Cyber-security: legal implications for financial institutions. IAPP Europe Data Protection Intensive 2013

Save this PDF as:

Size: px
Start display at page:

Download "Cyber-security: legal implications for financial institutions. IAPP Europe Data Protection Intensive 2013"

Transcription

1 Cyber-security: legal implications for financial institutions IAPP Europe Data Protection Intensive 2013

2 Vivienne Artz Managing Director and General Counsel, Citi Cyber threat landscape Kris McConkey Director, Cyber Threat Detection & Response, PwC Legal risks faced by financial institutions and the evolving regulatory frameworks in the EU and US Nigel Parker Senior Associate, Allen & Overy

3 April 2013 Vivienne Artz Managing Director and General Counsel, Citi

4 Cyber-security fiction to fact Examples of cyber-security attacks Financial services perspective Cyber-security in the broader risk landscape 1

5 Cyber-security in the commercial context From fiction 2

6 New York Blackout (2003) suggested cause a cyber-attack on power grid infrastructure To fact 3

7 Cyber-security in the commercial context A teenage boy who hacked into a Polish tram system used it like "a giant train set", causing chaos and derailing four vehicles Stuxnet attack on Iran s uranium enrichment centrifuges 4 Sony - data on 77 million global gamers compromised Evernote 50m user passwords compromised

8 Network Intrusions Lin Mun Poo 32-year-old Malaysian National Intrusion Federal Reserve Bank, Cleveland Intrusion into DOD Contractor UC Operation lures Poo to U.S. Arrested in NYC with 400,000 Credit Card Numbers on laptop Forensic Analysis revealed hacks into U.S. Government and Banking Sector Systems 5

9 Attacks on High Net Worth Clients 6 Igor Klopov 24-year-old Russian National Expert in mining the internet Brokerage & Home Equity Line of Credit (HELOC) compromises Targeted Wealthy American Businessmen Recruited U.S. Based Accomplices Actual Loss $15 MM

10 Hacktivists Hacktivists Anonymous 7

11 On the outskirts of Shanghai, in a run-down neighbourhood dominated by a 12-story white office tower, sits a People s Liberation Army base for China s growing corps of cyberwarriors. (New York Times, February 2013) NY Times article reported on the release by Mandiant of a report which concluded that nearly 150 sophisticated hacking attempts against American corporations and government agencies over the past decade almost certainly originated from this single Shanghai office building controlled by People's Liberation Army) 8

12 Distributed Denial of Service Attacks In 2012 a number of US financial institutions were subjected to distributed denial of service attacks, intended to disrupt online banking services 9

13 Distributed Denial of Service Attacks (DDoS) Since early September 2012, the Financial Service sector has been the target of an escalating series of DDoS Attacks. 10

14 Citi (10-K): Citi s Operational Systems and Networks Have Been, and Will Continue to Be, Subject to an Increasing Risk of Continually Evolving Cybersecurity or Other Technological Risks, Which Could Result in the Disclosure of Confidential Client or Customer Information, Damage to Citi s Reputation, Additional Costs to Citi, Regulatory Penalties and Financial Losses. Although Citi devotes significant resources to maintain and regularly upgrade its systems and networks with measures such as intrusion and detection prevention systems and monitoring firewalls to safeguard critical business applications, there is no guarantee that these measures or any other measures can provide absolute security. 11

15 Bank of America (10-K): A failure in or breach of our operational or security systems or infrastructure, or those of third parties with which we do business, including as a result of cyber attacks, could disrupt our businesses, result in the disclosure or misuse of confidential or proprietary information, damage our reputation, increase our costs and cause losses. Although to date we have not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that we will not suffer such losses in the future. Our risk and exposure to these matters remains heightened because of, among other things, the evolving nature of these threats, our prominent size and scale and our role in the financial services industry, our plans to continue to implement our Internet banking and mobile banking channel strategies and develop additional remote connectivity solutions to serve our customers when and how they want to be served, our expanded geographic footprint and international presence, the outsourcing of some of our business operations, the continued uncertain global economic environment, threats of cyberterrorism, and system and customer account conversions. 12

16 JP Morgan (10-K) JPMorgan Chase and other financial services institutions and companies engaged in data processing have reported breaches in the security of their websites or other systems, some of which have involved sophisticated and targeted attacks intended to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage systems, often through the introduction of computer viruses or malware, cyberattacks and other means. The Firm and several other U.S. financial institutions have also experienced several significant distributed denial-of-service attacks from technically sophisticated and well-resourced third parties which were intended to disrupt consumer online banking services. 13

17 Importance of cyber-technology is increasing: In the private sector, banks have led defence against attacks; because they have been a primary target Threat landscape is rapidly evolving with regard to perpetrators, their motivations and capabilities Privacy/data-related risks include: Loss or destruction of data Unauthorised access to data Unauthorised alteration of data Unauthorised use of data Account takeovers 14

18 1 Financial crime criminal, often highly organised and well-funded, using technology to steal money or other assets 2 Corporate espionage e.g. theft of trade secrets, other IP 3 Government driven states attacking private sector organisations and especially the critical national infrastructure 4 Terrorism terrorist groups against attacking either state or private assets 5 Hacktivism attacks are undertaken by proponents of an idealistic cause 15

