Recent Ransomware Attack On Critical Infrastructure Highlights Increasing Risk To U.S. Economy (Video)

Issue in Brief: Late last week, a cyber-extortion event forced the shutdown of a company vital to the energy sector. A criminal gang paralyzed the company's internal networks and demanded a large ransom to release the systems.

Response in Brief: Cyber threats like these are increasing in both quantity and quality. Companies in all industries should assess their compliance and security programs, incident response plans, and business continuity plans to appropriately identify and address risks.

On the Horizon: The U.S. Department of Justice has formed a task force to curtail the proliferation of ransomware cyberattacks, the Department of Energy is developing a national cybersecurity strategy, and President Biden is expected to announce an executive order on new cybersecurity standards with the goal of creating new, broader cybersecurity standards for companies that conduct business with the government.