The cyber threat environment continues to grow more menacing. Over the last year, organizations have been faced with a weekly, if not daily, deluge of ominous cybersecurity alerts and advisories from law enforcement. Cyberattacks come in many forms – i.e., malware-based attacks, phishing, spoofing, zero-day exploits, denial-of-service attacks, supply chain attacks, and insider threats, among others – and are clearly on the rise. No organization is immune. Indeed, over the last year, the vast majority of companies experienced some form of a cyberattack. Accordingly, it is not a matter of if your organization will experience a cyberattack but when, and what you can do to minimize liability risks. This article 1) details the growing threats posed by cybercriminals; 2) describes Business Email Compromise (BEC) and ransomware attacks; 3) highlights the latest developments in cybersecurity regulations and compliance; 4) discusses the increased enforcement landscape on cybersecurity compliance; 5) analyzes the impact of the Supreme Court's recent False Claims Act decision and; 6) provides tips to avoid becoming a target of a federal or state enforcement action.
This paper was written by B. Stephanie Siegmann, Partner at Hinckley Allen, and Alex Trafton, Managing Director at Ankura for the American Bar Association. Reprinted with permission. All rights reserved.
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