The SEC’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert related to Ransomware on July 10, 2020. In the publication, Cybersecurity: Ransomware Alert, OCIE alerts companies to the increase in sophisticated campaigns orchestrated to invade financial institution networks in order to obtain confidential information and plant ransomware. The attacks generally involve perpetrators using “phishing and other campaigns designed to penetrate financial institution networks … to access internal resources and deploy ransomware.” Once the ransomware is deployed, institutions typically lose control of the ability to use and maintain the integrity of their systems and data until they pay a ransom to the attackers.
Continue Reading OCIE’s Guidance on Ransomware Attacks