Tag Archives: cyber-attack

Chinese Telecom Companies in Hot Water

Chinese cyber espionage and cyber-attack capabilities will continue to support China’s national security and economic priorities,” says Dan Coats, the Director of National Intelligence “Americans should not buy Huawei or ZTE products.” In March 2017 the Chinese Telecom company, ZTE, plead guilty to shipping US technology to Iran and North Korea, and reached a settlement … Continue Reading

FFIEC Members Issue Joint Statement to Financial Institutions on Role of Cyber Insurance as Risk Management Tool

On April 10, the Federal Financial Institutions Examination Council (FFIEC) members issued a joint statement discussing cyber insurance and its potential role in the risk management programs of financial institutions. Members of the FFEIC include the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union … Continue Reading

Cybersecurity Task Force Launched in Arizona

Arizona Governor Doug Ducey launched the Arizona Cybersecurity Team (ACT) by Executive Order on March 1, 2018. The ACT, comprised of 22 members representing officials from the Executive Branch, including the state’s Chief Information Officer and Chief Information Security Officer, representatives from public safety, homeland security, emergency and military affairs, as well as members of … Continue Reading

U.S. Estimates that Cyber Hacks Cost Up to $109 Billion in 2016

The Council for Economic Advisors (CEA) issued a report this month, entitled “The Cost of Malicious Cyber Activity to the U.S. Economy,” which concludes that “malicious cyber activity cost the U.S. economy between $57 billion and $109 billion in 2016.” The Executive Summary further depressingly concludes: Malicious cyber activity directed at private and public entities … Continue Reading

SEC Updates Guidance on Public Companies’ Disclosure of Cyber-Attacks

The U.S. Securities and Exchange Commission (SEC) updated guidance to public companies this week on how and when they are to disclose cybersecurity risks and breaches. The SEC suggests that public companies should disclose potential weaknesses that have not been targeted by hackers. There has always been a tension between the SEC and public companies … Continue Reading
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