a focal point in the M&A due diligence process. In the latest episode of the Faegre Drinker on Law and Technology Podcast, host Jason G. Weiss and guests Paul Luehr and Dori Cain discuss the importance of cybersecurity due diligence in the mergers and acquisitions field, what criteria professionals evaluate in this process, and how “cybersecurity hygiene” can impact the deal-making process. The podcast covers a number of questions, including:
- What does the cybersecurity due diligence aspect of a merger or acquisition look like? Why is “cyber diligence” so important in the deal-making process?
- What insights or hard facts are cybersecurity professionals looking for when evaluating cybersecurity at the outset of the mergers and acquisition process? What “cyber hygiene” criteria should be assessed at every step of deal negotiations? Are there any common deal-breakers in this process?
ISO, NIST, CMMC — if the alphabet soup of cybersecurity frameworks has you confused, we’ve got you covered. In the latest episode of the Faegre Drinker on Law and Technology Podcast, host Jason G. Weiss chats with guest Jim Watkins, former deputy laboratory director in the FBI’s Orange County Crime Lab and current certified technical assessor for the ANSI National Accreditation Board, about some of the more prominent cybersecurity frameworks, the process of cybersecurity assessments, how compliance issues are addressed, and what’s the difference between self-assessment, self-certification, and accreditation, and how a skilled attorney can make all the difference in getting accredited.
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I spent over 22 years in the FBI performing criminal cyber and forensics investigations. Many of these investigations led us to people who were innocent of the alleged crimes but who were guilty of unknowingly allowing criminals to hijack their home or business Wi-Fi networks. These cyber-criminals were committing crimes while leaving a digital fingerprint that pointed at people guilty only of poor Wi-Fi security.
If you do not encrypt your Wi-Fi settings, you may get an early morning visit from my former FBI colleagues investigating federal crimes such as child pornography or terrorist threats. Why? You might be the victim of a nefarious behavior known as “War Driving,” which occurs when cyber-criminals drive through your neighborhood, identify unencrypted Wi-Fi signals, and do their evil bidding using your Internet Protocol or IP address. When law enforcement checks the IP address associated with the criminal behavior, it is your name and address that surfaces. Often this connection can be the basis for a criminal search warrant with your name on it. Many a front door has knocked down as a result of this kind of search warrant.
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You’ve been hacked! What happens next? In the latest episode of the Faegre Drinker on Law and Technology Podcast, host Jason G. Weiss talks with guests Serge Jorgensen, founding partner and chief technology officer at Sylint Cybersecurity, and Faegre Drinker’s Jay Brudz about the legal and technical aspects of a cybersecurity incident, action items leaders should be prepared to take in the immediate aftermath of a breach, and other critical decisions that will make or break your incident response.
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We have posted four previous articles discussing the foundation and structure of what a disruptionware attack is, how their attack matrix works, possible defenses to disruptionware attacks and industries that are very susceptible to these attacks. Disruptionware has proven over the last year that it is a growing and dangerous cyber threat to our data, our businesses and possibly our lives.
Disruptionware attacks typically involve ransomware and they aim to encrypt and hold the victim’s data hostage. Such attacks are usually financially motivated, and, to date, there have fortunately been only a few known examples where the disruptionware attack has resulted in threats to health and safety or caused loss of life. When such significant collateral damage has occurred, it typically appears to have been inadvertently caused.
Continue reading “Disruptionware V: Malicious Cyber Actors Attack a Florida Water Treatment Facility”