For over a decade, we warned the healthcare industry this was coming. They ignored us. Their sole focus was HIPAA compliance — checking regulatory boxes rather than securing critical systems. We told them that system and service availability attacks were coming too. They didn’t care — until they were hit, and hospitals could no longer process new patients or handle billing.

The gravest threat are attacks on critical medical devices and the infrastructures that support patient care. That moment has arrived. We now stand on that precipice. Will the healthcare industry finally take appropriate action, or will their silence be deafening?

In this particular case, on January 30, 2025, the FDA confirmed what we feared: attackers can remotely control specific patient monitors and cause them to work in unintended ways. A backdoor exists, providing attackers a direct entry point into hospital networks that could bypass primary network defenses. Additionally, these devices are gathering sensitive patient data and exfiltrating it outside the network into the hands of unauthorized and potentially malicious actors.

![](https://ipfs.subsocial.network/ipfs/bafybeicr5dleprfq3lcsk4ndp4hltaqg7qedwq2vcyomdcxox5rqjpmifq)

These capabilities align perfectly with malicious attackers’ goals — disrupting operations, infiltrating networks, and stealing sensitive data. And this is just the beginning. Expect more vulnerabilities in medical devices, including those that have direct impacts on patient health and safety.

Cybersecurity is more important than ever in the healthcare sector — it will become a matter of life and death!

Read the FDA alert: <https://www.fda.gov/medical-devices/safety-communications/cybersecurity-vulnerabilities-certain-patient-monitors-contec-and-epsimed-fda-safety-communication>

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Healthcare Crisis Emerges: Cybersecurity Vulnerabilities in Patient Monitors Confirmed by FDA

A fantastic discussion covering:

* Career Lessons & Leadership – Pursuing Impossible Problems
* Strategic Insights of Cybersecurity – Applying “The Art of War”
* AI in Cybersecurity – Both Real and Fake Fears!
* Cyber Insurance and the Challenges of Risk Metrics
* Advice for Cybersecurity Professionals – Being a Trusted Manager Risks in the Face of Chaos

Much thanks to Alec and the AI Risk Reward podcast team! I had a great time and we covered so much ground!

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Strategic Insights of Cybersecurity – Career, Threats, AI, and Advice

Is Grill doomed? Hearing lots of negative chatter. What do people think?

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Ransomware payments are down according to [Chainalysis](https://www.chainalysis.com/blog/crypto-crime-ransomware-victim-extortion-2025/), but it may be a little too early to celebrate.

The good news is that victims are realizing that paying the ransom only encourages more attacks and empowers the attackers to do greater harm, so payoffs are not happening as much – lowering by 35% from last year. Additionally, crackdowns by law enforcement are putting pressure on the bad actors and the cryptocurrency systems they prefer to transact the ransom payments.

But I don’t think this trend will hold. The attackers will adapt, reorganize, employ new tools, and be fueled by nation state research and funding, will come back even harder in 2025 and 2026.

Businesses and especially critical infrastructure sectors cannot relax. We must continue to press forward if we want ransomware to be tamed!

Download the Chainalysis report: <https://www.chainalysis.com/blog/crypto-crime-ransomware-victim-extortion-2025/>

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Global politics is on fire and impacting **#cybersecurity**! I have a stellar list of panelists aligned to discuss the challenges and perhaps a few opportunities as we navigate security in this hotbed environment.

I am excited to moderate the "Securing the Future Against Geopolitical Cyber Risks" executive panel at the upcoming [**HMG Strategy**](https://www.linkedin.com/company/hmg-strategy-llc/posts/?feedView=all) Silicon Valley Global Innovation Summit on Feb 27th!

Come join the discussion at this open event for executives.

Register here: <https://web.cvent.com/event/b5e1b453-8a56-436f-89d4-76a04570145f/summary>

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The Cybersecurity Vault — episode 44, with guest Rinki Sethi.

2025 will be an interesting year for the cybersecurity industry! Cybersecurity Insights interviews experts for their take on the most relevant changes. Rinki Sethi discusses how attackers are maneuvering, how business conditions are changing, and how technology innovation is impacting cybersecurity.

