Vendor Incidents, Ransomware and more: May Cyber News Bytes

May Cyber News Bytes

2022 DSIR Vendor Incidents Deeper Dive 

Vendor incidents present unique challenges to both the vendor and customers involved. A recent piece by Baker Hostetler’s Stefanie Ferrari outlines why these events are more complicated to manage. Ferrari also provides some valuable perspective on how vendors and customers can better prepare themselves. As businesses become more dependent on those within their supply chains, it’s crucial to consider and implement protective measures. 

FBI Warning: Ransomware Attacks are Bumper for Farms

Ransomware and supply chain incidents have been hotly discussed topics in the past two years. An example of how these two topics can converge was provided last month in an FBI bulletin that warned the nation’s farmers and other agricultural businesses that they could be considered ransomware targets. A write-up from IT Brew mentions that the seasonality associated with farming leaves the industry vulnerable and potentially in a difficult position from a negotiation perspective. The article also discusses the supply chain issues that could result from ransomware attacks, which is why the industry is considered a target for bad actors attempting to destabilize the US economy. 

It’s Elementary: Measures Educational Institutions Should Take to Prepare for Ransomware Attacks

There are several key factors and critical facts to consider when it comes to educational institutions in preparation for a likely inevitable cybersecurity incident. An article from Benjamin Wagner and Allison Clark of Baker Hostetler addresses laws that could be implicated when an educational institution suffers a ransomware attack. These laws apply to all 50 states, the District of Columbia, and three US territories. These laws vary based on the nature of the accessed and/or acquired data. 

Three Ways To Avoid Cyber-Related D&O Costs

Cyber incidents continue to rise, and as these trends continue, companies face an increased risk of exposure. Regardless of size, every company faces the risk of a cyberattack. Aside from the organization as a whole, the organization’s directors and officers are also at increased risk. As a result, cybersecurity should be prioritized. An article from D&O Diary outlines and describes three important ways to avoid or reduce cyber-related D&O costs. These include purchasing cyber insurance, having a comprehensive understanding of D&O policy-specific coverage exclusions and instituting cyber risk prevention and mitigation strategies.

Resource Available: Social Engineering Explained

Some of the most notable tools in a cybercriminal’s toolbox are social engineering schemes, which rely on deception and playing on a victim’s emotions to extort money and personal information. The RCM&D Cyber Practice stands ready to help you defend your business from these kinds of schemes and attacks. We have access to industry-standard tools, such as BitSight cybersecurity scanning, to help you ensure your business is protected. 

Check out this document to learn more about social engineering. 


Questions?

RCM&D is here for you to help protect your cybersecurity. Talk to a trusted advisor today with any questions on these highlighted issues and beyond.

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