More Cyber Security Incidents

The following illustrate the constant threat all employers face:

• “Coinbase,” a virtual currency broker, was betrayed by some contractors who leaked some of their overseas data to a malevolent group that demanded $20 million not to disclose their data. Coinbase has elected NOT to pay the ransom and estimates that remediation will cost somewhere between $180 million and $400 million.

• Nucor Steel was hit with a ransomware attack that forced it to take some systems offline for repair. Cost data are not available.

• A group of financial institutions have submitted a petition to the Security & Exchange Commission (SEC) to change its rule regarding reporting of cybersecurity incidents. They contend that reporting is mandated before much of the possible impact can be assessed, causing confusion (and possibly unnecessary alarm) in financial markets. The request is under consideration.