Eversheds Sutherland Cybersecurity and Privacy Insights Blog
content top

California Consumer Privacy Act preparation website launched by Eversheds Sutherland

In anticipation of the California Consumer Privacy Act (CCPA), set to take effect on July 1, 2020, Eversheds Sutherland created a one-stop information hub to help companies prepare for the impending legislation that affects many organizations doing business in California. The CCPA website provides a much-needed resource that assists companies with preparation and compliance through a variety of webcasts, articles and videos. www.californiaconsumerprivacy.com Learn...
Continue Reading

India’s highest court defends data privacy

India’s Supreme Court recently issued a holding that increases the data privacy protection that businesses operating in India must provide. The holding strikes down the portion of Section 57 of the Aadhaar Act that had previously allowed businesses to require national ID numbers, known as Aadhaar numbers, for “any purpose.” The industries most impacted by this ruling will likely be banking, e-commerce and fintech industries because the Aadhar numbers helped those companies comply with India’s Know Your Customer (KYC) law. The holding left unclear the fate of legacy data which had been linked...
Continue Reading

Malaysia seeks to expand personal data protection

Malaysia is looking to impose a data breach notification (DBN) requirement to its existing data privacy law, which would impact companies around the world who do business in Malaysia. The Malaysian Personal Data Protection Commissioner is currently hearing feedback on Public Consultation Paper No. 1/2018, which would impose a DBN requirement on companies that need to be registered with the Commissioner. The industries most likely to be impacted by the DBN requirement are the financial, insurance, communication, and healthcare sectors. The DBN requirement would differ from other breach...
Continue Reading

Videocast: Blockchain technology in the financial services industry

Blockchain and distributed-ledger technology hold tremendous promise, far beyond cryptocurrencies. However, there are also real pitfalls, which are often not identified until it is too late. This Bottom Line videocast discusses: What is blockchain, and how is it broader than bitcoin and other cryptocurrencies? Why it may be revolutionary, but why it will not solve all problems—and why it can create problems of its own. Why lawyers and boards must be involved early and often to stop the problems, design solutions and identify further opportunities. This is the third in a series of three...
Continue Reading

Virtual currencies as commodities—CFTC wins battle in the fight to define cryptocurrencies as commodities but has it won the war?

A federal court in Massachusetts allowed the US Commodity Futures Trading Commission’s fraud case against virtual currency operators to continue by finding that the digital coin met the definition of “commodity” under the Commodity Exchange Act. The court rejected the defendants’ argument that the virtual currency at issue was not a “commodity” because there was no futures contract underlying the digital coin. The court applied an expansive definition of “commodity” finding the virtual currency to be within the same class as Bitcoin for which a futures contract (Bitcoin futures) trades. The...
Continue Reading

Financial institutions in Singapore to strengthen their cyber resilience— Monetary Authority of Singapore consults on cyber security measures

Recently, JPMorgan Chase CEO Jamie Dimon warned that the “biggest vulnerability” for the financial system is the threat of cyber attacks. Hackers, especially those working for nation-states, have grown more sophisticated and more determined, especially as geopolitical tensions rise. On September 6, 2018, the Monetary Authority of Singapore (MAS) issued a Consultation Paper on the proposed requirements for Financial Institutions (FIs) in Singapore to implement essential cybersecurity measures to protect their IT systems. The proposed Notice on Cyber Hygiene will make it mandatory for FIs to...
Continue Reading

Videocast: Cryptoassets and the regulatory environment—A look across the Atlantic

Regulators are grappling to define cryptoassets and are applying existing regulations or contemplating new rules to oversee markets for these new asset class(es). In this Bottom Line videocast, Eversheds Sutherland (US) Partner Greg Kaufman and Eversheds Sutherland (International) Partner Andrew Henderson discuss: important jurisdictional and definitional issues before US courts the UK Financial Conduct Authority’s facilitation and regulation of blockchain technology and cryptoassets This is the second in a series of three Bottom Line videocasts discussing technology and innovation in the...
Continue Reading

Poland implements comprehensive cybersecurity legislation

Poland is the latest nation to pass extensive cybersecurity legislation that will impact many companies that do business in Poland. The legislation, called the Act on the National Cybersecurity System (ANCS), pertains to critical infrastructure companies and providers of digital services. Any organization that operates within Poland and is designated as one of these types of companies will be required to comply. The ANCS will require companies to report a cybersecurity incident a mere 24 hours after it is identified, which could impact those companies that would otherwise have a 72-hour...
Continue Reading

A week of “firsts” in cryptocurrency prosecution

On September 11, 2018, a number of “firsts” occurred in the prosecution of cryptocurrency-related activities at the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and federal district court that will likely become the norm going forward. The SEC announced its first enforcement action for an investment company registration violation involving a fund’s investments in cryptocurrency, continuing its multi-faceted regulation of cryptocurrencies and broadening its reach. FINRA made its first foray into the world of cryptocurrency regulation, filing...
Continue Reading

Videocast: Disruptive technology in the financial services industry

Data and disruptive technology are issues at the forefront of what is currently driving the legal environment across the globe. In this Bottom Line videocast, Eversheds Sutherland (US) Partner Lewis Wiener and Eversheds Sutherland (International) Partner Matthew Allen discuss various aspects of technology in the legal and financial services world, knowing your data, and knowing your technology. This is the first in a series of three Bottom Line videocasts discussing technology and innovation in the financial services industry. Go to...
Continue Reading

Videocast: Data manipulation–an overview

The next generation of cyber threats—data manipulation attacks—is already here. Increasingly, organizations need not only protect their data from theft and ransomware, but also from subtle changes designed to disrupt, embarrass, extort or even undermine the integrity of systems, companies and institutions. Organizations therefore should consider getting out ahead of this new form of cyberattack and incorporate data manipulation considerations into their proactive cyber plans and policies. In this Bottom Line videocast, Eversheds Sutherland (US) Partner Michael Bahar and Eversheds Sutherland...
Continue Reading

Are you ready for the next generation of cyberattack?

Of all the attention the recent Helsinki summit generated, one aspect has garnered virtually no coverage, but it has the ability to shake America and its companies to the core – the threat of data manipulation. Read this article to learn about the next generation of cyberattack, including: How hackers will manipulate, doctor and fake data to disrupt businesses and governments, if not worse Why hackers would do so, even in the absence of a profit motive (although plenty of opportunities to make money off data manipulation attacks exist) Steps to take to better prepare and guard against the...
Continue Reading

California’s Consumer Privacy Act of 2018 – The HR Perspective

Businesses with consumers in California may soon find themselves subject to the California Consumer Privacy Act of 2018 (the Act). The Act arrives on the heels of the expansive consumer protections offered by the European General Data Protection Regulation (GDPR), and echoes key GDPR concepts such as enhanced transparency and disclosure obligations regarding personal data.  However, as companies race to comply, the question employers have begun asking is ”Does the Act cover employee data?” Although the California legislature may choose to issue an amendment/clarification over the next 18...
Continue Reading

California’s GDPR has become law

The California legislature passed the California Consumer Privacy Act, a sweeping new law that imposes stringent new GDPR-style privacy standards across sectors. Beginning in January 2020, California consumers will be granted new rights regarding how businesses collect and use their personal data, including a “right-to-be-forgotten” in certain circumstances. The law applies to businesses with annual gross revenues in excess of $25 million unless the activity is wholly outside of California. A number of the Act’s provisions are similar— but not identical— to those in the EU General Data...
Continue Reading