Tag

Financial Institutions

Browsing

As predicted in our Connect on Tech discussion in March, the U.S. Securities and Exchange Commission (“SEC”) is ramping up its examination and enforcement focus on cybersecurity at financial institutions, including scrutiny on actual implementation and deployment of published procedures in response to discovery of cyber breach incidents. Furthermore, the SEC appears to signal its expectation that multi-factor authentication (“MFA”) for email accounts containing sensitive client and customer information should be in place. Email Account…

Partners Peter Chan and Valerie Mirko join Brian Hengesbaugh to discuss the SEC and cybersecurity, leveraging their own experiences with the agency to give an overview of the past, present and future. Listen to learn about: The evolution of the SEC’s focus on cybersecurity, particularly with regard to financial institutionsAn insider’s take on what may trigger SEC investigationWhat’s in store with the Biden administration and how companies should prepare https://open.spotify.com/episode/5Z4nHbjxtrntljyEBMRRqF?si=J3ucfdTRQF6lArxRf540FA Related Resources: SEC Announces 2021…

The US Department of Treasury issued the final CFIUS/FIRRMA regulations on its foreign investment on 13 January 2020, effective 13 February 2020. While it is far from the only country that has re-examined its stance on foreign direct investment, this move by one of the biggest economies worldwide has made a discussion on the topic timely, if not necessary. In this episode of TMT Talk, Lothar Determann, Anahita Thoms, and Rod Hunter share their views on the policies that…

Digital assets vary. They can be a virtual currency that has no analog in the real world, and exists only on the blockchain used as a substitute for money. For this reason, virtual currencies are generally considered to be secure and offering a high degree of privacy. A recent decision from a US federal court of appeals, however, may cast a different light on this generally held view. USA v. Gratkowski In United States v.…

In a surprising turn of events, the New York State Department of Financial Services (“DFS”) announced on December 28 significant changes to its cybersecurity regulation in response to industry concerns that the agency’s original proposal was too prescriptive, and did not allow enough time for compliance.In September of 2016, DFS had proposed stringent cybersecurity requirements aimed at protecting “Nonpublic Information” within the custody or control of banks, insurers, and other financial institutions (“Covered Entities”) from…

The concept of AI is generally attributed to computer scientist John McCarthy, back in the ’50ies. It is extremely broad and complex, yet it may be summarised (at the risk of oversimplification) as machine intelligence designed to perform a defined set of actions and to learn from experience. AI is nowadays part of our lives, often without us noticing. According to Ray Kurzweil’s fascinating theory “The Singularity is Near”, the time when advanced AI will really…

Part of the Ghosts in the Machine b:INFORM SeriesArtificial Intelligence – Regulatory RiskIn this article forming part of our b:INFORM Ghosts in the Machine Series , we analyse the survey findings relating to regulatory risks arising from the use of Artificial Intelligence (“AI”) in financial markets and institutions. Click here for our article analysing the survey findings relating to legal risks arising from the use of Artificial Intelligence. And you are welcome to visit our Ghosts in…

Part of the Ghosts in the Machine b:INFORM SeriesArtificial Intelligence – Legal RiskIn this article forming part of our b:INFORM Ghosts in the Machine Series, we analyse the survey findings relating to legal risks arising from the use of Artificial Intelligence (“AI”) in financial markets and institutions. Click here for our article analysing the survey findings relating to regulatory risks arising from the use of AI. And you are welcome to visit our Ghosts in the Machine…

Part of the b:INFORM 2015/2016 Cloud Survey Trend SeriesMany banking regulators consider cloud computing to be a form of outsourcing. For supervised financial institutions, use of external cloud computing for material business functions is a regulated activity. Previously issued guidance by financial regulators on outsourcing and offshoring is likely to apply to cloud services, in addition to specific cloud related statements.Board Level Attention RequiredThe FFIEC in the US, the FCA in the UK, and APRA…