Jake Olcott
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Articles by Jake Olcott
The Impact of the Kaspersky Ban
On June 20th, 2024, the Department of Commerce's Bureau of Industry and Security (BIS) announced the prohibition of Kaspersky Lab, Inc., the U.S. subsidiary of a Russia-based anti-virus software and cybersecurity company, from directly or indirectly providing anti-virus software and cybersecurity products or services in the U.S. or to U.S. persons. The prohibition also applies to Kaspersky Lab, Inc.’s affiliates, subsidiaries, and parent companies.
SEC’s Cybersecurity Regulations, Part III: The Relationship Between the CISO & The Board
Cybersecurity is a top risk for corporate directors to understand and navigate. The implications of cyber events for a company are many and growing: instantly damaged reputations that erode years of credibility and trust with customers and investors, impaired profitability from customer attrition and increased operating costs, lost intellectual property, fines and litigation, and harm to a company’s people and culture. Consequences for companies can be significant.
The SEC’s New Cybersecurity Regulations Part II: What Shareholders Should Know
It seems everyone is concerned about cybersecurity these days, and the investor community is no different. Shareholders are reading the headlines—ransomware attacks, data breaches, infrastructure disruptions—and they are wondering how these incidents could impact the companies that they invest in. Shareholders are about to get a lot more information from companies in the months ahead.
The SEC’s New Cybersecurity Regulations: Understanding the Impact for Companies & Their Shareholders
The increasing sophistication and frequency of cyber threats have exposed companies to significant risks, including data breaches, financial losses, and reputational damage. Investors have become deeply concerned that these risks can negatively impact their investment decisions. As we have previously discussed, companies and their shareholders must tackle the significant and constantly changing challenge of understanding cybersecurity risk.
Can New Regulations improve the Cyber Incident Disclosure Process?
In the wake of numerous high profile cyber incidents, including ransomware and attacks impacting critical infrastructure, policymakers are considering new cyber incident disclosure laws to improve cybersecurity. On March 15, 2022, President Biden signed legislation requiring critical infrastructure organizations to disclose “substantial” cyber incidents to the Federal government within 72 hours.
Hampleton Partners advises Apostera on its acquisition by HARMAN
Munich, Germany, and Novi, Mich. – 15 February 2022. Hampleton Partners, the international M&A and corporate finance advisory firm for technology companies, has advised Apostera, the market-leading provider of AR/MR technology for the automotive industry, on its acquisition by HARMAN International, a wholly-owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies for automotive, consumer and enterprise markets.
Four Critical Cybersecurity Questions for Directors in 2021
Topics: Cybersecurity,Featured,Risk Management December 8, 2020 December 8, 2020 Companies faced a host of unforeseen cybersecurity challenges in 2020 due mainly to the large-scale pivot to virtual work environments—regardless of whether or not a company was prepared to make such a radical change. As companies will continue to deal with the ramifications of this shift well into 2021, here are four critical questions directors should consider asking to best prepare themselves. 1.
Vaccine Developers are at Risk: How to Fight Hackers and Address the Health Crisis
As COVID-19 cases continue to rise in the U.S., the global race is on for a vaccine to help society safely return to normal. The U.S. government alone has already invested nearly $11 billion in vaccine trials to secure enough doses once a vaccine is deemed safe and effective— however, this investment is at risk due to some potentially serious cybersecurity issues by the organizations conducting the research.
How can security leaders maximize security budgets during a time of budget cuts?
It’s no secret that the current pandemic is causing a major strain on consumers and businesses alike. As the U.S. teeters on the verge of a recession, companies are cutting their spending wherever they can — including in cybersecurity. Gartner estimates that security faces cuts as high as $6.7 billion — an unfortunate outcome, particularly since most organizations are also experiencing an expansion of their attack surface as a result of more people working from home.
How CISOs can get their good days back
The recent reminder of the importance of basic hygiene has been glaring not only within the physical world, but also the cybersecurity one. Chief Information Security Officers (CISOs) understand this more than most, given the sudden surge in remote work and additional threats this has brought to their organizations.
Why Third-Party Risk Management Has Never Been More Important
Given today's coronavirus pandemic, the need for companies to collect cybersecurity data about their business partners is more critical than ever. Here's how to start. Over recent weeks, the ongoing spread of the COVID-19 coronavirus has forced companies around the country to make difficult decisions about how to protect their employees — as well as their communities as a whole.
Coronavirus phishing scams: Could hackers target healthcare next?
Cyber hackers are an opportune group of people, hunting like predators and shifting their approach as needed. And now, they’re leveraging the concern and — in some cases — hysteria about the coronavirus outbreak to advance their nefarious objectives. According to multiple cybersecurity experts, hackers are playing on the public’s fear of the coronavirus to steal passwords and spread malware.