19 Impact Water supply crisis Chronic fiscal imbalance Severe income disparity Rising greenhouse gas emissions Cyber attacks Source: Global Risks 2012 World Economic Forum Likelihood 16

Managing Cyber Risk through Insurance

Managing Cyber Risk through Insurance Managing Cyber Risk through Insurance Eric Lowenstein Aon Risk Solutions This presentation has been prepared for the Actuaries Institute 2015 ASTIN and AFIR/ERM Colloquium. The Institute Council wishes

More information

Information Security Addressing Your Advanced Threats

Information Security Addressing Your Advanced Threats Information Security Addressing Your Advanced Threats Where We are Going Information Security Landscape The Threats You Face How To Protect Yourself This Will Not Be Boring What Is Information Security?

More information

Cyber security Keeping your business resilient

Cyber security Keeping your business resilient Intelligence FIRST helping your business make better decisions Cyber security Keeping your business resilient Cyber security is about keeping your business resilient in the modern technological age. It

More information

ACE European Risk Briefing 2012

ACE European Risk Briefing 2012 #5 ACE European Risk Briefing 2012 IT and cyber risk respondent profiles The research was carried out between 13 April and 3 May 2012. The sample comprised 606 European risk managers, CROs, CFOs, COOs

More information

Cybercrime: risks, penalties and prevention

Cybercrime: risks, penalties and prevention Cybercrime: risks, penalties and prevention Cyber attacks have been appearing in the news with increased frequency and recent victims of cybercrime have included well-known companies such as Sony, LinkedIn,

More information

James R. Clapper. Director of National Intelligence

James R. Clapper. Director of National Intelligence Statement for the Record Worldwide Cyber Threats House Permanent Select Committee on Intelligence James R. Clapper Director of National Intelligence September 10, 2015 STATEMENT FOR THE RECORD Worldwide

More information

Cybersecurity Awareness. Part 1

Cybersecurity Awareness. Part 1 Part 1 Objectives Discuss the Evolution of Data Security Define and Discuss Cybersecurity Review Threat Environment Part 1 Discuss Information Security Programs s Enhancements for Cybersecurity Risks Threat

More information

10Minutes. on the stark realities of cybersecurity. The Cyber Savvy CEO. A changed business environment demands a new approach:

10Minutes. on the stark realities of cybersecurity. The Cyber Savvy CEO. A changed business environment demands a new approach: 10Minutes on the stark realities of cybersecurity The Cyber Savvy CEO Highlights Business leaders must recognise the exposure and business impact that comes from operating within an interconnected global

More information

Combatting the Biggest Cyber Threats to the Financial Services Industry. A White Paper Presented by: Lockheed Martin Corporation

Combatting the Biggest Cyber Threats to the Financial Services Industry. A White Paper Presented by: Lockheed Martin Corporation Combatting the Biggest Cyber Threats to the Financial Services Industry A White Paper Presented by: Lockheed Martin Corporation Combatting the Biggest Cyber Threats to the Financial Services Industry Combatting

More information

Five keys to a more secure data environment

Five keys to a more secure data environment Five keys to a more secure data environment A holistic approach to data infrastructure security Compliance professionals know better than anyone how compromised data can lead to financial and reputational

More information

OCIE Technology Controls Program

OCIE Technology Controls Program OCIE Technology Controls Program Cybersecurity Update Chris Hetner Cybersecurity Lead, OCIE/TCP 212-336-5546 Introduction (Role, Disclaimer, Background and Speech Topics) SEC Cybersecurity Program Overview

More information

Cybersecurity Executive Order

Cybersecurity Executive Order Cybersecurity Executive Order February 14, 2013 Michael DuBose, Kroll Advisory Solutions Gerald J. Ferguson, BakerHostetler Jason Straight, Kroll Advisory Solutions Theodore J. Kobus III, BakerHostetler

More information

How are we keeping Hackers away from our UCD networks and computer systems?

How are we keeping Hackers away from our UCD networks and computer systems? How are we keeping Hackers away from our UCD networks and computer systems? Cybercrime Sony's Hacking Scandal Could Cost The Company $100 Million - http://www.businessinsider.com/sonys-hacking-scandal-could-cost-the-company-100-million-2014-12

More information

Enterprise Security Governance. Robert Coles Chief Information Security Officer and Global Head of Digital Risk & Security

Enterprise Security Governance. Robert Coles Chief Information Security Officer and Global Head of Digital Risk & Security Enterprise Security Governance Robert Coles Chief Information Security Officer and Global Head of Digital Risk & Security Governance and Organisational Model Risk Mgmt & Reporting Digital Risk & Security

More information

Assessing the strength of your security operating model

Assessing the strength of your security operating model www.pwc.com Assessing the strength of your security operating model May 2014 Assessing the strength of your security operating model Retail stores, software companies, the U.S. Federal Reserve it seems

