Cybercrime Is On The Rise: Will The Federal Government Require Companies To Report Cyber Attacks? (Video)
To print this article, all you need is to be registered or login on Mondaq.com.
On May 8, 2021, Colonial Pipeline had to shut down a 5,500-mile
fuel pipeline from Texas to New Jersey after its network
experienced a ransomware attack. This attack follows a long list of
other, recent high-profile cyber attacks in recent months. As cyber
experts and officials have noted, cybercrime has been dramatically
increasing since the SolarWinds attack, targeting critical
infrastructure such as hospitals, manufacturers, and government
entities. Companies are often hesitant to disclose information
about security incidents, frequently making it difficult to gauge
the timeframe and scope of a cyberattack and making it even more
challenging to keep networks secure.
As a result of the SolarWinds security incident, the US Senate
Select Committee on Intelligence is working on a bill that requires
a limited form of mandatory reporting for the private sector when
they experience a cyber attack. The goal of the legislation is to
create an early warning system for foreign cyberattacks on critical
organizations. The SolarWinds cyberattack, which compromised
several federal agencies, is believed to have been carried out by
Russian hackers, and the FBI has confirmed that a Russian
cybercrime gang named DarkSide compromised Colonial Pipeline’s
network. Listen to Privacy, Cybersecurity & Data Strategy
partners Ron Lee and Jami Vibbert discuss the pending mandatory
reporting legislation and how privacy officers and counsel can
prepare for potential new requirements and compliance.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Technology from United States