NYDFS Issues Ransomware Guidance

guest · Jul 13, 2021

NYDFS Issues Ransomware Guidance
July 13, 2021
https://www.jdsupra.com/legalnews/nydfs-issues-ransomware-guidance-2990370/

The New York State Department of Financial Services recently announced new guidance addressing ransomware attacks, and highlighting cybersecurity measures to significantly reduce the risk of an attack.

The guidance was generated from reports to NYDFS of 74 ransomware attacks from NYDFS-regulated companies between January 2020 and May 2021 which it said followed a similar pattern: “hackers enter a victim’s network, obtain administrator privileges once inside, and then use those elevated privileges to deploy ransomware, avoid security controls, steal data, and disable backups.”
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Putting it Into Practice: This guidance is a reminder that while supply-chain cybersecurity threats have been gaining headlines, cyberattacks can and do just still occur as a result of phishing attacks, human error, and failures in controls. Teaching employees about good cyber hygiene helps to mitigate the risk that employees will fall prey to sophisticated phishing or socially-engineered fake emails.
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