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An example of supply chain cybersecurity, where hackers go to the source of the code. Demonstrated here with GoDaddy, but also with SolarWinds and Kaseya in 2021. In this case the hacker compromised client website, redirecting traffic.
In response their 10K filling demonstrates the potential of a cyber attack to impact financial performance – ‘We experience cybsersecurity incidents, and any actual or perceived breach of our security could expose us to a risk of loss or litigation and possible liability and subject us to regulatory or other government inquiries or investigations, which will require us to expend significant capital and other resources to remediate the breach, any of which would harm our business, financial condition and operating results’
A sensible statement given the role that credit rating agencies now play in the oversight of cybersecurity for financial markets and the cost of capital.
This is not a simple hack and demonstrates the complexity of cybersecurity risk management to technology providers. It raises questions about how how long the attacker was inside the network, able to compromise core product code, and the window for reporting. When and If the SEC cybersecurity risk management proposal is released it requires affected organisations to report cyber incidents in 4 business days.
(https://lnkd.in/eFwVe6in)
Ted Dziekanowski Jason Spezzano
#cybersecurity #cyberriskmanagement #cyberattack #cyberreglation
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