Log4j Vulnerability Prompts Insurance Commissioners to Issue Guidance

Share

On December 11, 2021, the Cybersecurity and Infrastructure Security Agency, in partnership with the FBI and NSA, announced a critical remote code execution vulnerability had been identified in the Apache Log4j software library. This vulnerability allowed a successful threat actor to take control of a network system and cause a variety of damage, including the ability to launch ransomware, steal and destroy victim information, deploy malware, and disrupt internal and infrastructure operational control. Insurance regulators from four states have recently issued guidance in response to the threat, and it is likely more insurance commissioners will follow suit.

Continue reading “Log4j Vulnerability Prompts Insurance Commissioners to Issue Guidance”

Discerning Data Cyber Vulnerability Alert: Log4j

Share

According to numerous government and media sources, malicious cyber actors are targeting a new “zero day” vulnerability on a massive scale. This vulnerability, referred to as “Log4j” or “Log4Shell,” has resulted in widespread exploitation of a critical remote code execution (RCE) vulnerability (CVE-2021-44228) in Apache’s Log4j software library.

Read the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA)’s guidance on the Log4j vulnerability here.

Continue reading “Discerning Data Cyber Vulnerability Alert: Log4j”

New York Department of Financial Services Issues New Guidance on Multi-Factor Authentication and Cybersecurity Frameworks

Share

With cyberattacks continuing to plague the financial services industry, the New York Department of Financial Services (NYDFS) recently released new guidance for regulated entities related to the use of Multi-Factor Authentication (MFA) and cybersecurity frameworks.

On December 7, 2021, NYDFS issued a formal Industry Letter entitled Guidance on Multi-Factor Authentication. According to the Industry Letter, MFA “is an essential part of cybersecurity hygiene . . . which is why it was one of the few technical controls explicitly required by” the NYDFS Cybersecurity Regulation, 23 NYCRR Part 500 (the Cybersecurity Regulation). However, the Industry Letter goes on to note that “MFA weaknesses are the most common cybersecurity gap exploited at financial services companies,” most often due to MFA “being absent, not fully implemented, or configured improperly.” Specifically, NYDFS noted that, from January 2020 to July 2021, more than 18.3 million consumers were impacted by cybersecurity incidents reported to NYDFS that were linked to an MFA failure.

Continue reading “New York Department of Financial Services Issues New Guidance on Multi-Factor Authentication and Cybersecurity Frameworks”

NIST Releases New “Cybersecurity Framework Profile for Ransomware Risk Management” to Battle Growing Threat of Ransomware Attacks

Share

Ransomware incidents continue to be on the rise, wreaking havoc for organizations globally. Ransomware attacks target an organization’s data or infrastructure, and, in exchange for releasing the captured data or infrastructure, the attacker demands a ransom. This creates a dilemma for organizations — the decision to pay the ransom, relying on the attacker to release the data as they say, or to reject the ransom demand and try to restore the data or operations on their own.

Continue reading “NIST Releases New “Cybersecurity Framework Profile for Ransomware Risk Management” to Battle Growing Threat of Ransomware Attacks”

Fall Cybersecurity Enforcement Update: State and Federal Regulators Increase Scrutiny on Victims of Cyberattacks

Share

We have written here previously about the dramatic increase in cyberattacks on companies of all types since the start of the COVID-19 pandemic. Indeed, by some estimates, ransomware attacks have increased over 90% during the first half of 2021 compared to the same period last year. As these and other types of cyberattacks have increased, various federal and state regulators have correspondingly stepped up efforts to investigate and bring enforcement actions – which often include large fines – against companies that are perceived to have been negligent in their cybersecurity efforts. Two of the most active agencies in cybersecurity enforcement have been the New York Department of Financial Services (NYDFS) and the United States Securities & Exchange Commission (SEC), both of which have made important announcements regarding cybersecurity compliance in the past few months.

Continue reading “Fall Cybersecurity Enforcement Update: State and Federal Regulators Increase Scrutiny on Victims of Cyberattacks”

Faegre Drinker on Law and Technology Podcast: An Interview With Cybersecurity Regulators

Share

The regulation of cybersecurity remains a new and rapidly evolving space — and regulatory activity and priorities can be somewhat opaque to outside observers. In this special episode of the Faegre Drinker on Law and Technology Podcast, host Jason G. Weiss shares a discussion led by Faegre Drinker’s Peter Baldwin, who sat down with Brent Wilner, senior advisor to the Securities and Exchange Commission’s (SEC) Cyber Unit, and Justin Herring, leader of the New York Department of Financial Services’ (NYDFS) Cybersecurity Division. The two guests share their insights on each agency’s priorities in cybersecurity, data protection and enforcement.

Continue reading “Faegre Drinker on Law and Technology Podcast: An Interview With Cybersecurity Regulators”

©2024 Faegre Drinker Biddle & Reath LLP. All Rights Reserved. Attorney Advertising.
Privacy Policy