On April 5th, 2024, Freeh Sporkin & Sullivan LLP (FSS) presented to the Hofstra University / Frank G. Zarb, School of Business, a mock cyber-incident that is becoming more commonplace in businesses both large and small.
Attendees included students from Zarb’s undergraduate business program, graduate MBA and EMBA students, including those in the Cybersecurity Innovation and Research Center, as well as Executive Leaders from the surrounding NYC and Nassau County areas. Attendees received a Case Study Overview that referred to an entirely fictitious, publicly traded, healthcare company which had been created solely for the purposes of the day’s presentation. Presenters then took the audience through the operational and legal considerations of an effective crisis response.
The day’s presentations, which were interactive with the audience, opened with an overview by Dr. Hak Kim, Associate Professor of Information Systems and Business Analytics, on the Hofstra Cybersecurity Center. Additionally, Dr. Richard White, Adjunct Assistant Professor of Information Systems and Business Analytics, provided valuable input throughout the day.
FSS Partner Jennifer Arbittier Williams then gave a presentation entitled “Core Principles of Crisis Management and Cybersecurity Liability”. This was followed by an overview by FSS Chief Operating Officer Walter Donaldson II on the “Incident Response & Disaster Recovery”.
A panel discussion was held, with Justin Freeh as the moderator, on “Managing a Cybersecurity Investigation” as it related to the Case Study with a focus on processes used, best practices, and the considerations during this fictional and actual events. The Panel covered issues concerning the most important steps of managing a cybersecurity investigation, the defined phase of approach, frequent mistakes by companies, communication to the C Suite, law enforcement engagement and public communications and finally the cost of a cyber incident.
Following the Panel review of the incident, a presentation was given by FSS Partner Gregory Paw regarding the role of General Counsel / Outside Counsel during a cybersecurity crisis, and then by FSS Partner Thomas Souther about the importance and value of partnerships with Federal and State Law Enforcement Agencies.
The day closed with a presentation about the role of an After Action / Incident review and how it should be used to identify gaps and update your plan.
It was an excellent day at Hofstra University, and we would like to thank Dean Janet Lenaghan and the rest of the faculty for the opportunity to provide this important information to current and future business professionals.
Contact Freeh Sporkin & Sullivan LLP for additional information on Crisis Management.