More information

Information Protection in Today s Changing Mobile and Cloud Environments

Information Protection in Today s Changing Mobile and Cloud Environments Information Protection in Today s Changing Mobile and Cloud Environments Art Gilliland, Sr. Vice President Symantec, Information Security Group Session ID: SPO1-107 Session Classification: Intermediate

More information

Mitigating and managing cyber risk: ten issues to consider

Mitigating and managing cyber risk: ten issues to consider Mitigating and managing cyber risk: ten issues to consider The board of directors is responsible for managing and mitigating risk exposure. A recent study conducted by the Ponemon Institute 1 revealed

More information

CYBERSECURITY IN FINANCIAL SERVICES POINT OF VIEW CHALLENGE 1 REGULATORY COMPLIANCE ACROSS GEOGRAPHIES

CYBERSECURITY IN FINANCIAL SERVICES POINT OF VIEW CHALLENGE 1 REGULATORY COMPLIANCE ACROSS GEOGRAPHIES POINT OF VIEW CYBERSECURITY IN FINANCIAL SERVICES Financial services institutions are globally challenged to keep pace with changing and covert cybersecurity threats while relying on traditional response

More information

SECURITY, CYBER AND NETWORK INSURANCE SECURING YOUR FUTURE

SECURITY, CYBER AND NETWORK INSURANCE SECURING YOUR FUTURE SECURITY, CYBER AND NETWORK INSURANCE SECURING YOUR FUTURE Businesses today rely heavily on computer networks. Using computers, and logging on to public and private networks has become second nature to

More information

Cyber Security: Are You Prepared?

Cyber Security: Are You Prepared? Cyber Security: Are You Prepared? This briefing provides a high-level overview of the cyber security issues that businesses should be aware of. You should talk to a lawyer and an IT specialist for a complete

More information

CYBER RISK INSURANCE. Presented By: Jonathan Healy

CYBER RISK INSURANCE. Presented By: Jonathan Healy CYBER RISK INSURANCE Presented By: Jonathan Healy Contents Cyber Risk Threat Sources Cyber events worldwide What is covered by a Cyber Liability policy Risk Identification The gaps in traditional policies

More information

The Cancer Running Through IT Cybercrime and Information Security

The Cancer Running Through IT Cybercrime and Information Security WHITE PAPER The Cancer Running Through IT Prepared by: Richard Brown, Senior Service Management Consultant Steve Ingall, Head of Consultancy 60 Lombard Street London EC3V 9EA T: +44 (0)207 464 8883 E:

More information

What is Cyber Liability

What is Cyber Liability What is Cyber Liability Ubiquitous Warfare Espionage Media Operational Data Security and Privacy Tech 1 Data Security and Privacy Data Breach Response Costs Privacy Regulatory Action Civil Litigation INSURABLE

More information

Data breach, cyber and privacy risks. Brian Wright Lloyd Wright Consultants Ltd

Data breach, cyber and privacy risks. Brian Wright Lloyd Wright Consultants Ltd Data breach, cyber and privacy risks Brian Wright Lloyd Wright Consultants Ltd Contents Data definitions and facts Understanding how a breach occurs How insurance can help to manage potential exposures

More information

Keynote: FBI Wednesday, February 4 noon 1:10 p.m.

Keynote: FBI Wednesday, February 4 noon 1:10 p.m. Keynote: FBI Wednesday, February 4 noon 1:10 p.m. Speaker: Leo Taddeo Special Agent in Change, Cyber/Special Operations Division Federal Bureau of Investigation Biography: Leo Taddeo Leo Taddeo is the

More information

THE CHANGING FACE OF CYBERCRIME AND WHAT IT MEANS FOR BANKS

THE CHANGING FACE OF CYBERCRIME AND WHAT IT MEANS FOR BANKS THE CHANGING FACE OF CYBERCRIME AND WHAT IT MEANS FOR BANKS David Glockner, Managing Director strozfriedberg.com Overview The big picture: what does cybercrime look like today and how is it evolving? What

More information

Cyber-Security Risk- IP Theft and Data Breaches Protecting your Crown Jewels Internally and with Your Key Third Parties

Cyber-Security Risk- IP Theft and Data Breaches Protecting your Crown Jewels Internally and with Your Key Third Parties Cyber-Security Risk- IP Theft and Data Breaches Protecting your Crown Jewels Internally and with Your Key Third Parties Pamela Passman President and CEO Center for Responsible Enterprise And Trade (CREATe.org)

More information

Cyber Security for audit committees

Cyber Security for audit committees AUDIT COMMITTEE INSTITUTE Cyber Security for audit committees An introduction kpmg.com/globalaci 2 Audit Committee Institute An introduction to cyber security for audit committees Audit committees have

More information

How do we Police Cyber Crime?

