Cybersecurity and ransomware

Cybersecurity has become a key concern for many corporations in recent years as cyberattacks can have potentially devastating effects on companies of all sizes. The potential threat of cyberattacks is further heightened by the rapid upsurge in the number of people working remotely, due to the coronavirus pandemic.

We are also beginning to see a rise in the number of targeted ransomware attacks on companies (often large multinational organisations), some of which have resulted in high-value ransom pay-outs. These attacks tend to be extremely high profile in nature and have led to an increased consideration of so-called ‘cyber insurance’. For further detail on cyber incidents in 2020, the ransom dilemma, and the role that cyber insurance can play in potentially mitigating liability, please read this article (in Dutch) co-authored by Nosh van der Voort and Willemijn Warnaars, associates based in our Amsterdam office.

As the technology that companies use to protect themselves develop, so too do the tactics of cybercriminals. Companies must keep up with these fast-paced developments and act quickly in response to any identified vulnerabilities in their systems. This duty of care is not to be overlooked and companies should become very familiar with the potential risks. Under Dutch law, it is theoretically possible to prosecute a company that has negligently failed to put proper cybersecurity measures in place. This has not been tested before the Dutch courts and it remains unclear how these rights could be enforced. For further detail, please read the full article (in Dutch) here.

If this topic is of particular interest to you, please do reach out to Nosh van der Voort, and read his recent LinkedIn article on the cyberattack on Garmin, a smartwatch manufacturer, (in English) here.