Banks are supporting digital-ID initiatives as threats to information security increase. USAA has acquired companies in this space; BBVA Compass is collaborating with Dwolla for tokenization authentication on real-time payments; and Capital One has introduced business-to-business digital-ID tools for consumer verification.
Shutts & Bowen added a full-time cybersecurity expert, became part of the Legal Services Information Sharing and Analysis Organization and simulated spear-phishing attempts to prepare its cyberattack response. "Every lawyer has a duty to become familiarized with technology and take reasonable steps to protect the client," partner Jonathan Cohen said.
As cyberattacks increase and become more complex, companies need to focus on resource management to best protect themselves, Christopher Mims writes. Some basic "security hygiene" tips include using the cloud, investing in technology with "baked-in security" and making sure IT staff members can also handle cybersecurity.
Rep. Marsha Blackburn, R-Tenn., has put forward a bill called Balancing the Rights of Web Surfers Equally and Responsibly Act of 2017, which would require digital publishers, social platforms and internet service providers to get opt-in consent before using or disseminating consumers' sensitive information. That information would include browsing, app-usage and location data.
Firms should conduct cyberrisk assessments, update software and perform vulnerability tests, according to a ransomware alert issued by the Securities and Exchange Commission's Office of Compliance Inspections and Examinations. Meanwhile, recent developments suggest that the SEC could increasingly rely on big data in its examination of firms. Expert Joel Bruckenstein interviews expert Brian Edelman in this podcast from the AICPA PFP Division on the topic of ransomware and cybersecurity.
US District Judge Nicholas Garaufis has thrown out a lawsuit that accused Facebook of violating the Anti-Terrorism Act because users of the platform were affiliated with Hamas. Garaufis also dismissed another case that alleged that Facebook put Israeli residents at risk by not removing Hamas-related content consistently.
The Chan Zuckerberg Initiative plans to donate an undisclosed sum to College Board, a nonprofit that helps students pursue secondary education. CZI President Jim Shelton said the collaboration would "dramatically expand access to unique, personalized learning opportunities," particularly for students from low-income and rural areas.
Success demands resilience in the face of rapidly evolving cyberrisks. Digitization and connectivity drive cost efficiency, speed and better customer experience. These same trends also expose the enterprise to rapidly evolving cyberrisks. Join us at 11 a.m. Eastern on Tuesday, May 30, for the "Are You Ready?" webinar series, in which we will explore actionable ways for organizations to achieve cyberresilience. Register.
On May 12 we experienced one of the most widespread cyberattacks in history. WannaCry, a ransomware virus, hit computers in London, locking computer screens and demanding a ransom of up to $600 in bitcoin to unlock them. Businesses have consistently rated cyberthreats as one of top risks they face, and this most recent event reminds us why. "WannaCry's wormlike behavior and its ability to easily propagate across the organization make this a particularly dangerous strain of ransomware," says Ed Stroz, co-president of Stroz Friedberg, an Aon company. With cyberrisk on the rise and business interruption a growing concern, what key lessons can organizations learn from the WannaCry incident? Read more.
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