The spread of COVID-19 has prompted an enormous shift by organizations to the use and implementation of remote working solutions for a wide range and number of employees. Unfortunately – but perhaps not surprisingly – this shift has provided malicious cyber actors with additional ways to infiltrate remote use networks. The spread of COVID-19 has brought with it a huge surge in data security incidents, as hackers look to exploit new organizational vulnerabilities and distracted and overburdened IT security personnel.
Author: Peter Baldwin
Peter Baldwin draws on his experience as a former federal prosecutor to counsel clients facing government investigations and cybersecurity issues. View Peter's full bio on the Faegre Drinker website.
Recent FinCEN Advisory Details Dramatic Increase in Frequency and Severity of Business Email Compromise Fraud Schemes
On July 16, 2019, the U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) issued an “Updated Advisory on Email Compromise Fraud Schemes Targeting Vulnerable Business Processes” (the “Advisory”). The Advisory provides a detailed and helpful overview of trends in Business Email Compromise (“BEC”) schemes affecting U.S. financial institutions and other businesses.
U.S. Securities and Exchange Commission Issues Risk Alert Regarding Safeguarding Customer Records and Information Stored on Cloud-Based Platforms
On May 23, 2019, the United States Securities and Exchange Commission (“SEC”)’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert entitled “Safeguarding Customer Records and Information in Network Storage – Use of Third Party Security Features” (the “Risk Alert”). The Risk Alert highlights the risks associated with the storage of customer records and information by broker-dealers and investment advisors on cloud-based storage platforms.
FBI Releases 2018 Internet Crime Report
On April 22, 2019, the FBI’s Internet Crime Complaint Center (“IC3”) released its Internet Crime Report (the “Report”) for 2018. IC3 issues the Report annually as a means to highlight data and identify key trends about Internet crimes.
Charges Connected to Hack of SEC’s EDGAR System Discussed in SECurities and Law Perspectives
Last week, the Department of Justice (“DOJ”) and the Securities & Exchange Commission (“SEC”) announced charges connected to a large-scale, international conspiracy to hack into the SEC’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system and profit by trading on stolen material, non-public information. The conduct underlying these cases was one of the principal reasons that the SEC created its Division of Enforcement “Cyber Unit” to target cyber-related securities fraud violations.
New Handbook Provides Guidance to Healthcare Delivery Organizations on Preparation and Response to Medical Device Cybersecurity Incidents
Recently, the MITRE Corporation, in collaboration with the U.S. Food and Drug Administration (FDA), announced the release of the Medical Device Cybersecurity Regional Incident Preparedness and Response Playbook. The Playbook was designed to provide “tools, references, and resources” for Healthcare Delivery Organizations (HDOs) to better prepare for and respond to medical device cybersecurity incidents.