VLP Partner Melissa Krasnow Quoted in Bloomberg Law Article “Nation-Backed Cyberattacks Escalate Push to Bolster Data Shields”
VLP Partner Melissa Krasnow was quoted in the Bloomberg Law Article “Nation-Backed Cyberattacks Escalate Push to Bolster Data Shields.”
The article describes recent state-sponsored cyberattacks and US government agencies stepping up their cybersecurity protocols and advisement, and pressure being created for private-sector companies to shore up their defenses or risk potentially devastating hacks.
Companies should automate online threat testing in the wake of ransomware operations by Iranian-affiliated hackers targeting US critical infrastructure, the Cybersecurity and Infrastructure Security Agency warned in a September 14 multinational cybersecurity alert.
According to Ms. Krasnow: “While a rogue hacker usually seeks monetary gain, a nation behind a breach also can use the information accessed for intelligence or political purposes….”
She said that the advisory issued by CISA speaks to the “significance and the pervasiveness” that known vulnerabilities pose to security systems and that preventable hacks that exploit these vulnerabilities are best addressed with strong “cyber hygiene” practices, such as regularly updating and patching operating systems, encrypting backup data, and limiting access to administrative log-in information.
Attorneys and data security professionals also identified vendor contracts and cyber liability insurance as two forces that will push everyone toward better cybersecurity outside of government action.
According to Ms. Krasnow: “I’m advising most of my clients, unless there’s a very good reason not to, to pursue [policies] if they don’t have it, and I think organizations see the need for insurance.”
She noted that the cyber insurance market has become increasingly competitive as rising claims have pushed providers to raise the security requirements for obtaining or maintaining a policy.
Insurance coverage for state-sponsored hacks may also become more difficult to obtain. Lloyd’s of London, the world’s largest insurance marketplace, last month issued a mandate for companies in its market to stop selling insurance covering state-backed cyberattacks.
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