Rinki’s LinkedIn profile: <https://www.linkedin.com/in/rinkisethi/>

Follow Matthew on LinkedIn: <https://www.linkedin.com/in/matthewrosenquist/>

Visit Cybersecurity Insights at <https://www.cybersecurityinsights.us>

Subscribe to the Cybersecurity Insights channel: <https://www.youtube.com/CybersecurityInsights>

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Cybersecurity Perspectives for 2025 – Rinki Sethi

Hear what Rinki Sethi, VP & CISO and board member, has a lot to say about how cybersecurity will shift in 2025! 

Check out her thoughts on Artificial Intelligence, how the Board views cybersecurity, and attacker innovation in the full interview. 

Watch the full podcast: <https://www.youtube.com/watch?v=U3BQxZroX9k>

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Boards Care About Cybersecurity!

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This may turn out to be the biggest #cryptocurrency hack in history! $1.5 BILLION. The details are sparse, but I am interested in the origins of this attack, especially if it was from a nation-state level attacker.

Apparently, it was the cold wallet that was compromised, which is impressive. Cold wallets are specifically designed to protect against such attacks!

In my [2025 Cybersecurity Predictions](https://open.substack.com/pub/matthewrosenquist/p/10-cybersecurity-predictions-for?r=55ejzr), I predicted that cryptocurrency would be heavily targeted (see Prediction 1). Unfortunately, my crystal ball was right, and I believe we still have many more months of these types of attacks ahead of us.

Cryptocurrency institutions and users beware. Cybercriminals and nation state attackers are coming for your coins! Keep your #cybersecurity top-of-the-line and up-to-date.

Full News Story: <https://apnews.com/article/bybit-exchange-crypto-hack-88256366c723a9de8327ef3d4071057e>

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Is it just me or is the platform broken and not letting anyone upvote?

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Ransomware Attack Ends a 150 Year Company.

  
A 150-year-old UK company is gone – due to a cyberattack! It is an example of how #cybersecurity matters to every company that depends on digital technology. Failures in cybersecurity can cause catastrophic impacts, including the total loss of a business.

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The recent [undocumented code in the ESP32 microchip](https://www.bleepingcomputer.com/news/security/undocumented-commands-found-in-bluetooth-chip-used-by-a-billion-devices/), made by Chinese manufacturer Espressif Systems, is used in over 1 billion devices and could represent a cybersecurity risk. Its reveal by security researchers has kicked off an interesting discussion regarding undocumented features in firmware devices - are they security vulnerabilities or just debug tools?

At the end of the day, any debug, test, or validation features should be removed (or fused off in the case of hardware) before they become available to customers. At the very least, features should be documented, so everyone knows the potential risk.

Otherwise, features become tools for threat actors who may use them separately or in combination with other tools to undermine the system, expose data, make lateral movements to other systems, or exfiltrate sensitive information.

This issue is widespread in the software, OS, firmware, and hardware industries, but that is no excuse, as these represent an aggregate risk. Every vendor should be responsible in removing debug, test, and validation features and at the very least documenting those which need to remain. Transparency is important for trust and security.

https://open.substack.com/pub/matthewrosenquist/p/are-they-vulnerabilities-or-undocumented

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Cybersecurity failures are now business risks that CEOs and Boards must own. The world of business owners, investors, and their representatives are collectively realizing the potentially catastrophic impacts of cybersecurity incidents if not incorporated into the strategic management of the most senior business leadership. Many regulatory bodies, insurance providers, business partners, and customers take cybersecurity very seriously and now hold the CEO and Board accountable. As a result, the oversight of cybersecurity is being elevated to the CEO and Board of Directors.

The newfound importance has rapidly elevated the career trajectory of security leaders into the ranks of the C-suite. The adoption of the Chief Information Security Officer (CISO) role is now common in medium to large businesses, and these professionals have a growing amount of visibility to the CEO and senior staff. Boards too are now under pressure to include oversight of cybersecurity as part of their fiduciary duties. CISOs have become a focal point, being the leader and subject matter expert, often providing regular status reports and conversing directly with the Board. This was unheard of just a few years ago when many top information security leaders were no higher than the Director level, existing several layers removed from the CEO with limited influence.

Times change.

