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The biggest cybersecurity risk to companies is the actual risk of being hacked, according to Cy Vance, global chair of cybersecurity at Baker McKenzie, because all of the other legal threats stem from that initial act.
“Of course, different organizations will have different levels of cybersecurity dispute risk depending on their business or function, and how well they implement and enforce their cybersecurity protocols,” he said.
Corporate counsel, together with chief cybersecurity officers, can play a significant role in helping a company find their blind spots and potential legal risks related to cyber, Vance said. They can help develop better policies, training and procedures too.
As the threat of cybersecurity has grown, the regulatory response has led to an even greater level of risk for organizations.
“The level of sophistication in method – and the sheer number of attacks being executed – are certainly the main drivers,” Vance said. “But the increasing demands of regulatory authorities – across a patchwork of agencies and jurisdictions – has added another level of complexity.”
Companies are facing a range of new and proposed mandates to accelerate requirements for reporting a suspected data breach.
Historically, more than two-thirds of ransomware attacks went unreported in the U.S. and companies often made confidential arrangements to pay off sophisticated threat actors who often extorted millions of dollars from companies.
Vance said it is critical to develop a more unified regulatory framework moving forward.
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Chief Product Officer Josh Prewitt said the company restored email access to more than three-quarters of its Hosted Exchange customers. But Rackspace officials pushed back on alleged connections to ProxyNotShell.
Threat actors lean heavily on phishing attacks, vulnerabilities in software and containers, and stolen credentials, according to top cyber vendor research.
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Chief Product Officer Josh Prewitt said the company restored email access to more than three-quarters of its Hosted Exchange customers. But Rackspace officials pushed back on alleged connections to ProxyNotShell.
Threat actors lean heavily on phishing attacks, vulnerabilities in software and containers, and stolen credentials, according to top cyber vendor research.
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