Earlier this month, the New York State Department of Financial Services (NYDFS) announced a settlement and consent order with National Securities Corporation (National Securities) for $3 million in connection with National Securities’ violations of NYDFS’s Cybersecurity Regulation, 23 NYCRR Part 500 (Part 500).
National Securities sells life insurance, accident and health insurance, and variable life/variable annuities insurance. As part of its day-to-day operations, National Securities collects personal data from its customers.
Continue reading “New York Department of Financial Services and National Securities Corporation Agree to $3 Million Settlement in Cybersecurity Enforcement Action”
On October 28, 2020, the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI) and the Department of Health and Human Services (HHS) issued a Joint Cybersecurity Advisory warning of “an increased and imminent cybercrime threat to U.S. hospitals and healthcare providers.” The agencies collectively warned that “malicious cyber actors are targeting the Healthcare and Public Health (HPH) Sector with Trickbot malware, often leading to ransomware attacks, data theft, and the disruption of healthcare services.”
Continue reading “Multiple Federal Agencies Jointly Warn of Increased and Imminent Cybercrime Threat to U.S. Hospitals and Healthcare Providers”
Ransomware attacks are on the rise in the wake of COVID-19, but attack victims — and third parties who assist them — could unknowingly be in violation of federal law. A new advisory from the U.S. Department of the Treasury warns that ransom payments to sanctioned individuals or entities may result in significant criminal or civil liability. Companies should closely review the details of this advisory to minimize the risk of violating the U.S. sanctions laws if they are victimized by a ransomware attack.
For the full alert, visit the Faegre Drinker website.
Over the past few months, I have written about the threat first identified by the Institute for Critical Infrastructure Technology (ICIT) called disruptionware. We have previously described what disruptionware is, how it works, and outlined some of the defenses that can be used to defend against a multitude of disruptionware attacks. Many may have thought the immediate notifications of the threat posed by this new concept of disruptionware had been adequately made public and sufficiently identified. Unfortunately, disruptionware continues to impact new sectors.
According to ICIT, disruptionware is an evolving category of malware designed to “suspend operations within the victim organization through the compromise of the availability, integrity and confidentiality of the data, systems, and networks belonging to the target.” Recently, ICIT identified a new threat from disruptionware that will likely have a seriously adverse effect on the American energy sector. ICIT goes so far as to refer to disruptionware in the context of an attack on the U.S. energy grid as a “weapon of mass destruction.”
Continue reading “Disruption IV: The New Threat Disruptionware Poses to the American Energy Sector”
On September 1, 2020, Department of Defense (DoD) contractors will be required to comply with the recently released Cybersecurity Maturity Model Certification (CMMC) requirements. The CMMC requirements are designed to ensure that suppliers, contractors and subcontractors working with the DoD’s Office of Acquisition and Sustainment have cybersecurity frameworks in place “to assess and enhance the cybersecurity posture of the Defense Industrial Base (DIB).” Through the creation of the CMMC, DoD appears to be enhancing the requirements of NIST 800-171, ISO 27001 and other cybersecurity-related frameworks.
The CMMC model delineates five “maturity” levels, with level 1 being the least secure and level 5 being the most secure. Once the CMMC takes effect, DoD will assign all solicitations an appropriate maturity level that bidders must be able to meet if they wish to bid on the solicitation.
Continue reading “DoD’s Cybersecurity Maturity Model Certification Is Here: What Your Business Needs to Do to Prepare”
On April 13, 2020, the New York Department of Financial Services (NYDFS) issued new guidance to all New York State Regulated Entities to highlight “a significant increase in cybercrime” related to the COVID-19 epidemic. NYDFS’s guidance identified “several areas of heightened cybersecurity risk as a result of the crisis.” These risks include:
- Remote Working – The mass shift to remote working forced by COVID-19 has created new security threats which are being exploited by hackers. Regulated entities should take proactive steps to address these new security threats. Among other things, regulated entities should take steps to make their remote access as secure as possible by using multi-factor authentication and VPNs. Companies also should ensure that devices used to access networks are properly secured and/or controlled. Regulated entities also must take steps to ensure the security of remote working communications, like video conferencing applications. Finally, companies should ensure that employees are not accessing or sending sensitive or non-public information through personal email accounts or devices.
Continue reading “New York Department of Financial Services Issues New Guidance Regarding COVID-19 Cybersecurity Risks”