### Newfound Connections Between the Board and CISO

Most CISOs now have a regular audience with their respective Boards. For privately held companies, nearly 39% of CISOs provide reports to the Board of Directors quarterly, and 74% at least once a year. For Publicly traded companies, the numbers are even higher, with 89% providing a report at least once a year. Never has the CISO benefitted from such exposure to the Board as they do today. (Source: [Hitch Partners 2024 report](https://www.hitchpartners.com/ciso-security-leadership-survey-results-24))

With that newfound engagement comes expectations. Boards feel the pressure to oversee cybersecurity in the same strategic manner they manage other business risks, operations, and long-term strategies. However, most Board members are not familiar with the chaotic, ambiguous, and non-linear world of cybersecurity. It seems like it would be relatively simple, but the deeper one goes, the more it is revealed to be atypical and unpredictable.

Given the potential stakes, it is common for Fear, Uncertainty, and Doubt (FUD) to run rampant at the most superficial level because value is difficult to estimate. Regular tools, such as Return On Investment calculators, don’t apply. Potential losses seem obscured somewhere between zero and utter destruction. It is not uncommon for cyber risk estimates to be orders of magnitude off. The metrics for investment, success, and optimization are not robust or mature for cybersecurity, as they are for other domains the Board oversees. Even the insurance industry cannot get an accurate grasp of cybersecurity. The result of this ambiguity is that every company and Board evaluates and measures cybersecurity differently. Understandably, it is an ugly mess that the Boards now feel burdened with.

### New Challenges for Board Oversight

Normally, when faced with new challenges, the Board would simply enlist the assistance of an executive expert to help fill in the gaps, make recommendations, and provide answers to the myriad of deep questions from Board members. Unfortunately, that is not working very well today when Boards call upon the CISOs. This is because most CISOs grew up from the technical ranks and rose quickly into management positions, without the benefit of business leadership and communication skills. It is very common that CISOs find themselves unprepared to effectively convey pertinent information and collaborate well with the Board. They are experts at the technology aspects of attack prevention, detection, and remediation, but not corporate savvy to explain the relevance in business terms that the Board can embrace.

The combination of Board unfamiliarity with cybersecurity and the CISOs’ less than mature skills to convey cyber risk in terms of business relevance, creates a chasm where Boards feel deficient in their new responsibilities to oversee cybersecurity and CISOs realize they are ineffective at explaining the significance, value, and unpredictability inherent to managing cyber risks.

This chasm must be crossed in order to establish productive communication and effective collaboration. CISOs must grow to fill the elevated role, but at the same time, the Boards must evolve as well.

Boards must improve their ability to absorb critical cyber risk information to make good business decisions, establish optimized cybersecurity goals for the CISO based upon overall business strategies, and properly support the effort to achieve those objectives.

### Envisioning Board Needs

To set cybersecurity risk goals, decide on business risk tradeoffs, and be confidently accountable for the security of the organization, Boards need more than just information. They need a framework that paints an overlay to the business so opportunities and issues can be identified and strategies be pursued. Understanding cyber risk at this level is not about technology, telemetry, or security operations actions.

Instead, cybersecurity data must be transformed into business information with context on how cybersecurity may impact the core business or future plans. It must convey not only the risks but also the potential benefits of how cybersecurity can add additional value, improve competitive advantage, preserve important relationships, or contribute to the bottom line.

CEOs and Boards engage with CISOs in several ways:

![](https://cdn-images-1.medium.com/max/800/1*Wb16lZJbgcnnB7t936qdfg.png)

CISO and Board Collaborative Objectives and Results — © Matthew Rosenquist

### Adapting to Challenges

Both CISOs and the CEO/Board must work to close the gaps. A big challenge for any board is to understand the nuances of how cyber risk varies from other business risks. It must be handled with a different framework, that incorporates agility to counter adversaries who can operate without the burden of rules, in a highly chaotic and ambiguous environment, and with objectives that impact every aspect of the business. With the right framework, that has little requirement to understand technical details or operational minutia, Boards can adeptly incorporate cybersecurity into their normal business oversight processes with confidence.

![](https://cdn-images-1.medium.com/max/800/1*dotJJJFqMO2qdEKxLs-pTQ.png)

[*The CISO Transformation — A Path to Business Leadership*](https://matthewrosenquist.substack.com/p/the-ciso-transformation-a-path-to)

As I outlined in a previous article [*“The CISO Transformation — A Path to Business Leadership”*](https://matthewrosenquist.substack.com/p/the-ciso-transformation-a-path-to), much of the onus rests with the CISO to better communicate and represent what the C-suite and Board needs. It is necessary that a transformation of the CISO occurs so they may better communicate to provide relevant and understandable guidance — thereby enabling collaborative organizational strategic planning, compliance, and enterprise risk management.

