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Insurers May Not be Able to Avoid Blockchain, Virtual Currencies ‘Sweeping Through Industry’

Virtual currency, such as bitcoin, is an unregulated digital form of currency that can be used as a substitute for legally recognized currency and eliminates the so-called “middle-man,” which includes banks and clearing houses. Learn more.

G-7 guidance on cybersecurity in the financial sector

The G-7 countries recently published important guidance on cybersecurity for the financial sector. While the aim of this guidance was harmonization, the practical reality remains one of piecemeal- and at times even conflicting – global, regulatory direction. To navigate this regulatory patchwork, international banks and financial institutions have to constantly assess the applicable...

NIST Releases Second Draft of Revised Cybersecurity Framework

The ever-smartening supply chain presents increasing cybersecurity risks to companies, and the importance of internal assessments has never been greater.  Accordingly, the National Institute of Standards and Technology (NIST) has released the second draft of Version 1.1 of the “Framework for Improving Critical Infrastructure Cybersecurity” for public comment. NIST provides valuable...

Triton Malware Shuts Down Industrial Plant

Cybersecurity experts at FireEye have issued a warning after a recent hacker attack caused “operational disruption to critical infrastructure” at an unnamed industrial plant. The hackers introduced a malware program that FireEye is calling “Triton” into the security system, likely in preparation for a larger attack. Learn...

Is a cyber-attack ”Force Majeure”? Je ne crois pas!

Force majeure clauses are designed to address the risk of events which arise during the course of a contract and are beyond the control of the parties. These clauses can operate to suspend the performance of obligations for the duration of the force majeure and without liability, affording the affected party the opportunity to restore business-as-usual operations. They are the...

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