Mike Delaney
speaker
219 appearances
1 recordings
1 series
first heard Nov 2024
last heard Nov 2024
Mike Delaney’s voice in public audio — every appearance, attributed to the second.
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Appearances
And this is all public, by the way, I'm not using names, but it's public information. When that happened, it took them months to kind of figure out and get their arms around how far these folks had infiltrated the information that they accessed. Of course. So whether it was material or not was not something they could decide.
The SEC, because this is important information that's happening in real time, told companies, you need to report this within four business days of making determination that it's material. Companies have played that going, well, I don't know if it's material yet, so I'm not going to say anything. Well, the SEC hasn't really been keen on that.
It's like, no, the whole point was to let people know you had a problem.
You think it's going to be material. So they've worked around that a little bit. And they said to companies that, hey, if you don't know if it's material, our advice is report it. And there's a way under the SEC filing structure that you can report it and not have liability.
So you can come out and say, hey, guys, I don't know if this is going to be what it is yet, but we're going to let you know we had this infiltration. We're currently assessing it. If we deem it to be material, we will let you know. So that's one way that they've done it. But again, the whole point is information of these events is not necessarily always available.
Public company world, it's becoming more available because the SEC got involved. There is an exception to that I mentioned to you earlier before we got on the call, that there are exceptions if the DOJ or FBI are involved. And as you know, when an event happens, oftentimes they're one of the first few to get a call if it's bad enough.
And then they have an interest in maybe coming to a public company and saying, hey, hold your horses. Don't let the cat out of the bag on this yet. We have a lead. We don't want to scare it away or have them cover their tracks out there in the internet world. Or B, this is actually a bigger issue than just you. This is a national security problem. They've attacked multiple manufacturers at once.
Don't say anything. And then there's an exception that you can work through. All of it requires you working with your attorney and everything else. But
That's why it's important to report too, so they can have that evidence to gather to catch the bad guy or gal.
And again, that goes back to that balancing that desire not to go and cause a reputational problem and maybe buckling up your big boy pants and saying, if you have a problem, we just got to fess up and let's just deal with it. You know what? They're happening all over the place anyway. You're not the only one.
I always say it's a running joke in the industry that if you haven't been hacked, you're not a legit company. And I say that in jest, but it's true.
I mean, looking at the numbers, I would bear it to say that just about everybody has somebody trying to attack them.
Yeah, but it's about the larger problem. It's how many times has this particular bad actor been causing these problems? Because I don't think a lot of people realize that when one hack is happening, it's actually several that have been released. It's not just we punched your one company because you're the most special one out there. No, they like scatter spray at the same time.
So it's more than one. And the FBI needs that information because they're going to go catch the bad guy. That's what they're going to do. That's what the FBI does. They're not going to fix the problem. They're not going to do anything for you. They're just going to say, thanks for the information. Give me all of that information and I'm going to go do my job.
And I think it's important for people to know that you're helping the community by doing that aspect. It's not about shame. They don't care. They just want to get the information and get out as much as they don't want you to have them there either. And I think that the information sharing issue is such a huge problem
You could still talk about this like you and I are talking about it in a way that's you're not tipping off which company it is. But you could talk about, OK, I have this problem. You know, you know what kind of industry I'm in. But, you know, like, what do I do?
And I think it's super important that people look at scenarios and they do these exercises in the planning and then they come up with playbooks. What's going to happen? How are we going to get through this moment? I have so many times I've had the food industry say to me, what happens if I I'm in a cyber attack?
how will i know you'll know like you just know there's something about it it's sort of like you know when an earthquake's happening you just kind of know what's happening instinct sort of kicks in somehow but what do you do after that effect like that knowledge where's your stop drop and roll right that's the disconnect that's the disconnect i'm in right now with a lot of people is okay yep we've got a problem but chaos here i don't know what to do i don't know how to sort the chaos and
I feel like it's a responsibility of certain individuals inside these organizations, whether it's the corporate lawyer, certainly should be the security team to kind of cut through the noise and say, okay, here's the things we need to do right now. Ground zero. Let's do this. Instead of everybody's running around like inflatable two people, which I feel like happens quite often.
And I think people sharing that information and maybe even some of that burden and struggle of, hey, I had this happen last year. Did you guys have anything like that happen in your social professional circles should be done more often. But there should be more conversation around what the incident was, what they try to go after, how did they get in, those kind of things. So people can fortify.
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