'Call the FBI Immediately': Top Officials Urge Action on Cybersecurity Breaches at Holland & Knight's Florida Enforcement Summit
Securities Enforcement Defense Team Co-Chair Jessica Magee and Miami Executive Partner Wifredo Ferrer were quoted in a Daily Business Review article about their panel discussion at Holland & Knight's recent Florida Enforcement Summit, where they stressed the importance of proactive cybersecurity compliance. The article notes that during the presentation, Ms. Magee warned that a cyber breach is not a single event but can unfold over time, so policies and procedures must be established beforehand.
"These are not policies that get better with time and they do not become less expensive with time. Even if you navigate the cyber breach and pay the $25 million and you think you whistled past the graveyard, at some point, this will probably come back as a shareholder class action or some private litigation. This is a problem you know will happen," she said.
Mr. Ferrer, who moderated the panel discussion, added that compliance has expanded beyond simply having a program. He noted that the world of compliance has changed from a company just having to show it has a compliance program to companies having programs that are "working, being tested and being audited."
"It's important to know that you could be investigated by multiple agencies because there is different ramifications and different policies. You need to be very up to speed with all of the different policies that are coming out," he said.