As companies pivot from worrying about “if” they’ll face a cyber attack to “when,” it becomes clear that preparation and strategic planning are critical for navigating risks related to regulatory actions, reputational damage, and potential litigation. This article from Skadden’s experts delves deep into what financial services firms need to consider when a cyber attack occurs.
Key Points
- A cyber attack can manifest suddenly or subtly, with varying impacts on the organisation.
- Preparing a strategic communication plan for stakeholders is essential to meet regulatory requirements.
- Communication with staff must be clear to avoid misinformation, especially on social media.
- The decision to pay a ransom involves navigating complex legal landscapes.
Why should I read this?
If you’re in the finance sector, this article sheds light on crucial steps to take in case of a cyber attack. With cyber threats on the rise, knowing how to handle the aftermath can save you from costly mistakes and protect your reputation. We’ve done the reading for you so you can get straight to the parts that matter most!