Locky, Phoenix, WannaCry, DarkSide, NotPetya, Hades. Do these names sound familiar? They have each touched the lives of individuals across the globe, generated revenues in the seven to eight figures, and managed to stand out in a field crowded with other actors. No, these are not the names of Disney antiheroes. They are not TikTok superstars. They are the names of just a few of the large-scale cyberattacks of the past ten years. The World Economic Forum (WEF) paints a stark picture of cybersecurity risk today: “[G]rowing cyberthreats are outpacing societies’ ability to effectively prevent and manage them.” Patchwork government oversight and a global shortage of cybersecurity professionals have only aided this acceleration in cybercrime. Additionally, cybercriminals face little risk of extradition or prosecution, due to the absence of a cooperative international response and the unwillingness of some nations to address cybercrime originating within their borders.
THE ROAD TO THE RULES: THE SEC MANDATES CYBERSECURITY DISCLOSURES
Volume 96, No 1, Spring 2024