How do we Police Cyber Crime? How do we Police Cyber Crime? Thursday 4 th June 2015 Craig Jones, SEROCU Presentation Content UK policing cyber crime programme Cyber threat landscape and impact Cyber business resilience Future Challenges

More information

A New Layer of Security to Protect Critical Infrastructure from Advanced Cyber Attacks. Alex Leemon, Sr. Manager

A New Layer of Security to Protect Critical Infrastructure from Advanced Cyber Attacks. Alex Leemon, Sr. Manager A New Layer of Security to Protect Critical Infrastructure from Advanced Cyber Attacks Alex Leemon, Sr. Manager 1 The New Cyber Battleground: Inside Your Network Over 90% of organizations have been breached

More information

Into the cybersecurity breach

Into the cybersecurity breach Into the cybersecurity breach Tim Sanouvong State Sector Cyber Risk Services Deloitte & Touche LLP April 3, 2015 Agenda Setting the stage Cyber risks in state governments Cyber attack vectors Preparing

More information

CYBER4SIGHT TM THREAT INTELLIGENCE SERVICES ANTICIPATORY AND ACTIONABLE INTELLIGENCE TO FIGHT ADVANCED CYBER THREATS

CYBER4SIGHT TM THREAT INTELLIGENCE SERVICES ANTICIPATORY AND ACTIONABLE INTELLIGENCE TO FIGHT ADVANCED CYBER THREATS CYBER4SIGHT TM THREAT INTELLIGENCE SERVICES ANTICIPATORY AND ACTIONABLE INTELLIGENCE TO FIGHT ADVANCED CYBER THREATS PREPARING FOR ADVANCED CYBER THREATS Cyber attacks are evolving faster than organizations

More information

Getting real about cyber threats: where are you headed?

Getting real about cyber threats: where are you headed? Getting real about cyber threats: where are you headed? Energy, utilities and power generation companies that understand today s cyber threats will be in the best position to defeat them June 2011 At a

More information

Cyber- Attacks: The New Frontier for Fraudsters. Daniel Wanjohi, Technology Security Specialist

Cyber- Attacks: The New Frontier for Fraudsters. Daniel Wanjohi, Technology Security Specialist Cyber- Attacks: The New Frontier for Fraudsters Daniel Wanjohi, Technology Security Specialist What is it All about The Cyber Security Agenda ; Protecting computers, networks, programs and data from unintended

More information

THE DIGITAL AGE THE DEFINITIVE CYBERSECURITY GUIDE FOR DIRECTORS AND OFFICERS

THE DIGITAL AGE THE DEFINITIVE CYBERSECURITY GUIDE FOR DIRECTORS AND OFFICERS THE DIGITAL AGE THE DEFINITIVE CYBERSECURITY GUIDE FOR DIRECTORS AND OFFICERS Download the entire guide and follow the conversation at SecurityRoundtable.org Detection, analysis, and understanding of threat

More information

WRITTEN TESTIMONY OF

WRITTEN TESTIMONY OF WRITTEN TESTIMONY OF KEVIN MANDIA CHIEF EXECUTIVE OFFICER MANDIANT CORPORATION BEFORE THE SUBCOMMITTEE ON CRIME AND TERRORISM JUDICIARY COMMITTEE UNITED STATES SENATE May 8, 2013 Introduction Thank you

More information

Cyber4sight TM Threat. Anticipatory and Actionable Intelligence to Fight Advanced Cyber Threats

Cyber4sight TM Threat. Anticipatory and Actionable Intelligence to Fight Advanced Cyber Threats Cyber4sight TM Threat Intelligence Services Anticipatory and Actionable Intelligence to Fight Advanced Cyber Threats Preparing for Advanced Cyber Threats Cyber attacks are evolving faster than organizations

More information

Evolution of Cyber Security and Cyber Threats with focus on Cloud Computing

Evolution of Cyber Security and Cyber Threats with focus on Cloud Computing Evolution of Cyber Security and Cyber Threats with focus on Cloud Computing Igor Nai Fovino-Head of Research GCSEC The last two years will surely enter in the history of IT Security. 2010 was the year

More information

Cybersecurity: Learn Critical Strategies to Protecting Your Enterprise November 6, 2013 1:00PM EST

Cybersecurity: Learn Critical Strategies to Protecting Your Enterprise November 6, 2013 1:00PM EST Cybersecurity: Learn Critical Strategies to Protecting Your Enterprise November 6, 2013 1:00PM EST November 6, 2013 Copyright 2013 Trusted Computing Group 1 November 6, 2013 Copyright 2013 Trusted Computing

More information

June 2014. What investors need to know about cybersecurity: How to evaluate investment risks

June 2014. What investors need to know about cybersecurity: How to evaluate investment risks June 2014 What investors need to know about cybersecurity: How to evaluate investment risks PwC s Investor Resource Institute Through the Investor Resource Institute, PwC strives to provide insights to,

More information

CyberSecurity for Law Firms

CyberSecurity for Law Firms CyberSecurity for Law Firms Cracking the Cyber Code: Recent Headlines, Reinforcing the Need and Response Planning July 16, 2013 Making the Case Matthew Magner Senior Underwriting Officer Chubb & Son, a

More information

An Introduction to Cyber Liability Insurance. Catherine Berry Senior Underwriter

An Introduction to Cyber Liability Insurance. Catherine Berry Senior Underwriter An Introduction to Cyber Liability Insurance Catherine Berry Senior Underwriter What is cyber risk? Exposures emanating from computer networks and the internet The Cyber Risk Phenomenon The incredible

