- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2023-09-07T13:21:00
Companies that think paying ransomware demands would be a better move than informing regulators of a data breach are playing with fire, according to experts.
Recent reports have indicated a cybercrime group called “Ransomed” is trying to persuade the companies it hacks that paying its cut-price ransom demands quickly—and quietly—outweighs any fine a data protection authority (DPA) might levy for breaching privacy rules such as the European Union’s General Data Protection Regulation (GDPR).
However, data privacy experts see the issue differently.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Despite its reputation as a fierce enforcer of sanctions, the Office of Foreign Assets Control has a softer side and wants to help companies that are hit with ransomware attacks, according to the agency’s senior compliance officer.
Holding on to data for longer than necessary creates vulnerabilities for businesses by giving cyberattackers more avenues to access an organization’s computer systems.
MGM Resorts International said it expects to take a $100 million hit as part of the fallout of a cyberattack that has most significantly impacted its Las Vegas operations.
American Water Works Company, which supplies drinking water and wastewater to 14 million customers, disclosed a breach of its computer networks and system due to a cybersecurity incident.
The global average cost of a data breach jumped to an all-time high for the second year in a row, but companies can reel in the ballooning drag on profits by adopting artificial intelligence, according to an IBM report.
The U.S. Department of Energy released supply chain cybersecurity principles meant to help strengthen key technologies used to manage and operate electricity, oil, and natural gas systems.
