Wednesday, May 18 2022

Weekly round-up of cybersecurity news, updates, and. highlights that matter to senior financial executives and decision-makers.

New Powers for CISA

Biden’s recent executive order provides the Cybersecurity and Infrastructure Security Agency (CISA) with the authority to counter cyberattacks and create procedures for cyber incident response, according to CISA Executive Assistant Director Eric Goldstein. Goldstein also stated standardized courses of action will allow for better joint incident responses. CISA’s new authority builds on the power they received from the National Defense Authorization Act last year to create the Joint Cyber Planning Office (JCPO).

Banking Regulators Release Proposed Guidance on Third-Party Risk

EU to Launch Joint Cyber Unit

In response to large-scale cyber incidents that have impacted businesses and citizens across Europe, the European Commission has proposed the formation of the Joint Cyber Unit, that aims to ensure an EU coordinated response to cybersecurity threats, improve public awareness, and guarantee going preparedness for potential cyber incidents.

The Joint Cyber Unit leads up to the second step to the EU’s 4-step process to build a European framework for solidarity and assistance to counter cyberattacks, that is, to “prepare national incident and crisis response plans and roll out joint preparedness activities”. The unit will support participants in producing integrated EU cybersecurity reports, delivering the EU Cybersecurity Incident and Crisis Response Plan, mobilizing EU Cybersecurity Rapid Reaction Teams, and more.

Federal IT Modernization

US officials discussed federal IT modernization priorities during a virtual event led by MITRE. Presenters included Congressman Gerry Connolly (D-VA), Deputy Federal CIO of the OMB Maria Roat, and Director of Technology Transformation Services and Deputy Commissioner of the Federal Acquisitions Service in GSA Dave Zvenyach.

The discussion focused on the Performance Enhancement Reform Act, a pending bill meant to increase collaboration across agencies and ensure all crucial stakeholders have a say in performance plans; the FITARA Scorecard, used to grade federal IT modernization; and the US government’s Technology Modernization Fund, which provides departments with necessary funds to secure systems and data.

Ukrainian Cyber Gang Comeback

The Ukrainian ransomware gang Cl0P published confidential data on its dark website this week. The gang claims the data is from two new victims, which include a farm equipment retailer and an architect’s office. The operation comes after the Ukrainian national police announced a series of arrests of alleged ransomware gang members and claimed the group’s server infrastructure was successfully shut down last week.

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