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It will take the US government between a year and 18 months to fully recover from the SolarWinds hack.
SolarWinds ' expenses resulting from last year's cybercriminal attack on the supply chain totaled $3.5 million, including costs related to incident investigation and remediation.
The additional costs were recorded by SolarWinds after paying for legal, consulting and other professional services related to the December hack. However, according to the company's representatives, even more expenses are expected in the future.
"We expect increased spending on insurance, finance, regulatory compliance, and compliance with increasingly stringent legal and regulatory requirements," the company explained.
Overall losses from the supply chain attack are likely to be reduced by SolarWinds ' $15 million cybersecurity insurance coverage, which is expected to cover a significant portion of the additional costs of fixing breaches and responding.
The software manufacturer also said that the company is currently the subject of numerous lawsuits, investigations and inquiries. This includes " local and foreign law enforcement agencies and other government agencies, including the Department of Justice, the Securities and Exchange Commission, and the attorneys General of various states."
SolarWinds is also being investigated for possible violations of the General Data Protection Regulation (GDPR) The EU and various other provisions related to data protection and privacy. The company and its current and former executives are also awaiting several class-action lawsuits for violations of federal securities laws.
Acting Director of the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (DHS CISA) US Brandon Wales told the MIT Technology Review that only in 2022 will the authorities be able to fully protect government networks affected by hackers ' attacks on the supply chain. According to the head of the agency, it will take the US government from a year to 18 months to fully recover from the SolarWinds hack. Even a full understanding of the extent of the damage will take months.
SolarWinds ' expenses resulting from last year's cybercriminal attack on the supply chain totaled $3.5 million, including costs related to incident investigation and remediation.
The additional costs were recorded by SolarWinds after paying for legal, consulting and other professional services related to the December hack. However, according to the company's representatives, even more expenses are expected in the future.
"We expect increased spending on insurance, finance, regulatory compliance, and compliance with increasingly stringent legal and regulatory requirements," the company explained.
Overall losses from the supply chain attack are likely to be reduced by SolarWinds ' $15 million cybersecurity insurance coverage, which is expected to cover a significant portion of the additional costs of fixing breaches and responding.
The software manufacturer also said that the company is currently the subject of numerous lawsuits, investigations and inquiries. This includes " local and foreign law enforcement agencies and other government agencies, including the Department of Justice, the Securities and Exchange Commission, and the attorneys General of various states."
SolarWinds is also being investigated for possible violations of the General Data Protection Regulation (GDPR) The EU and various other provisions related to data protection and privacy. The company and its current and former executives are also awaiting several class-action lawsuits for violations of federal securities laws.
Acting Director of the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (DHS CISA) US Brandon Wales told the MIT Technology Review that only in 2022 will the authorities be able to fully protect government networks affected by hackers ' attacks on the supply chain. According to the head of the agency, it will take the US government from a year to 18 months to fully recover from the SolarWinds hack. Even a full understanding of the extent of the damage will take months.