February 26, 2018
‘Cyberwar. What’s your thoughts?’
Seventeen years later, the state of New York is finaling answering the memo from the US Secretary of Defense, Donald Rumsfeld, declaring a “Cyberwar”. In 2001, Rumsfield shared the 38-page paper, which detailed the consequences of society’s increasing dependence on the internet and what could happen should we ignore the threats that it brings. It seems only now that New York have decided to take a stand and deal with the problem directly.
This week, Business Insider reported that, in 2016, the New York State of Department of Financial Services (NYDFS) took a stand against cyber threats and became the voice of change. New York Gov. Andrew Cuomo announced the state is implementing their own cybersecurity regulations in a bid to win the cyberwar by preventing a major cyber attack which could cause chaos to businesses everywhere. Having previously been taking leadership from the federal government, the state is now showing the rest of the world exactly how it is done.
Whilst this is great news, there is still the concern that these efforts will not be enough. In 2016, IBM reported that hackers attacked financial firms more so than any other industry. That same year, over 200 million financial records were breached. As New York is home to one of the most valuable stock exchanges in the world, it is no wonder the city is on notice.
As the NYDFS look after over 10,000 state-chartered banks, credit unions, insurance companies, and other financial institutions all with assets exceeding over £6 trillion, it is no wonder they want to do all they can to protect their clients.
Much like the state of New York, you and your clients are equally at risk to these targeted, malicious cyber attacks. Now is the time to work together to help build a wall between the threats and the solutions. To find out more facts and stats around all things ransomware, download our 2018 European Ransomware report today.