A Board must also adapt so it can successfully position itself to integrate cybersecurity factors into the greater business oversight and make well-informed decisions that represent the best course for the success of the organization. This includes being able to decide strategic tradeoffs and provide clear guidance for the CISO.

Success is a CEO and Board that are well attuned to the strategic business considerations so they may confidently represent the inclusion of cyber risks into the overall business risk picture at a level that aligns with their fiduciary responsibilities.

### Guiding the CISO for Success

CEOs and Boards have the highest level of accountability and the CISOs are expert functionaries to deliver to the cybersecurity business goals. By evolving in parallel, both Boards and CISOs can bridge the communication gap, enabling more strategic oversight of cyber risks. Boards that establish clear frameworks, adopt informed risk strategies, and support the CISO in delivering relevant insights will be better positioned to manage cybersecurity as a core element of business success. This collaborative evolution is essential for organizations to thrive amid a rapidly shifting cyber threat landscape.

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Boards Challenged to Embrace Cybersecurity Oversight

Cyber Crime Junkies podcast

Breaking Down Risks in Cybersecurity — A great conversation on the Cyber Crime Junkies podcast with David Mauro!

We covered so many different topics that the CISOs are struggling with:

· Generative vs Agentic AI risks and opportunities

· How cyber attackers leverage powerful tools like AI

· Why defenders are slower than attackers in using AI

· How attackers adapt with AI advantages

· Why the value of security is a blind spot

· The difficulty of cybersecurity metrics

· Not all incidents are equal — preparedness matters

· CISO and Board collaboration on common goals

· Why CISOs are now business leaders

· Different types of cybersecurity business value

· Understanding the difference: Obstacles versus Opposition problems

· The importance of good strategic goals

· Why CISOs must be a good story teller

· Examples of Board level metrics

Check out the podcast on YouTube <https://www.youtube.com/watch?v=Y60C5u6lzdI> and Spotify <https://open.spotify.com/show/5y4U2v51gztlenr8TJ2LJs?si=537680ec262545b3&nd=1&dlsi=0bebeabd1b974a0d>

Shameless Plug: If you are interested in a CISO mentor or advisory help on the Board, drop me a line.

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Breaking Down Risks in Cybersecurity

Cybersecurity insurance is a valuable tool for specific purposes. It is not a replacement for a proper risk mitigation program, but can displace some of the financial losses for extreme cyberattacks. Policies can provide important financial relief, but it should never be the first or only line of defense.

Check out the article by Mirko Zorz at Help Net Security magazine: <https://www.helpnetsecurity.com/2025/03/27/cyber-insurance-ciso/>

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Up to the same old tricks… (#cybersecurity must deal with all types of threats, including insiders and former employees who may divulge sensitive data)

The Register reported today:

Intel Corporation and Microsoft staff allegedly lured to work for fake Chinese company in Taiwan. 11 companies, including SMIC, accused of disguising outposts so they can illicitly serve Beijing.

Chinese tech companies created entities in Taiwan and disguised them so they had no connections to #China, so they could lure top tech talent to work on significant projects. Staff from Intel and Microsoft were apparently lured to work for Yunhe Zhiwang, which disguised its true ownership by working through a Singaporean company.

Source: <https://www.theregister.com/2025/03/31/china%5Fdisguised%5Ftech%5Fcompanies%5Ftaiwan>

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When you present opportunities to your adversaries, that may undermine cybersecurity, don’t be surprised when they maneuver to take advantage! 

Fired or at-risk federal employees are a risk to national security.

Nation State aggressive actors, such as the Chinese, are savvy in the pursuit of disgruntled US federal workers and the potential information they may possess.

<https://www.reuters.com/world/china/secretive-chinese-network-tries-lure-fired-federal-workers-research-shows-2025-03-25/>

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CISOs Under Siege: Navigating Escalating Cyber Threats, AI Disruption, and the Boardroom Divide in 2025\. These are some of my favorite topics!