New Windows vulnerabilities highlight patch management challenges
Last year, 12,174 common vulnerabilities and exposures (CVEs) were reported. It takes the average organisation 38 days to patch a vulnerability but 25% remain unpatched for more than a year.
I predict a riot: Managing the rising complexity of risk in the new decade
Cyber-security must be addressed across the entire ecosystem: proactive security planning that incorporates enterprise IT, cloud, & 3rd parties minimises the impact of cyber-threats & improves resiliency.
Planning for 2020? Here are 3 cybersecurity trends to look out for
It’s almost 2020, which means teams are finalizing cyber budgets, strategies and goals. However, as you’re preparing for the new year, it’s important to keep an eye out for how the cybersecurity landscape might shift in 2020. From the rise in investor focus on cybersecurity issues to diversifying of cyber insurance, there are three critical security trends cyber professionals should be prepared to address if they want a successful — and secure — 2020.
‘Tis the Season for Cybercriminals to Infiltrate the Supply Chain
Cyber risk in retail isn't a new concept. Retail is one of the most targeted industries when it comes to cyber attacks. In fact, over 50 percent of global retailers were breached in the last year. Given the sensitive customer data these organizations often possess (e.g., credit card information and personally identifiable information), it’s not surprising that attackers have been capitalizing on the industry for decades.
Understanding security in the world of risk society
Renowned sociologist Ulrich Beck explained “Risk Society” as “Modern society becoming a risk society in the sense that it is increasingly occupied with debating, preventing and managing risks that it itself has produced”. Beck was writing in the mid-eighties, in a post-Chernobyl environment where the globally significant risk consequences of human activity were becoming starkly apparent.
Understanding cybersecurity in the world of risk society
Renowned sociologist Ulrich Beck explained how modern society was becoming a “Risk Society” in that “it is increasingly occupied with debating, preventing and managing risks that it itself has produced”.
Study Highlights the Need for Security Performance Management
It seems like we hear about a new data breach or cyber incident almost daily. According to a new Forrester Research study commissioned by BitSight, in fact, 80 percent of companies surveyed experienced a cybersecurity incident in the past year, the most common being a malware attack. The study’s key findings implicate the strong need for businesses worldwide to invest in a robust security performance management program.
The hidden costs of third-party data breaches -- and how to avoid them
Recent studies show that third-party data breaches are the most expensive cyber incidents for businesses today. The rise in associated costs has prompted not only security leadership but also executives and boards to pay close attention to the cyber risk that comes with doing business with their biggest vendors and partners. But what many business leaders don’t realize is that the biggest third-party cyber risks can come from the smallest, most seemingly innocuous places.
Half of hacked companies say they struggle to attract new customers
Paulino do Rego Barros, interim chief executive officer of Equifax, from left, Richard Smith, former chief executive officer of Equifax and Marissa Mayer, former chief executive officer of Yahoo!, testify during a 2017 Senate hearing on corporate hacking incidents. Olivier Douliery | Bloomberg | Getty Images If you're an investor reading the headlines, you're probably concerned about all of the cybersecurity incidents and breaches affecting companies these days.
How to Manage Risk Along the Federal Government Supply Chain
The U.S. federal government relies on an ever-expanding supply chain of tens of thousands of contractors and subcontractors to provide critical services, hold and maintain sensitive data, and perform key functions. While this supply chain is essential to agencies’ fundamental operations, it also increases the number of access point nefarious actors have to their systems and data and, consequently, puts agencies and sensitive data at greater risk.
It’s time for UK companies to stop running risks with GDPR
Cyber Security GDPR Despite having had more than a year to establish enterprise-wide compliance with GDPR, many UK businesses are still running massive risks by failing to do so. What’s more, with artificial intelligence (AI) now having a tangible effect on business through the Internet of Things (IoT), blockchain and other innovations, and with cybercriminals operating at an industrial scale, the problems caused by non-compliance are set to get much, much worse.
Cyber risk: The silent threat for directors
Cyber Security A recent report by the House of Lords and House of Commons on cyber security and the U.K.’s critical National Infrastructure (the joint report) stated: “It is the duty of all board members to get a little more technical – by educating themselves about the basics… of cyberattacks, cyber risks and cyber defences.”. What does this really mean and what are the consequences for directors of failing to adequately heed this warning?
Why a risk-based approach to cybersecurity can save time and money
If you’ve glanced at the opinion columns of security industry publications, you’ve probably seen the term “risk-based” floating around, as in “the time is now for a comprehensive, risk-based approach” or “a risk-based approach to security is key to business alignment." However, many of these articles fail to define what exactly a risk-based approach to cybersecurity is.
