Hackers Target the Bottom Line: Business Operations and Earnings
Derek Borchardt and Craig A. Newman of Patterson Belknap write:
Over the past several years, we have witnessed a fundamental shift in orchestrated cyber-attacks from hacking credit card data and healthcare information to targeting businesses, their operations and bottom lines.
Last month, companies across the globe were hit by the so-called “Petya” ransomware attack, as this blog has previously discussed. In that attack, hackers infected computer systems with malicious software that rapidly spread and encrypted a company’s data, and held it hostage until the victim made a ransom payment. And in May, it was the “WannaCry” global ransomware virus that locked up thousands of computers around the globe and disrupted businesses operations.
While the full scope of the recent ransomware attacks is impossible to know, given varying degrees of public disclosure from one victimized organization to the next, one aspect of these attacks is apparent and notable: That is, companies now face the risk of data security breaches that may threaten their core business.
Read more on Data Security Law Blog.