Keeping Pace In 2024: CIRO's Ransomware Response Playbook

Regulators are often warning firms about the importance of cyber security readiness and the obligations of registrants to ensure that that there is a documented incident response plan to address cyber security incidents. The Canadian Investment Regulatory Organization (CIRO) has released a "playbook" resulting from its 2023 cybersecurity table-top exercises for small and medium sized CIRO member firms. During these studies, participants discussed crisis responses and shared information related to responding to both a ransomware attack and an insider threat event. CIRO's published Ransomware Response Playbook (the Playbook), authored by Juno Risk Solutions at CIRO's request, has been created as a guide when dealing with a ransomware attack, where malware is placed on a target's computer system to lock out those systems for ransom in exchange for a key and/or a promise not to release stolen data.