[10] The SEC ultimately decided not to pursue enforcement actions against those issuers, but its report sent a clear message that the SEC will not treat financial firms as mere blameless victims of cybercrimes if they have not instituted robust preventative, monitoring, remedial, and disclosure mechanisms. Most cyber security presentations to senior management and board members continue to focus on technology and poorly relatable data points that are of relevance only to IT security operations personnel and no one else. He also avoided reporting suspicious activities, to which he was alerted as early as mid-June, as he did not want to deal with the pressure that senior management would put on him and his team. However, based on the “ Cyber Security Breaches Surveys, 2016 ,” cyber security, which should be part of the big risk management strategy, it has only been highlighted by 69% businesses whom believe cyber security is a priority for senior managers. If I report the matter, I will simply get more people chasing me for more updates. By 2022, that figure could grow by $1.4 trillion. It has also now confirmed that hackers managed to compromise two of its websites during a cyber-attack, and … Even if a cyber-security incident had occurred, Mr Tan had said he did not think that it would be his job to raise the alarm. Another 56% of financial services institutions reported a 51% to 100% increase in the frequency of cyber attacks. Senior management can advise front-line employees on taking security measurements for handling sensitive information. Mr Ernest Tan Choon Kiat, senior manager (Infra Services-Security Management) at IHiS, had sent the message on July 6 - two days after the cyber attack was stopped by a junior staff member. Inc., agreed to pay a $35 million fine to settle charges that it misled investors by failing to disclose a data breach in which hackers stole personal data relating to hundreds of millions of Yahoo! Senior management should set up effective reporting channel of measurement on cyber security progress in an organization. The hearing continues with Mr Chua Kim Chuan, IHiS director of cyber-security governance, expected to take the stand later. A recent spate of business email compromise schemes have involved fraudulent email messages sent to fund executives and officers. Cyber-attacks Reported on Three US Healthcare Providers Sarah Coble News Writer Three healthcare providers in Florida, Georgia, and New York are notifying patients that their protected health information may have been exposed in recent cyber-attacks involving ransoms. Mr Tan, a key cyber-security employee at IHiS, explained: "My focus was on isolating, containing and defending. His inaction persisted even though IHiS system engineer Benjamin Lee had on July 4 messaged the chat group: "We really need to escalate into incident... seems like someone managed to get into the SCM db already... attack is going on right now... attacker is already in our network.". [2] The emails notify the recipients that they have an encrypted message, which they can access by clicking a link. Most companies have a senior management position related to information security in place so that there is a … Agrees to $35 Million SEC Penalty for Failure to Disclose Cyber Incident (May 3, 2018), https://www.paulweiss.com/media/3977759/3may18-yahoo.pdf. Senior managers should understand the importance of policy and regulation from the business point. Hospitals are facing a new wave of ransomware attacks even as they also struggle to confront a nationwide surge in COVID-19 cases. The number of cyber incidents reported by federal agencies increased in fiscal year 2013 significantly over the prior 3 years (see figure). A new cybersecurity reporting framework. The right policies and procedures will not only ensure legal compliance, but perhaps even increase the chances of tracking down the location of the stolen funds and data and the perpetrators who took them. Over the past few years disruptive cyber attacks have increasingly become commonplace, with ransomware topping the list. That’s why it’s important to implement a cyber crime crisis management plan that you can deploy immediately after a cyber attack to secure your network, limit the damage and begin the recovery process. But a log-in is still required for our PDFs. (go back), 10Securities and Exchange Commission, Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934 Regarding Certain Cyber-Related Frauds Perpetrated Against Public Companies and Related Internal Accounting Controls Requirements, Release No. But these controls are still an essential first line of defense for preventing and mitigating the vast majority of cyber attacks. Report Cyber Incidents An important way to