Thank you, Bryan Foss, for sharing. Cyberattacks have a long and complex value chain, as UK law firm Glaisyers LLP discovered.

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Thank you, Bryan Foss, for sharing.

Cyberattacks have a long and complex value chain, as UK law firm Glaisyers LLP discovered. The 150-year-old law firm was already in difficulty before and after its closure due to a cyberattack. Before going into administration, the company suffered a cyberattack, which pushed up insurance premiums, costs and raised questions about the company’s risk management practices.

The company’s cash flow was not great before the cyberattack, forcing it into pre-pack administration and the sale off of family and prison cases. However, the company’s risk profile changed again after the cyberattack, resulting in potential acquirers pulling out, and a cyberattack on the UK Ministry of Justice tying up cash, compounding the company’s problems further.

The result being Glaisyers going into administration and unsecured creditors receiving 2p in the £.

@Thaddeus Dziekanowski Brian D. McCarthy Faisal Khan

Veritas GRC

#cybersecurity #cyberriskmanagement #cyberattack

https://lnkd.in/eS8vvZXV

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