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A roundup of recent cyber related developments, including the black box effect in ship risk profiling, GDPR fines from the ICO, silent cyber risks, cyber threats to the life sciences sector, insuring the emerging offshore digital assets industry and claims transformation in Latin America.
What a week it has been. England have won the Cricket World Cup, and both Marriott and British Airways have been hit for six by the ICO. It’s fair to say that both the England team and the ICO have upped their game.
The ICO has threatened British Airways with a record £183.4 million fine under the GDPR, following a well-publicised Magecart attack last year.
The hardening of the insurance markets may have reduced the appetite for certain emerging risks but the increasing prevalence of so-called digital assets, including cryptocurrencies and initial coin offerings, will be hard for insurers to ignore.
For most of us 2017 was the year when we first heard the word “blockchain”. That year also saw the value of bitcoin grow 1,300 percent and increasing interest in “digital assets” such as cryptocurrency and initial coin offerings (ICO) using blockchain technologies.
In our article of March 2018 we considered whether regulation of cryptocurrencies was on the horizon. The creation of a UK Cryptoassets Taskforce has brought this horizon closer into view, but this space remains unregulated in the UK - with some limited exceptions.
We are pleased to announce that financial lines specialists Maurice Pesso and Greg Steinberg have joined as partners in the US. The duo join from White and Williams LLP where they were partner and counsel respectively. Maurice Pesso will be based in our New Jersey office and Greg Steinberg in New York.
Case review 10/05/2019
The Z Trusts litigation relates to four judgments (three in 2015 and one in 2018) handed down by the Royal Court of Jersey in respect of the ongoing administration of eight family trusts and is another recent case where the court had to grapple with issues affecting insolvent trusts.
We are very pleased to announce that we have promoted ten lawyers to our partnership, with nine based in the UK and one in the US.
The commercial courts in offshore financial centres continue to be busy with their usual diet of shareholder and corporate disputes, insolvencies, asset tracing and trust litigation, often involving vast sums. This keeps litigators in OFCs busy, but also provides a fertile source of work for onshore lawyers, often based in London, Hong Kong and elsewhere.