Ms. Gray addressed due diligence for directors of mutual funds regarding increased cyber-security threats during the pandemic.
Willkie litigation partner Elizabeth Gray was recently interviewed by Board IQ magazine on the topic of cybersecurity issues related to mutual funds. The article, entitled “Pandemic Hacks Add Urgency to Cyber-Security Oversight,” examines Fund directors’ heightened focus on ransomware attacks in their oversight of cyber security during the pandemic. Ms. Gray, who serves as Co-Chair of Willkie’s Securities Enforcement Practice Group, emphasized that questions about the budget and protocol for fund directors in protecting against vulnerabilities and in responding to ransomware attacks are “all good due diligence for directors to do.”
Ms. Gray explained that in addition to creating a framework for oversight, directors may want to request educational sessions (including with technology experts) about what has changed during the pandemic and what constitutes best practices now. She also discussed the importance of reviewing relevant regulations, reporting obligations, and legal responses in the case of a ransomware attack or breach of private information.
Click here to read “Pandemic Hacks Add Urgency to Cyber-Security Oversight,” Board IQ (8/25/2020) (Subscription may be required.)