The COVID-19 pandemic in 2020 has resulted in hybrid remote work and complete remote working arrangements that have ushered in new risks for managing cyber threats and security for organizations globally. The most prevalent cyber attack vectors including business email compromise, phishing and fraud scams, ransomware attacks and breaches of third-party managed service providers (MSPs), compounded with a move to a largely remote workforce, has altered how organizations are confronting and navigating cyber risk.

On a recent webinar hosted by the law firm Faegre Drinker, Managing Director and cybersecurity expert Rocco Grillo discussed recent changes in the cyber threat landscape and what companies need to consider in 2020 and moving into 2021. As the number and sophistication of ransomware attacks have grown, spikes in ransom payments have also been observed. In response to this trend, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory in October 2020 regarding potential sanctions risks for facilitating ransomware payments. To best prepare for potential breaches or attacks, organizations need to have robust incident response and cyber resiliency plans in place for how they will respond and understand the key stakeholders in breach response. In coordination with these plans, organizations should also continue to regularly provide educational and cyber awareness training for employees, conduct simulated cyber exercises to identify and understand key areas of risk, and review potential risks of their third-party vendors.

To learn more, you can view the full recorded webinar with Rocco and Faegre Drinker Partners Ken Dort, Peter Baldwin and Huw Beverley-Smith by clicking the link below.

Link to recorded webinar found here.