How payment card fraud is feeding the cybercriminal economy
Cyber Security The criminal underworld is notorious for its ability to adapt to new developments in technology at a level most businesses can only dream of, seizing new opportunities and overcoming challenges with constantly evolving tactics. One of the most visible examples of this struggle is the difficulty in fighting financial cybercrime and fraud.
The rise of silent cyber risk: Adapting to the new normal - Financial Director
Cyber Security Significant cyber events such as the NotPetya malware attack and the Equifax data breach grabbed international headlines in 2017 and put the spotlight on cybersecurity. Just months before, Willis Re conducted its first insurance industry survey studying the perceived dangers of silent cyber risk or, in other words, coverage under policies not specifically designed to cover cyber.
The digital balancing act that all organisations need their CFOs to master
Over the last decade, the Chief Financial Officer’s job has become increasingly complex due to the rapid adoption of different digital technologies and the inherently global nature of the business. Once we add to this the multitude of uncertainties on a macro-economic level worldwide – such as China-US trade tensions or Brexit – it becomes clear that today’s CFOs face more challenges than ever. To succeed, they need to rethink what their job is and how they are perceived by others in the business.
Overseeing Disruptive Risk? Security Ratings Can Help.
On a global basis, directors and the companies that they oversee are facing disruptions caused by geopolitical volatility, economic slowdown, emerging technologies, cybersecurity threats, and climate change, among other forces. The pace of change just keeps speeding up. It is important to note that while disruptive risks are one among main concerns for directors, their confidence in corporate risk management is low.
Cyber-Risk Considerations During the M&A Process
Data breaches are a constant in today’s headlines, with this risk front and center for some of the most significant mergers and acquisitions (M&A) deals in recent years. For example, Verizon Communications discounted its acquisition price by $350 million in 2017 when Yahoo! Belatedly disclosed that it experienced several massive breaches.
Building Customer Trust - Cybersecurity in CSR Programmes
By Jake Olcott, VP of Communications and Strategic Partnerships at BitSight . Dec 21, 2018, 10:00AM In today’s evolving cyber risk landscape, Boards of Directors are becoming increasingly concerned about their company’s security performance. In fact, the NACD has found that 89% of public companies and 72% of private companies regularly discuss security at Board meetings.
A Cybersecurity Conversation with the Board: Q&A with James Lam
In today’s evolving threat landscape, corporate directors are increasingly asking for security performance updates from chief information security officers, chief information officers, chief risk officers, and other executives. I recently sat down with James Lam, director at RiskLens and E*TRADE Financial Corp., to discuss board members’ responsibility when it comes to information security and cyber risk. As a director, what is my responsibility for cyber-risk oversight?
Four Critical Questions on Cybersecurity for 2019 Planning
Believe it or not, it’s almost 2019—and that means it’s time to develop strategy and processes for the coming year. As your board begins this important process, how are your plans incorporating cybersecurity, including existing and emerging cyber-risks? As your board begins planning and budgeting for 2019, how are you incorporating these third-party risks? Four important questions can provide a valuable roadmap for cyber risk oversight: 1. What is our current internal security performance?
Warren Buffett’s cybersecurity wake-up call - are we listening?
On May 6, the world’s richest and most famous investor called cyber attacks a bigger threat to humanity than nuclear weapons. "I do think that's the number one problem with mankind," Warren Buffett said during Berkshire Hathaway’s annual shareholder meeting. But is the government listening?
Advice for government leaders looking to strengthen cybersecurity
New leaders in government and in enterprise companies have the intimidating task of assessing and protecting against potential security leaks. BitSight executive and former Homeland Security staff director Jake Olcott shares how governments can tackle cybersecurity – and what all tech leaders can learn from their process. The Enterprisers Project (TEP): How is government security more complex than, say, a decade ago?
The Changing Face of Infrastructure Cyber Threats
Jake Olcott is vice president of business development at , which provides companies with objective, evidence-based security ratings. He has previously worked as legal adviser to the Senate Commerce, Science and Transportation Committee on cybersecurity and staff director for the House Homeland Security Committee’s Subcommittee on Emerging Threats, Cybersecurity, Science and Technology. On Jan.
How to build a third party cyber risk management program - CUInsight
Modern integrated business processes have dramatically expanded the attack surface of organizations in all industries. Institutions can no longer ignore the risk presented by vendors or other business partners, especially with regulatory bodies pushing for formal risk management of vendors and third parties. Assessing cyber risk adds to this challenge.
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