More information

Cedric Leighton, Colonel, USAF (Ret) Founder & President, Cedric Leighton Associates

Cedric Leighton, Colonel, USAF (Ret) Founder & President, Cedric Leighton Associates Cedric Leighton, Colonel, USAF (Ret) Founder & President, Cedric Leighton Associates What is Cyber Security? The First Cyber Attack The Threat Landscape The Energy Industry as a Target The Legal & Regulatory

More information

September 20, 2013 Senior IT Examiner Gene Lilienthal

September 20, 2013 Senior IT Examiner Gene Lilienthal Cyber Crime September 20, 2013 Senior IT Examiner Gene Lilienthal The following presentation are views and opinions of the speaker and does not necessarily reflect the views of the Federal Reserve Bank

More information

Agenda. Introduction to SCADA. Importance of SCADA security. Recommended steps

Agenda. Introduction to SCADA. Importance of SCADA security. Recommended steps Agenda Introduction to SCADA Importance of SCADA security Recommended steps SCADA systems are usually highly complex and SCADA systems are used to control complex industries Yet.SCADA systems are actually

More information

CYBER SECURITY. ADVISORY SERVICES Governance Risk & Compliance. Shemrick Rodney IT Specialist Consultant Antigua & St. Kitts

CYBER SECURITY. ADVISORY SERVICES Governance Risk & Compliance. Shemrick Rodney IT Specialist Consultant Antigua & St. Kitts CYBER SECURITY ADVISORY SERVICES Governance Risk & Compliance Shemrick Rodney IT Specialist Consultant Antigua & St. Kitts The Financial Services Industry at Crossroads: Where to From Here? WELCOME What

More information

Cyber Security. John Leek Chief Strategist

Cyber Security. John Leek Chief Strategist Cyber Security John Leek Chief Strategist AGENDA The Changing Business Landscape Acknowledge cybersecurity as an enterprise-wide risk management issue not just an IT issue How to develop a cybersecurity

More information

Tackling the growing risk of cyber crime

Tackling the growing risk of cyber crime Financial Institutions Customer Industry Community Tackling the growing risk of cyber crime Discussion points for financial institutions Contents Introduction 3 The scale of cyber risk 4 Zurich survey

More information

www.pwc.co.uk Cyber security Building confidence in your digital future

www.pwc.co.uk Cyber security Building confidence in your digital future www.pwc.co.uk Cyber security Building confidence in your digital future November 2013 Contents 1 Confidence in your digital future 2 Our point of view 3 Building confidence 4 Our services Confidence in

More information

Unit 3 Cyber security

Unit 3 Cyber security 2016 Suite Cambridge TECHNICALS LEVEL 3 IT Unit 3 Cyber security Y/507/5001 Guided learning hours: 60 Version 1 September 2015 ocr.org.uk/it LEVEL 3 UNIT 3: Cyber security Y/507/5001 Guided learning hours:

More information

Promoting a cyber security culture and demand compliance with minimum security standards;

Promoting a cyber security culture and demand compliance with minimum security standards; Input by Dr. S.C. Cwele Minister of State Security, Republic of South Africa Cyber Security Meeting, Johannesburg 27 March 2014 I would like to thank the Wits School of Governance for inviting us to contribute

More information

Cyber Security. Protecting the UK water industry

Cyber Security. Protecting the UK water industry Cyber Security Protecting the UK water industry In today s connected world, cyber attacks are a daily occurrence. These attacks can have potentially disastrous consequences for water companies and the

More information

Managing cyber risks with insurance

Managing cyber risks with insurance www.pwc.com.tr/cybersecurity Managing cyber risks with insurance Key factors to consider when evaluating how cyber insurance can enhance your security program June 2014 Managing cyber risks to sensitive

More information

White Paper on Financial Industry Regulatory Climate

White Paper on Financial Industry Regulatory Climate White Paper on Financial Industry Regulatory Climate According to a 2014 report on threats to the financial services sector, 45% of financial services organizations polled had suffered economic crime during

More information

DENIAL OF SERVICE: HOW BUSINESSES EVALUATE THE THREAT OF DDOS ATTACKS IT SECURITY RISKS SPECIAL REPORT SERIES

DENIAL OF SERVICE: HOW BUSINESSES EVALUATE THE THREAT OF DDOS ATTACKS IT SECURITY RISKS SPECIAL REPORT SERIES DENIAL OF SERVICE: HOW BUSINESSES EVALUATE THE IT SECURITY RISKS SPECIAL REPORT SERIES Kaspersky Lab 2 Corporate IT Security Risks Survey details: More than 5500 companies in 26 countries around the world

More information

Energy Cybersecurity Regulatory Brief

Energy Cybersecurity Regulatory Brief Energy Understand the regulations that impact the energy industry and accelerate information security initiatives. Contents Overview 3 A Highly Vulnerable Energy Industry 4 Key Regulations to Consider

More information

Hacks, apps and espionage - how protected are you against cyber crime? Top 10 Legal Need-to-Knows

Hacks, apps and espionage - how protected are you against cyber crime? Top 10 Legal Need-to-Knows Hacks, apps and espionage - how protected are you against cyber crime? Top 10 Legal Need-to-Knows 24 February 2015 Callum Sinclair Faith Jayne Agenda Top 10 legal need-to-knows, including: What is cyber

