IUA Circular 044/22
"Ransomware - To Pay or not to Pay?"
Guest speakers will enact a scenario of cyber attack at a fictional company
CEO of the Victim Company – Vijay Bange, Partner, Duane Morris LLP
I.T. Breach Responder – James Burchell, CrowdStrike
Legal Breach Coach – Chris Recker, Senior Associate, Duane Morris LLP
Counsel – Celso De Azevedo, Barrister, 36 Commercial part of The 36 Group
Wednesday 08 June 2022
4pm/16:00hrs for approx 1 hour (UK/London time)
This event will be Hybrid: in-person attendees should arrive at Balls Bros Wine Bar, Minster Court, Mincing Lane, London EC3
This market briefing welcomes guest speakers who will act out a scenario where a fictional company is involved with a ransomware incident, highlighting the severity of I.T. network compromises.
Contact: Deborah Finch
, IUA Events Manager (020 7617 4451)
This is a free event, but names and email addresses of all attendees are required for registration. Please click here
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Please note that any recording
of this event will be available post-event in DropBox format, subject to speaker authorisation.
Ransomware continues to pose a threat to organisations globally
and is vastly becoming lucrative to cyber criminals as well as being costly to the victim company, who can suffer extensive damage.
Since the first-known case of ransomware - where the practice of malware prevents or limits users from accessing their system, either by locking the system's screen or by locking the users' files until a ransom is paid – was reported in 2005, companies have taken steps to ensure education of staff and IT Department awareness of the implications following an attack.
More recently, threat actors have compounded the cyber attack by exfiltrating files and demanding payment ("double extortion") from the victim to prevent files being made available in a leak website. As a result, victims have sought to resort to the Courts for protective injunctive relief against threat actors (eg., The Ince Group Plc v Person(s) Unknown (2002) EWHC 808 (QB) - 01.04.2022)
At this market briefing, we welcome guest speakers who will act out a scenario where a fictional company is involved with a ransomware incident. The CEO of the fictional company will hear from each breach response advisor who will explain issues relating to the cyber threat, how it was detected, the extent of the damage and steps to mitigate potential claims, losses or fines.
The CEO of the fictional company will hear from all breach response actors to decide whether to pay or not to pay, whether any Court remedies may be available, and examine the reasons relating to these decisions.
In this unique way, our guest speakers will endeavour to highlight key issues of ransomware attacks to give delegates a full understanding of an I.T. network compromise.
The scenario will be followed by a Q&A session and networking drinks reception.
is an experienced cross border disputes lawyer with a focus on matters within the construction, engineering and energy sectors (particularly for large international infrastructure projects). Vijay’s recent experience includes advising a client in the energy sector that had been the victim of a significant business email compromise fraud.
is a passionate, multidisciplinary security specialist who has the ability to de-mystify the complexity that shrouds many IT security challenges. With many years of experience in both military and corporate cyber security worlds, he has the knowledge to help you protect your brands reputation, data and intellectual property. The battle for IT security won’t end any time soon, James strives to make sure that everyone understands the challenges and are equipped to protect themselves from the most advanced modern threats.
is a civil fraud and investigations lawyer with a focus on matters involving digital assets and cyber security (including business email compromise fraud, hacking incidents and authorised push payment fraud). Chris’ experience includes advising on incident response (particularly around ransomware), follow on litigation and global asset recovery/civil fraud claims involving cryptocurrency.
Celso De Azevedo (FCIArb)
has over 20 years’ experience in complex and high value international contractual disputes, re/insurance, cyber security, data breach injunctions, civil fraud and digital asset recovery. He is the author of "Cyber Risks Insurance - Law and Practice", Sweet & Maxwell, and founding committee member of the Cyber Insurance Association.
DISCLAIMER: The market briefing presentation materials and speaker comments therein were prepared solely by the presenter(s) in their personal and professional capacity. Any materials or opinions expressed do not necessarily represent the views of the IUA and IUA does not bear any responsibility for, or liability to, any parties in respect of the accuracy, legality or overall content of the presentation or any other comments made by speakers or other attendees during the market briefing.
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