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Some key takeaways and hot topics that should be on the radar of lawyers from the Legal Marketing Association's Legal Marketing Technology Conference in Chicago.
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<b><i>In the First Enforcement Action Initiated By Its New “Cyber Unit,” the SEC Announced It Has Secured a Court Order to Freeze the Assets of Individuals Behind a “Scam” Initial Coin Offering</b></i><p>In the first enforcement action initiated by its new “Cyber Unit,” the Securities and Exchange Commission (SEC) recently announced it has secured a court order to freeze the assets of individuals behind a “scam” initial coin offering, or ICO.
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Although the current news cycle is a barrage of negative situations, the silver lining is that they offer law firms a wealth of teachable moments about the importance of preparing for and responding to a crisis situation.
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In September 2015, then-Director of National Intelligence James Clapper warned that the next "push of the envelope" in cybersecurity might be attacks that change or manipulate electronic information in order to compromise its accuracy or reliability. Two years later, we may now be seeing the beginning of such insidious attacks, in the context of GPS spoofing — a technique that sends false signals to systems that use GPS signals for navigation.
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<b><i>Part One of a Two-Part Article</b></i><p>As we head into 2018, cryptocurrency and blockchain will continue to be a top initiative for pioneers in the financial services industry. As with any innovation within the financial services industry, the regulators are never far behind and are doing their best to keep up. Those that enter this space will find that they also have to pioneer the controls to manage the regulatory risks this technology presents.
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Many corporations around the globe are preparing for May 2018, when Europe's General Data Protection Regulation (GDPR) enforcement kicks in. The regulation encompasses a wide range of nuanced privacy requirements that can be challenging to operationalize. In particular, requirements around the rights of European data subjects — which include the right to be forgotten and rights to access, rectification and objection to processing — will be some of the most difficult to address.
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Gone are the days when being the best lawyer was enough to guarantee landing and retaining clients. Clients are demanding that firms incorporate automation and increase their efficiency. Clients are relying on automation to streamline the work they outsource, and they expect their law firms to follow suit. To this end and to remain competitive, law firms need to offer their clients innovative solutions and build artificial intelligence (AI) into the core fabric of their practices.
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Following the Equifax Inc. breach that compromised personal information of 145.5 million Americans including more than 8 million New Yorkers, Attorney General Eric Schneiderman is proposing comprehensive legislation to tighten data security laws
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The skill required to successfully exfiltrate 143 million records is certainly sufficient to successfully attack the integrity of that very same data. It is generally accepted that cyber criminals have not performed integrity attacks because there is a minimal profit motive: Records have a black-market value; in integrity attacks, there is no deliverable that can be sold. This paradigm may be shifting.
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<b><i>The Company Failed to Notify 57 Million Users of a Breach In October 2016. Two Employees Tasked with Handling the Response Process Have Left the Company, Including Uber In-House Attorney Craig Clark, Who Reported to the Company's Chief Security Officer.</b></i><p>Uber Technologies Inc. failed to notify 57 million users that their data was exposed in a breach, according to a company blog post published on November 21, which was confirmed by a source close to the matter.