More information

Cybersecurity: Emerging Legal Risks

Cybersecurity: Emerging Legal Risks Cybersecurity: Emerging Legal Risks Data Breach Cyber Liability Seminar April 17, 2015 By: Tsutomu L. Johnson tj@scmlaw.com Overview of 2014 Data Breaches: JP Morgan, Home Depot, P.F. Chang s, Healthcare.gov,

More information

Cybersecurity Workshop

Cybersecurity Workshop Cybersecurity Workshop February 10, 2015 E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. 150 West Main Street, Suite 2100 Norfolk, VA 23510 (757) 624-3153

More information

U. S. Attorney Office Northern District of Texas March 2013

U. S. Attorney Office Northern District of Texas March 2013 U. S. Attorney Office Northern District of Texas March 2013 What Is Cybercrime? Hacking DDOS attacks Domain name hijacking Malware Other computer related offenses, i.e. computer and internet used to facilitate

More information

Demystifying Cyber Insurance. Jamie Monck-Mason & Andrew Hill. Introduction. What is cyber? Nomenclature

Demystifying Cyber Insurance. Jamie Monck-Mason & Andrew Hill. Introduction. What is cyber? Nomenclature Demystifying Cyber Insurance Jamie Monck-Mason & Andrew Hill Introduction What is cyber? Nomenclature 1 What specific risks does cyber insurance cover? First party risks - losses arising from a data breach

More information

TLP WHITE. Denial of service attacks: what you need to know

TLP WHITE. Denial of service attacks: what you need to know Denial of service attacks: what you need to know Contents Introduction... 2 What is DOS and how does it work?... 2 DDOS... 4 Why are they used?... 5 Take action... 6 Firewalls, antivirus and updates...

More information

Identifying Cyber Risks and How they Impact Your Business

Identifying Cyber Risks and How they Impact Your Business 10 December, 2014 Identifying Cyber Risks and How they Impact Your Business David Bateman, Partner, K&L Gates, Seattle Sasi-Kanth Mallela, Special Counsel, K&L Gates, London Copyright 2013 by K&L Gates

More information

10 Smart Ideas for. Keeping Data Safe. From Hackers

10 Smart Ideas for. Keeping Data Safe. From Hackers 0100101001001010010001010010101001010101001000000100101001010101010010101010010100 0100101001001010010001010010101001010101001000000100101001010101010010101010010100000 0100101001001010010001010010101001010101001000000100101001010101010010101010010100000

More information

2012 Bit9 Cyber Security Research Report

2012 Bit9 Cyber Security Research Report 2012 Bit9 Cyber Security Research Report Table of Contents Executive Summary Survey Participants Conclusion Appendix 3 4 10 11 Executive Summary According to the results of a recent survey conducted by

More information

LIGC-ACC Presentation November 9, 2015

LIGC-ACC Presentation November 9, 2015 Bryan Frank, DDIS Info Sec Corp, panelist Jennifer M. Mone, Deputy General Counsel, Hofstra University, panelist Keith J. Frank, Partner, Forchelli, Curto, Deegan, Schwartz, Mineo & Terrana,. LLP, moderator

More information

Statement for the Record. Richard Bejtlich. Chief Security Strategist. FireEye, Inc. Before the. U.S. House of Representatives

Statement for the Record. Richard Bejtlich. Chief Security Strategist. FireEye, Inc. Before the. U.S. House of Representatives Statement for the Record Richard Bejtlich Chief Security Strategist FireEye, Inc. Before the U.S. House of Representatives Committee on Energy and Commerce Subcommittee on Oversight and Investigations

More information

FEDERAL HOUSING FINANCE AGENCY ADVISORY BULLETIN AB 2014-05. Cyber Risk Management Guidance. Purpose

FEDERAL HOUSING FINANCE AGENCY ADVISORY BULLETIN AB 2014-05. Cyber Risk Management Guidance. Purpose FEDERAL HOUSING FINANCE AGENCY ADVISORY BULLETIN AB 2014-05 Cyber Risk Management Guidance Purpose This advisory bulletin provides Federal Housing Finance Agency (FHFA) guidance on cyber risk management.

More information

Building The Human Firewall. Andy Sawyer, CISM, C CISO Director of Security Locke Lord

Building The Human Firewall. Andy Sawyer, CISM, C CISO Director of Security Locke Lord Building The Human Firewall Andy Sawyer, CISM, C CISO Director of Security Locke Lord Confidentiality, Integrity, Availability Benchmarks of Cybersecurity: Confidentiality Information is protected against

More information

Cyber Risks and Insurance Solutions Malaysia, November 2013

Cyber Risks and Insurance Solutions Malaysia, November 2013 Cyber Risks and Insurance Solutions Malaysia, November 2013 Dynamic but vulnerable IT environment 2 Cyber risks are many and varied Malicious attacks Cyber theft/cyber fraud Cyber terrorism Cyber warfare

