Ransomware Evolution: Government Efforts and Cyber Insurance (Part Two of Two)

The scope and sophistication of ransomware attacks have grown dramatically in recent years, with attacks on critical infrastructure, including Colonial Pipeline, prompting a strong government response. To assist companies in navigating these challenging waters, in this second article of our two-part series, we cover insights offered by speakers at a Strafford webinar on the government’s efforts at addressing ransomware and other cyber risks, and the role of cyber insurance. In part one, we discussed the evolving ransomware threat landscape – including ransomware as a service, the ransom payment calculus and incident response – and the challenges and considerations related to responding to an attack. The program featured Shardul Desai, a partner at Holland & Knight; Rachel V. Rose, a principal at Rachel V. Rose – Attorney at Law, PLLC; and Elizabeth (Beth) Burgin Waller, a principal at Woods Rogers. See our two-part series for fund managers on addressing a ransomware attack: “First Steps to Take When Responding” (Mar. 17, 2022); and “Necessary Precautions, Compliance Considerations and Risks to Mitigate” (Mar. 24, 2022).

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