protect yourself and others from cybersecurity incidents is to watch for them and report any that you find. Get unlimited access to all stories at $0.99/month for the first 3 months. Organisations might counter these points by noting that very few cyber criminals are identified even when cyber crime is reported. All rights reserved. The risks may feel obvious and done to death. The gift link for this subscriber-only article has expired. In September, the CFTC reached a $1.5 million resolution (encompassing fines and restitution) with a futures commission merchant for failing to prevent, and then disclose, a successful phishing attack that resulted in a fraudulent $1 million withdrawal of customer funds. Senior managers in UK and US companies are routinely exposing their organization to cyber-threats with more risky device and password management practices than their junior colleagues, according to OneLogin. (go back), 6Securities and Exchange Commission, Spotlight on Cybersecurity, the SEC and You, https://www.sec.gov/spotlight/cybersecurity. But cyber security incidents are estimated to cost Australian businesses up to AU$29 billion per year — that’s the equivalent of 1.9 percent of Australia’s GDP. NEW DELHI: The public health crisis due to the COVID-19 pandemic has emerged as the top threat for Indian corporates, while cyber attacks and data frauds loom equally large, according to a study. They pointed to a bottleneck in the reporting chain at SingHealth's technology vendor Integrated Health Information Systems (IHiS), a four-member Committee of Inquiry (COI) heard. [11]. The core duty of cybersecurity is to identify, respond and manage ..... to an organization's digital assets. Cyber vulnerabilities: Cybercriminals are now operating highly sophisticated organizations with a variety of low-cost, readily available hacking tools. [4] Given that phone verification is a common recommendation in the event of a suspicious-looking email, the prospect of sophisticated voice impersonation emphasizes the need for more tailored procedures and controls. This leaflet explains when you should report it to us and what we will do in response. [8] The CFTC specifically alleged that the firm failed to comply with Regulations 166.3 and 1.55(i), which, under CFTC’s interpretation, required mechanisms for the detection and deterrence of cybersecurity breaches and imposed an obligation (at least in certain circumstances) to disclose cybersecurity breaches. An effective response to a cyber incident is essential to minimize any damage that might be caused. Until we resolve the issues, subscribers need not log in to access ST Digital articles. c. cybersecurity management d. cyber security practitioners. Avoid email and website updates If you organisation is affected by a suspected or confirmed cyber attack avoid the use of email and website messaging immediately. Shipping’s cyber defences fail attack test No evidence the cyber attacks on CMA CGM and the IMO were linked, but the incidents come just months ahead of a new requirement for owners to address cyber risk through safety management systems They can read the article in full after signing up for a free account. Mr Tan said he read Mr Lee's multiple alerts sent on June 13 and 26. Consider providing your senior management team with media and communications training to ensure that should a crisis hit, you have a range of potential spokespeople available. But, according to the survey’s findings, 82 percent of CIOs and CISOs in health systems in Q3 2020 agree that the dollars spent currently have not been allocated prior to their tenure effectively, often only spent after breaches, and without a full gap assessment of capabilities led by senior management outside of IT. Cyber attacks on healthcare systems have surged over the past few years. Dec 7th, 2020. 84429 (Oct. 16, 2018), https://www.sec.gov/litigation/investreport/34-84429.pdf. (go back), Posted by Jeannie S. Rhee, Udi Grofman and Jeh Charles Johnson, Paul, Weiss, Rifkind, Wharton & Garrison LLP, on, Harvard Law School Forum on Corporate Governance, on Recent Cyber Attacks Target Asset Management Firms, https://www.institutionalinvestor.com/article/b1hqqxdl6pf03f/Cyber-Attack-Hits-Prominent-Hedge-Fund-Endowment-and-Foundation, https://www.whitehouse.gov/wp-content/uploads/2018/03/The-Cost-of-Malicious-Cyber-Activity-to-the-U.S.