More information

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder Ten Questions Your Board Should be asking about Cyber Security Eric M. Wright, Shareholder Eric Wright, CPA, CITP Started my career with Schneider Downs in 1983. Responsible for all IT audit and system

More information

Internet security: Shutting the doors to keep hackers off your network

Internet security: Shutting the doors to keep hackers off your network Internet security: Shutting the doors to keep hackers off your network A Paralogic Networks Guide www.scholarisintl.com Introduction Like all revolutionary steps in technological development the Internet

More information

SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry

SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry SINGAPORE HEALTHCARE ENTERPRISE RISK MANAGEMENT CONGRESS 2014 - Data Breach : The Emerging Threat to Healthcare Industry DATA BREACH A FICTIONAL CASE STUDY THE FIRST SIGNS OF TROUBLE Friday, 5.20 pm :

More information

Cyber security trends & strategy for business (digital?)

Cyber security trends & strategy for business (digital?) Cyber security trends & strategy for business (digital?) Presentation by Anwer Yusoff Head, Industry & Business Development C y b e r S e c u r i t y M a l a y s i a NATIONAL CYBERSECURITY TECHNICAL SPECIALIST

More information

Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014

Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014 Privacy Liability & Data Breach Management Nikos Georgopoulos Cyber Risks Advisor cyrm October 2014 Nikos Georgopoulos Privacy Liability & Data Breach Management wwww.privacyrisksadvisors.com October 2014

More information

Cyber Warfare. Global Economic Crime Survey. Causes of Cyber Attacks. David Childers, CEO Compli Vivek Krishnamurthy, Foley Hoag LLP. Why Cybercrime?

Cyber Warfare. Global Economic Crime Survey. Causes of Cyber Attacks. David Childers, CEO Compli Vivek Krishnamurthy, Foley Hoag LLP. Why Cybercrime? Cyber Warfare David Childers, CEO Compli Vivek Krishnamurthy, Foley Hoag LLP Global Economic Crime Survey Cyber crime is the fastest growing economic crime up more than 2300% since 2009 1 in 10 companies

More information

MEMORANDUM. Date: October 28, 2013. Federally Regulated Financial Institutions. Subject: Cyber Security Self-Assessment Guidance

MEMORANDUM. Date: October 28, 2013. Federally Regulated Financial Institutions. Subject: Cyber Security Self-Assessment Guidance MEMORANDUM Date: October 28, 2013 To: Federally Regulated Financial Institutions Subject: Guidance The increasing frequency and sophistication of recent cyber-attacks has resulted in an elevated risk profile

More information

DON T BE A VICTIM! IS YOUR ORGANIZATION PROTECTED FROM CYBERSECURITY THREATS?

DON T BE A VICTIM! IS YOUR ORGANIZATION PROTECTED FROM CYBERSECURITY THREATS? HEALTH WEALTH CAREER DON T BE A VICTIM! IS YOUR ORGANIZATION PROTECTED FROM CYBERSECURITY THREATS? FREEMAN WOOD HEAD OF MERCER SENTINEL NORTH AMERICA GREGG SOMMER HEAD OF OPERATIONAL RISK ASSESSMENTS MERCER

More information

How GCs And Boards Can Brace For The Cybersecurity Storm - Law360

How GCs And Boards Can Brace For The Cybersecurity Storm - Law360 Page 1 of 6 Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com How GCs And Boards Can Brace For The Cybersecurity

More information

Vulnerability Assessment & Compliance

Vulnerability Assessment & Compliance www.pwc.com Vulnerability Assessment & Compliance August 3 rd, 2011 Building trust through Information security* Citizen-Centric egovernment state Consultantion workshop Agenda VAPT What and Why Threats

More information

Christos Douligeris cdoulig at unipi dot gr. Department of Informatics University of Piraeus

Christos Douligeris cdoulig at unipi dot gr. Department of Informatics University of Piraeus cdoulig at unipi dot gr Department of Informatics University of Piraeus Safety & Security in Cyber Space: Building up Trust in the EU Athens, 6-7 March 2014 Cybersecurity: where do we stand? Major Trends

More information

NEW ZEALAND S CYBER SECURITY STRATEGY

NEW ZEALAND S CYBER SECURITY STRATEGY Appendix 1 NEW ZEALAND S CYBER SECURITY STRATEGY June 2011 New Zealand Government 7 June 2011 ISBN: 978-0-478-38200-6 www.med.govt.nz/cyberstrategy MED11 Foreword from the Minister The Internet and digital

More information

Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements

Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements Insurance Considerations Related to Data Security and Breach in Outsourcing Agreements Greater New York Chapter Association of Corporate Counsel November 19, 2015 Stephen D. Becker, Executive Vice President

More information

What is Really Needed to Secure the Internet of Things?

