According to the European Securities and Market Authority (ESMA) Chair, Steven Maijoor, cloud outsourcing can bring benefits to firms and their customers, for example, reduced costs and enhanced operational efficiency and flexibility. Cloud outsourcing also raises important challenges and risks that need to be properly addressed, particularly in relation to data protection and information security. Financial markets participants should be careful that they do not become overly reliant on their cloud services providers. They also need to closely monitor the performance and the security measures of their cloud service provider and make sure that they are able to exit cloud outsourcing arrangements as and when necessary.
According to the recently published Cyberspace Solarium Commission report “Cybersecurity Lessons from the Pandemic,” the COVID-19 pandemic illustrates the challenge of ensuring resilience and continuity in a connected world. Many of the effects of this new breed of crisis can be significantly ameliorated through advance preparations that yield resilience, coherence, and focus as it spreads rapidly through the entire system, stressing everything from emergency services and supply chains to basic human needs and mental health. The pandemic produces cascading effects and high levels of uncertainty. It has undermined normal policymaking processes and, in the absence of the requisite preparedness, has forced decision-makers to craft hasty and ad hoc emergency responses.
According to the publishers, this paper is an aid to quickly checking your own security with regard to the availability of your own data processing within the meaning of Article 32 GDPR. The scope includes both the non-public as well as the public area. The work was created in a collaboration between the Bavarian State Office for Data Protection Supervision (BayLDA) and the Bavarian State Commissioner for Data Protection (BayLfD).
“There are several international standards and guidelines for developing the cybersecurity of a single organization, but it is difficult to find comprehensive tools for national governments. This handbook – National Cyber Security in Practice – is designed to fill that gap. The articles, written by seasoned experts, will give the reader an overview of the key elements that underpin the cybersecurity architecture of any country,” highlighted Arvo Ott, Chairman of the Management Board of e-Governance Academy.
One of the cyber scenarios highlighted in the Cyber Law Toolkit describes the potential use of ransomware against municipal governments and healthcare providers. Given the pandemic and recession constraints in today’s world, this scenario and its potential implications are more relevant than ever and worthy of consideration by legal, business, and information technology professionals.
“The Coalition to Reduce Cyber Risk (CR2) is calling for a global approach to cybersecurity risk management underpinned by interoperable frameworks,” said Alexander Niejelow, President of the CR2 Board of Directors and Senior Vice President of Cybersecurity Coordination and Advocacy for Mastercard. “Our companies recognize that good cybersecurity risk management rests on a common security baseline of practices as well as a common taxonomy and lexicon. By recognizing this common core as a global standard, companies can more effectively reduce risk as we work across multiple economies and sectors.”
The COVID-19 pandemic has led to a spike in businesses teleworking to communicate and share information over the internet. With this knowledge, malicious cyber actors are looking for ways to exploit telework software vulnerabilities in order to obtain sensitive information, eavesdrop on conference calls or virtual meetings, or conduct other malicious activities. While telework software provides individuals, businesses, and academic institutions with a mechanism to work remotely, users should consider the risks associated with them and apply cyber best practices to protect critical information, safeguard user privacy, and prevent eavesdropping.
NIST is releasing Draft NISTIR 8286, Integrating Cybersecurity and Enterprise Risk Management (ERM), for public comment. This report promotes greater understanding of the relationship between cybersecurity risk management and ERM, and the benefits of integrating those approaches.
According to Shyam Oza, Director of Product Management at Spanning, “The best way to protect your business from Ryuk is to avoid it. Avoidance comes when employees are educated in the matters of ransomware. Some employees do not receive the training, some do, and some know it all too well. Yet, human errors seem to be responsible for 90% of data breaches. Clearly, this tactic is not working.”
Epiq, a global leader in the legal services industry, today shared that it has taken its systems offline globally to contain the threat of a confirmed ransomware attack. The timeline for the online restoration of the systems remains unclear at the current time.