John P. Carlin, chair of Morrison & Foerster’s Global Risk and Crisis Management Group, advises financial firms on the legal ramifications they could face if they fail to report cyber attacks to regulators in the Reuters article “ANALYSIS: WannaCry attack shows trend toward ‘economic’ cyber threats, rising regulatory risk.”
“When computers are compromised and used to make an attack on another victim, the liability could be with your system,” he said. “It might not seem like a big problem. But sometimes it turns out to be worse than first thought and if you don’t report it to regulators from their perspective you kept it secret.”
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