What is Really Needed to Secure the Internet of Things? What is Really Needed to Secure the Internet of Things? By Alan Grau, Icon Labs alan.grau@iconlabs.com The Internet of Things (IoT) has become a ubiquitous term to describe the tens of billions of devices

More information

Cyber Security and Privacy Services. Working in partnership with you to protect your organisation from cyber security threats and data theft

Cyber Security and Privacy Services. Working in partnership with you to protect your organisation from cyber security threats and data theft Cyber Security and Privacy Services Working in partnership with you to protect your organisation from cyber security threats and data theft 2 Cyber Security and Privacy Services What drives your security

More information

New York State Energy Planning Board. Cyber Security and the Energy Infrastructure

New York State Energy Planning Board. Cyber Security and the Energy Infrastructure New York State Energy Planning Board Cyber Security and the Energy Infrastructure New York State Division of Homeland Security and Emergency Services Office of Cyber Security Office of Cyber Security Overview

More information

Small Business Cybersecurity Dos and Don ts. Helping Businesses Grow and Succeed For Over 30 Years. September 25, 2015 Dover Downs

Small Business Cybersecurity Dos and Don ts. Helping Businesses Grow and Succeed For Over 30 Years. September 25, 2015 Dover Downs Small Business Cybersecurity Dos and Don ts September 25, 2015 Dover Downs Helping Businesses Grow and Succeed For Over 30 Years Statistics 2 Results from the Cybersecurity Readiness Survey 25% of Respondents

More information

WHAT EVERY CEO, CIO AND CFO NEEDS TO KNOW ABOUT CYBER SECURITY.

WHAT EVERY CEO, CIO AND CFO NEEDS TO KNOW ABOUT CYBER SECURITY. WHAT EVERY CEO, CIO AND CFO NEEDS TO KNOW ABOUT CYBER SECURITY. A guide for IT security from BIOS The Problem SME s, Enterprises and government agencies are under virtually constant attack today. There

More information

Ten Tips for Managing Risks on Convergent Networks The Risk Management Group

Ten Tips for Managing Risks on Convergent Networks The Risk Management Group Ten Tips for Managing Risks on Convergent Networks The Risk Management Group April 2012 Sponsored by: Lavastorm Analytics is a global business performance analytics company that enables companies to analyze,

More information

Cyber and Data Security. Proposal form

Cyber and Data Security. Proposal form Cyber and Data Security Proposal form This proposal form must be completed and signed by a principal, director or a partner of the proposed insured. Cover and Quotation requirements Please indicate which

More information

CYBER SECURITY INFORMATION SHARING & COLLABORATION

CYBER SECURITY INFORMATION SHARING & COLLABORATION Corporate Information Security CYBER SECURITY INFORMATION SHARING & COLLABORATION David N. Saul Senior Vice President & Chief Scientist 28 June 2013 Discussion Flow The Evolving Threat Environment Drivers

More information

Cybersecurity: Protecting Your Business. March 11, 2015

Cybersecurity: Protecting Your Business. March 11, 2015 Cybersecurity: Protecting Your Business March 11, 2015 Grant Thornton. All LLP. rights All reserved. rights reserved. Agenda Introductions Presenters Cybersecurity Cybersecurity Trends Cybersecurity Attacks

More information

Cybercrime and Regulatory Priorities for Cybersecurity

Cybercrime and Regulatory Priorities for Cybersecurity NRS Technology and Communication Compliance Forum Cybercrime and Regulatory Priorities for Cybersecurity Copyright 2014 by K&L Gates LLP. All rights reserved. Sean P. Mahoney sean.mahoney@klgates.com K&L

More information

EXTREME CYBER SCENARIO PLANNING & ATTACK TREE ANALYSIS

EXTREME CYBER SCENARIO PLANNING & ATTACK TREE ANALYSIS EXTREME CYBER SCENARIO PLANNING & ATTACK TREE ANALYSIS Ian Green Manager, Cybercrime & Intelligence Commonwealth Bank of Australia Session ID: GRC T17 Session Classification: ADVANCED WHY? What keeps you

More information

CyberEdge. Desired Coverages. Application Form. Covers Required. Financial Information. Company or Trading Name: Address: Post Code: Telephone:

CyberEdge. Desired Coverages. Application Form. Covers Required. Financial Information. Company or Trading Name: Address: Post Code: Telephone: Company or Trading Name: Address: Post Code: Telephone: E-mail: Website: Date Business Established Number of Employees Do you have a Chief Privacy Officer (or Chief Information Officer) who is assigned

More information

Cyber Insurance Presentation

Cyber Insurance Presentation Cyber Insurance Presentation Presentation Outline Introduction General overview of Insurance About us Cyber loss statistics Cyber Insurance product coverage Loss examples Q & A About Us A- Rated reinsurance

More information

Can Your Organization Brave The New World of Advanced Cyber Attacks?

Can Your Organization Brave The New World of Advanced Cyber Attacks? Can Your Organization Brave The New World of Advanced Cyber Attacks? www.websense.com/apx Overview: When it comes to defending against cyber attacks, the global business community faces a dangerous new

More information

Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re

Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re Cyber Risk: Global Warning? by Cinzia Altomare, Gen Re Global Warning It is a matter of time before there is a major cyber attackon the global financial system and the public needs to invest heavily in

More information

Information Security and Risk Management

Information Security and Risk Management Information Security and Risk Management COSO and COBIT Standards and Requirements Page 1 Topics Information Security Industry Standards and COBIT Framework Relation to COSO Internal Control Risk Management

More information