Lindsay Nickle Quoted by Business Insurance Article on Ransomware
Dallas, Tex. (November 16, 2020) - Dallas Partner and Vice-Chair of Lewis Brisbois’ Data Privacy & Cybersecurity Practice Lindsay B. Nickle was recently quoted in a Business Insurance article titled “Policyholders May See Rising Cyber Rates, Restrictions: Panel,” which discusses ransomware attacks and highlights the insights that Ms. Nickle shared during a recent panel session at the Professional Liability Underwriting Society’s virtual annual conference.
The article explains that Ms. Nickle participated in a panel discussion on ransomware during which she described how malicious actors have added a new element to ransomware attacks. Specifically, Ms. Nickle shared that approximately one year ago, in addition to taking control of companies’ files, cyber criminals began accessing data from companies’ networks and demanding money not only to obtain the encryption key, but also to prevent the publication of the data. Ms. Nickle explained that cyberattack victims in these situations have an obligation to pay the ransom to protect the compromised personal information, which makes controlling the ransomware issue harder.
Ms. Nickle further described that this type of situation “does not just complicate recovery from an operational standpoint,” but also forces companies to determine if a data breach has occurred, which creates a “myriad of notification requirements” that must occur within a short time frame. She further noted, “These are smart criminal groups, and so they’ve found another way to trigger payments of money so they can benefit and monetize this activity.”
Ms. Nickle recommended that companies should prepare for potential ransomware attacks by conducting tabletop exercises and identifying who the decision-makers will be if an incident takes place. She explained that these individuals should be “efficient and fast” because otherwise, “it could hold the process down.” She further described the importance of determining “who’s available to help you contain and diagnose and identify what has happened and who can stop the bleeding.”
Ms. Nickle is a partner in Lewis Brisbois’ Dallas office and serves as vice-chair of its Data Privacy & Cybersecurity Practice. She assists clients by overseeing the process of investigating data security events and interpreting the myriad state and federal laws governing data breach response. She also guides clients through regulatory investigations arising from data security incidents. In her role as a breach coach, Ms. Nickle assists her clients with navigating the complex process of responding to the loss, theft, or compromise of protected information.
You can read the full Business Insurance article here.