Posts in Category: Cyber

Blog Post List

The Growing Threat of Ransomware 

By M. Scott Koller, Attorney and member of BakerHostetler's Privacy and Data Protection Team

More than just a nuisance, ransomware has become a legitimate threat to business operations and continuity.

The FFIEC eerily foreshadowed the meteoric rise of ransomware in November, 2015. In the first three months of 2016 alone, the FBI estimates that cyber criminals have collected over $209 million from businesses, hospitals, and other institutions. If that rate continues, ransomware is on track to become a billion-dollar criminal enterprise. Moreover, that figure only represents reported losses and does not include unreported incidents or tangential costs such as system downtime, reputational damage and remediation efforts. The true magnitude is likely much larger.

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Mobile App Developer Agreements 

BakerHostetler Brief by Partner Alan Fried, BakerHostetler

Mobile apps are no longer just for streaming media, playing games and social media. Almost any company that engages with consumers needs a mobile app. Like other important IT vendor engagements, the RFP, scoping and contracting process for developing and operating a mobile app, whether it is a wholly custom application or a white label software-as-a-service solution, is crucial to establish the schedule and deliverables, the parties’ responsibilities, dependencies, who owns and can do what with the IP and data, how risk is apportioned and the company’s rights and remedies if the relationship sours or ends

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Ransomware information resources available on aba.com 

From American Bankers Association
Documents to help you identify various forms of malware, outline preventative measures, business continuity considerations, and know what to do if infected with ransomware and how law enforcement can assist are now available at a newly created ransomware issue page from the American Bankers

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Prevent the ransomware epidemic from infecting your organization 

by Heather Wyson-Constantine, Vice President of Payments and Cybersecurity, American Bankers Association

By now, you’ve mostly likely heard the news: ransomware is here and it’s a problem. The impact can be devastating. Imagine not being able to access your email, customer information or vital records for days or even weeks. Victims not only face monetary losses associated with the ransom and loss of business during the downtime, but also the additional forensics costs, the loss of employee productivity and, most importantly, customer trust.

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Webinar Video: The Ins & Outs of Cyber Insurance 

Original broadcast: March 31, 2016

Now available for viewing: Moderated by American Bankers Association's Doug Johnson. Pete Hilbert and Mike Read of ABA Insurance Services provided insight into identifying cybersecurity exposures, what’s current in the cyber insurance industry and the details behind most cyber insurance policies. 

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NEW Cyber program, including new cyber policy and loss control/breach resources 

ABA Insurance Services recently introduced a new Cyber insurance program with three key features:
·  Cyber Cover, a cyber liability and privacy insurance policy (currently approved in 38 states);
·  Cyber Care, an open and free forum available to everyone; and
·  Cyber844, a login accessible portal for insureds who have Cyber Cover or Internet Banking Liability.

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