May 24, 2017
Legal Risks Associated with CyberattacksPROACTIVE MEASURES AGAINST CYBERATTACKS
The recent ransomware attack that has affected more than 100,000 organizations has emphasized how immense the potential impact can be on the financial services industry. It is imperative for firms to protect their network from these types of threats through various technical lines of defense, including:
While these technical protections may be in place, there still remains the threat that new and more sophisticated cyberattacks can breach these lines of defense. In the event that a cyberattack is successful, firms should strongly consider the necessity for legal counsel prior to the attack.
THE APPLICABILTY OF LEGAL COUNSEL
There are a variety of different legal situations that can have significant consequences if not addressed immediately by experienced legal counsel. Scenarios to consider include:
WHAT DOES THIS MEAN FOR ME?The legal proceedings that result from a cyberattack require a thorough understanding of all potential implications and how to mitigate these risks. Fairview® encourages firms to consider the value of maintaining legal counsel prior to a possible security breach, including the ability to preserve attorney-client privilege. This legal assistance can be instrumental in minimizing possible business disruptions.