I will be speaking on the HMG Strategy - Global Viewpoint podcast, with Hunter Muller, Founder and CEO of HMG Strategy. 

Come and join! April 4th 9:00am-9:30am PT

<https://hmgstrategy.biz/April4Viewpoint>

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Matthew Rosenquist

Ransomware payments are down according to Chainalysis, but it may be a little too early to celebrate.

The good news is that victims are realizing that paying the ransom only encourages more attacks and empowers the attackers to do greater harm, so payoffs are not happening as much – lowering by...

CISOs Under Siege: Navigating Escalating Cyber Threats, AI Disruption, and the Boardroom Divide in 2025. These are some of my favorite topics!

I will be speaking on the HMG Strategy - Global Viewpoint podcast, with Hunter Muller, Founder and CEO of HMG Strategy.

Come and join! April 4th 9...

CISO and Cybersecurity Strategist who has a passion to make digital technology more trustworthy: secure, private, safe, and reliable.

Cybersecurity insurance is a valuable tool for specific purposes. It is not a replacement for a proper risk mitigation program, but can displace some of the financial losses for extreme cyberattacks. Policies can provide important financial relief, but it should never be the first or only line of...

This may turn out to be the biggest #cryptocurrency hack in history! $1.5 BILLION. The details are sparse, but I am interested in the origins of this attack, especially if it was from a nation-state level attacker.

Apparently, it was the cold wallet that was compromised, which is impressive...

The Cybersecurity Vault — episode 44, with guest Rinki Sethi.

2025 will be an interesting year for the cybersecurity industry! Cybersecurity Insights interviews experts for their take on the most relevant changes. Rinki Sethi discusses how attackers are maneuvering, how business conditions are...

Up to the same old tricks… (#cybersecurity must deal with all types of threats, including insiders and former employees who may divulge sensitive data)

The Register reported today:

Intel Corporation and Microsoft staff allegedly lured to work for fake Chinese company in Taiwan. 11 companies...

For over a decade, we warned the healthcare industry this was coming. They ignored us. Their sole focus was HIPAA compliance — checking regulatory boxes rather than securing critical systems. We told them that system and service availability attacks were coming too. They didn’t care — until they...

Cyber Crime Junkies podcast

Breaking Down Risks in Cybersecurity — A great conversation on the Cyber Crime Junkies podcast with David Mauro!

We covered so many different topics that the CISOs are struggling with:

· Generative vs Agentic AI risks and opportunities

· How cyber attackers...

Hear what Rinki Sethi, VP & CISO and board member, has a lot to say about how cybersecurity will shift in 2025!

Check out her thoughts on Artificial Intelligence, how the Board views cybersecurity, and attacker innovation in the full interview.

Watch the full podcast: https://www.youtube...

A fantastic discussion covering:

Career Lessons & Leadership – Pursuing Impossible Problems

Strategic Insights of Cybersecurity – Applying “The Art of War”

AI in Cybersecurity – Both Real and Fake Fears!

Cyber Insurance and the Challenges of Risk Metrics

Advice for Cybersecurity...

Global politics is on fire and impacting #cybersecurity! I have a stellar list of panelists aligned to discuss the challenges and perhaps a few opportunities as we navigate security in this hotbed environment.

I am excited to moderate the "Securing the Future Against Geopolitical Cyber Risks"...

Cybersecurity failures are now business risks that CEOs and Boards must own. The world of business owners, investors, and their representatives are collectively realizing the potentially catastrophic impacts of cybersecurity incidents if not incorporated into the strategic management of the most...

Ransomware Attack Ends a 150 Year Company.

A 150-year-old UK company is gone – due to a cyberattack! It is an example of how #cybersecurity matters to every company that depends on digital technology. Failures in cybersecurity can cause catastrophic impacts, including the total loss of a business.

When you present opportunities to your adversaries, that may undermine cybersecurity, don’t be surprised when they maneuver to take advantage!

Fired or at-risk federal employees are a risk to national security.

Nation State aggressive actors, such as the Chinese, are savvy in the pursuit of...

The recent undocumented code in the ESP32 microchip, made by Chinese manufacturer Espressif Systems, is used in over 1 billion devices and could represent a cybersecurity risk. Its reveal by security researchers has kicked off an interesting discussion regarding undocumented features in firmware...