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The “metaverse” can be defined as a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world. In late 2021, Facebook changed its name to Meta Platforms as a symbol of its leadership in the Metaverse frontier. Another corporate giant, J.P. Morgan Chase, the largest bank in the U.S., opened Onyx Lounge, a bank in the Metaverse, where it projects the Metaverse market will reach over $1 trillion dollars in annual revenue in the coming years. From rappers like Meek Mill, Snoop Dogg and Jay-Z promoting the purchase of NFTs, to the NBA All-Star Game awarding contestants with Bitcoin, the Metaverse is becoming a hot topic. But what is the Metaverse?
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New U.S.-China Investment Dynamic Focuses On AI and Sensitive Technologies
By David A. Holley
An Executive Order released by the Biden Administration on Aug. 9 places increased importance on due diligence when investing in specific foreign countries. The Executive Order will regulate outbound investments in China with a focus on key technologies critical to safeguarding U.S. national security, including artificial intelligence.
New York’s Latest Cybersecurity Commitment
By Erik B. Weinick
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York’s inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Data Breach Defense: Mobilizing Against Weaponized Mass Arbitration
By Daniella Main and Brooke Bolender
Most companies have experienced or will experience a data breach. Increasingly, companies also face the risks associated with mass arbitration weaponized by the overwhelming volume of claims after a breach.
By Wim Nauwelaerts
Businesses and organizations that (regularly) transfer personal data from the EU to the U.S. should carefully assess, on a case-by-case basis, whether it makes sense to rely on the new EU-U.S. Data Privacy Framework or to use one of the other data transfer tools that are available under the GDPR.
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