I am CEO of Global Cyber Risk and provide consulting services, focusing on cyber risk assessments, incident response plans, cyber governance, and digital asset management. I co-chair the American Bar Association’s Privacy & Computer Crime Committee and Cybercrime Committee.
Some events teach us more than others. When cybersecurity vendor CrowdStrike pushed out an update to its Falcon scanning service early yesterday morning, it caused millions of computers around the world to crash in what has been deemed the “.” The outage will likely be viewed as a trigger for more cybersecurity regulation, a turning point for cybersecurity governance, and an impetus for changes to cyber insurance policies.
Biden Vs. Trump 2024 Election Polls: Trump Expands His Lead—As More Democrats Pressure Biden To Drop Out: We can expect legislators and regulators around the globe to conduct investigations, require notification of automatic updates to services like Falcon, and call for quality assurance standards, if not more. Although CrowdStrike has been careful to note that the update was not a software update, but a content update to its Falcon tool, that distinction will likely fall on deaf ears.
Cyber governance also will become an issue if shareholder or securities class action suits are filed against CrowdStrike, raising the usual claims of failure to exercise proper oversight over the cybersecurity program or failure to properly inform investors of cyber risks associated with CrowdStrike’s operations.
In turn, this could cause insurance carriers to review their policies to determine whether such third-party business interruption claims would be covered and under which policies . When carriers get nervous about broad coverage exposures, such as third-party liability, they often make wording changes to policies to protect against such claims in the future.
If legislators and regulators begin meaningful dialogues with affected parties about the outage before clamoring for laws and regulations, if boards and senior management launch internal initiatives on cyber risk management, and if the lawyers and insurance carriers hold back to see what settles, the lessons learned may indeed prove to be beneficial rather than just another cyber event that goes on the list.Our community is about connecting people through open and thoughtful conversations.
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