Cyber assurance | Legal Advisory

Cyberattacks against businesses such as ransomware attacks are becoming increasingly frequent and severe. When crisis hits however many organizations experience decision paralysis and quickly find their prior cyber assurance to prove illusory owing to the uncertainty and complexity of the situation, exacerbated by fears over taking a misstep. Effective, focused response can be crucially enabled for organizations by rapidly delivered legal advice to meet reporting obligations, keep stakeholders informed, and deal with attackers' demands in the case of cyber extortion, an increasingly prevalent threat. A legally-informed approach not only enables decision making for rapid response, it helps to minimize harms and costs, both in the short and long term for organizations impacted by cyberattacks and data breaches arising from other causes.

Responding to Ransomware Demands

When a ransomware attack occurs, time is of the essence. Organizations must quickly engage legal and cybersecurity experts to negotiate with attackers. This process requires a deep understanding of the legal landscape, including regulations and potential consequences of payment or non-payment. Increasingly serving as the linchpin in cyber assurance today, legal advisors can provide guidance on how to approach negotiations, balancing the need to restore systems with the imperative to avoid incentivizing criminal activity. Additionally, legal advisors further strengthen cyber assurance by helping to ensure compliance with laws and regulations, including the key aspect of reporting requirements.

Meeting Reporting Obligations

Legal obligations often mandate the timely reporting of ransomware incidents to various authorities, including data protection regulators and industry-specific bodies. Failure to comply when crisis hits can result in severe penalties and damage to an organization’s reputation. Immediate and accurate reporting helps mitigate these risks and demonstrates the organization’s commitment to transparency and responsibility. Legal counsel can assist in drafting and submitting these reports, ensuring that all necessary details are included and that the organization remains compliant with relevant laws.

Informing Stakeholders

Maintaining clear and consistent communication with stakeholders is essential from the outset of a ransomware crisis incident. Internally, this means keeping employees, management, and board members informed about the situation, actions being taken, and expected outcomes. Externally, it involves updating customers, partners, and the public, as appropriate. Transparent communication helps preserve trust and reduces the spread of misinformation, which can exacerbate the crisis.

Minimizing Short-term and Long-term Harms

In the immediate aftermath of a ransomware attack, the primary focus for victims tends to be on resuming normal operations as quickly as possible. Organizations cannot lose sight however of the importance and value of effective communications internally and externally in minimising both short term and long term impacts which takes more than managing technical recovery efforts and addressing any data breaches or losses. Expert legal advice is the key enabler of a well-coordinated response including management of timely and clear crisis communications to minimize the short-term impact on business continuity and financial performance, and the potential long-term reputational as well as financial harms.

Rapid, legally-informed advice and transparent stakeholder engagement are key components of strategic cyber assurance that help mitigate the impacts of an attack or other breach such as the leaking of highly sensitive information. By adhering to these principles, organizations can navigate the complexities of ransomware incidents more effectively, safeguarding their operations and reputation.