Cybersecurity

The Netherlands: Obligation to notify serious cybersecurity incidents might expose banks to new risks

Peter Eijsvoogel

A draft Dutch law will, once adopted, require mandatory notification of security breaches or loss of integrity of ICT systems that may have a significant impact on the availability or integrity of certain vital products or services (the Bill). The Bill will affect the financial services sector. The new law is expected to take effect Read More

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ICO announced record fine on TalkTalk in relation to cyber attack

Lawson Caisley

On 5 October 2016, the Information Commissioner’s Office announced that it had imposed a record fine on TalkTalk in relation to the cyber attack suffered by TalkTalk last year. Click here for the official announcement. The following key points arise out of the ICO’s decision and comments: TalkTalk was fined because the ICO concluded that Read More

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Cyber threats – the crest of the wave?

Charlotte Mullarkey

Once again we learn of a vast data breach – this time relating to Yahoo user details. This is perhaps the biggest breach yet discovered. And “discovered” is the worrying factor. What else is out there? The Yahoo breach appears to have occurred several years ago – in 2014 – and was only revealed by Read More

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Bitfinex: could greater regulation have prevented its hack?

Conor O'Hanlon

Introduction “In response to these constructive discussions with the CFTC’s Division of Enforcement, BFXNA has made significant changes to the way in which U.S. customers engage in financed trading on Bitfinex.” – Bitfinex Announcement, June 2, 2016[1] In their engagement to date with the emerging cryptocurrency sector, the United States Commodity Futures Trading Commission (the Read More

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Cyber surveillance technology looks likely to become subject to EU export controls

Elva Cullen

It seems that the European Commission intends to propose stricter rules on the export of dual-use technology. If its proposed amendments to the “Regulation for the control of exports, transfer, brokering and transit of dual use items” (which were recently leaked) are implemented, dual-use technology will face stricter licensing and trade controls. The controls around Read More

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Singapore: The PDPA has “teeth” – First Fines for Data Protection Breaches Imposed in Singapore

Yeoh Lian Chuan

The Personal Data Protection Commission (PDPC) announced on 21 April 2016 that it had taken action against 11 organisations for breaching their obligations under the Personal Data Protection Act (PDPA). The penalties imposed ranged from warnings to fines, with the highest fine—$50,000—imposed on K Box Entertainment Group Pte Ltd. This development is significant as: (a)     Read More

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