Family Office Technology Hub Family Office Threats: Ransomware
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Jun 30, 2024 David Sun, a cybersecurity expert with 25 years of experience at CohnReznick, and Annmarie Giblin, a partner at Norton Rose Fulbright specializing in cybersecurity law, discuss the alarming evolution of ransomware attacks. They highlight legal requirements for incident reporting and the importance of proactive cybersecurity measures like multi-factor authentication. The conversation also delves into the intricacies of cyber insurance, exploring coverage options and limitations. Ultimately, they emphasize rigorous training and a well-crafted incident response plan for family offices.
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Ransomware Evolution
- Ransomware attacks have evolved from simply encrypting systems to exfiltrating sensitive data before encryption.
- This makes backups less effective, as attackers now threaten to publish stolen data if ransom isn't paid.
Ransomware Risk for Family Offices
- All organizations, regardless of size, are vulnerable to ransomware attacks due to automated attack methods.
- IT operations and security are distinct, requiring specialized expertise for effective defense.
Data Breach Risks and Legal Implications
- Be aware of the unique risks family offices face, like the exposure of personal information and family secrets.
- Understand legal implications and notification requirements in case of data breaches.