The law enforcement agencies are being challenged in the fight against cybercrime as criminals are spreading globally, but companies can help address the problem by working more closely with government agencies, experts say.
"We are all committed to working better with our business partners to ensure that we can stop these huge attacks that are going on," said Robert Shull, deputy chief of staff, cybercrime and identity theft, with the Manhattan District Attorney's Office.
Mr. Shull was among those who spoke during a session Thursday on law enforcement and cyber insurance companies as partners in fighting crime during the Minneapolis-based Professional Liability Underwriters Society's Cyber Symposium 2021
Edward Chang, Assistant U.S. Attorney for the District of Connecticut in New Haven, said law enforcement agencies are being challenged not only for the existence of criminals worldwide but also for their tools. This requires reaching out to "a host of foreign countries to make some progress," he said.
Ryan Leszczynski, Special Investigating Officer, Cyber Department, with the FBI in Washington, referred to a working group report issued last week. which required a coordinated, international response to ransomware. "We could not have effective investigations without strong international partnerships," he said.
Speed is a critical factor in these investigations because opponents move quickly "before law enforcement can really catch up," Leszczynski said and get the right evidence. International partnerships help minimize the time between the discovery of a crime and obtaining evidence, he said.
Another major problem, according to Chang, is "technology and how it moves to make things more anonymous." This includes bitcoin, as well as computer services that can be obtained anonymously by cybercriminals, he said.
Mr. Chang said that increased cooperation between the public and private sectors would be a major step towards tackling cybercrime.
"We need everyone's cooperation if we have any chance" to investigate cybercrime and stop it, Shull said.
Companies that have cyber attacks may contact several authorities, depending on the size of the attack and other factors, he said. Because of the challenge of knowing which agency to reach out to, they should make contacts in advance, he added.
Mr. Shull said it is beneficial from a PR perspective if companies report in press releases that they are cooperating with law enforcement. "It makes the company look like they're on top," he says. Insurers can be valuable in dealing with cybercrime because of the greater perspective they can offer on attack vectors, says Craig Guiliano, director of Aon Reinsurance Solutions in Chicago.
Looking to the future, Mr. Leszczynski that as mobile devices increasingly become the "election platform", it will increase mobile-based targeting of cybercriminals, including through phishing, social technology or taking control of telephone numbers.
Cryptocurrency is another problem when prices rise, he said, predicting more theft. Email fraud "will not go away soon either," he said.
The PLUS session was moderated by Beth Diamond, a New York-based group claim for Beazley PLC. Catalog