-Economy.pdf, https://www.securitymagazine.com/articles/90493-cyber-attacks-cost-45-billion-in-2018, https://www.ic3.gov/media/2019/190910.aspx#fn1, https://www.wsj.com/articles/fraudsters-use-ai-to-mimic-ceos-voice-in-unusual-cybercrime-case-11567157402, https://www.sec.gov/rules/interp/2018/33-10459.pdf, https://www.paulweiss.com/media/3977641/27feb18-cybersecurity.pdf, https://www.sec.gov/spotlight/cybersecurity, https://www.sec.gov/files/OCIE%202019%20Priorities.pdf, https://www.cftc.gov/PressRoom/PressReleases/8008-19, https://www.paulweiss.com/media/3978895/23sep19-cftc-phillip.pdf, https://www.cftc.gov/media/2476/enfphillipcapitalincorder091219/download, https://www.sec.gov/litigation/investreport/34-84429.pdf, https://www.paulweiss.com/media/3977759/3may18-yahoo.pdf. 33-10459, 34-82746 (Feb. 21, 2018), https://www.sec.gov/rules/interp/2018/33-10459.pdf; see Paul, Weiss, SEC Issues Updated Guidance on Cybersecurity Disclosure (Feb. 27, 2018), https://www.paulweiss.com/media/3977641/27feb18-cybersecurity.pdf. The SingHealth cyber attack compromised the personal data of 1.5 million patients and the outpatient prescription information of 160,000 people, including Prime Minister Lee Hsien Loong and several ministers. Be sure to include all relevant contact information. Wealth Management. The answers are both simple and complex. 8008-19 (Sept. 12, 2019), https://www.cftc.gov/PressRoom/PressReleases/8008-19, see Paul, Weiss, CFTC Fines Phillip Capital for Failure to Prevent a Cyber Attack That Resulted in the Theft of Customer Funds (Sept. 23, 2019), https://www.paulweiss.com/media/3978895/23sep19-cftc-phillip.pdf. Even nation-state attacks have been rising in prominence, with devastating wipers destroying systems or whole networks within minutes. Companies also need to institute an action plan in the form of clear, thought-through policies and procedures to respond to cyber-penetrations if and when they occur. "A bottleneck is not acceptable," he said, referring to the information flow stopping at Mr Ernest Tan. They also implement training programs and enhance processes, as necessary. He urged all staff at IHiS to raise matters to higher management directly, saying that there is value in reporting incidents quickly even if the evidence might be inconclusive. Election 2020. Business. And, they have a robust communication plan to provide transparency in the event of a cyber attack. A recent flurry of cyber attacks on asset managers should remind asset management firms and other financial institutions that they are attractive targets for cyber-exploitation and need to remain vigilant and institute appropriate preventative controls and monitoring procedures, as well as post-attack action plans. When: Determine when to alert senior management, emergency personnel, cybersecurity professionals, legal council, service providers, or insurance providers. While these and similar cyber schemes may sound like transparently suspicious and easy to detect attempts at blunt force penetration, their cost to businesses can be substantial, with some estimates exceeding $50 billion a year. [9] Last September, the SEC settled an enforcement action against Voya Financial Advisors Inc. with a $1 million fine for Voya’s alleged failure to protect confidential consumer information and prevent identity theft in connection with a 2016 cyber-intrusion. With the average cost of a cyber attack exceeding $1.1 million, a risk management culture is a must. c. cybersecurity management. When you suffer a cyber-attack or a related cybersecurity incident, you might need to report it to the Information Commissioner’s Office (ICO). A recent flurry of cyber attacks on asset managers should remind asset management firms and other financial institutions that they are attractive targets for cyber-exploitation and need to remain vigilant and institute appropriate preventative controls and monitoring procedures, as well as post-attack action plans. compromised the personal data of 1.5 million patients, SingHealth COI: Hackers tried to attack network again on July 19 amid probe, COI examines alleged security ‘loophole’ discovered in 2014 in SingHealth system, Key employee says he didn't realise severity of incident, COI on SingHealth cyber attack: Failings in judgment, organisation exposed, second phase of hearings in late September, SingHealth database hackers have targeted other systems here since at least 2017: Symantec, Data leaks are serious business and other lessons to learn from SingHealth breach, Tiered model of Internet access being considered for public healthcare sector, says Gan Kim Yong, 11 critical sectors to shore up defences in response to SingHealth COI report: Iswaran, Singapore's privacy watchdog fines IHiS $750,000 and SingHealth $250,000 for data breach, Organisations must prepare for cyber breaches, as if already under attack: SingHealth COI chair, COI on SingHealth cyber attack: Change the way security incidents are reported, says CSA chief, SingHealth COI: Communication problems hampered data breach response, says expert witness. 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