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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.
In October 2018, the Secretary of State for Health and Social Care, Matt Hancock, outlined his vision for the future of healthcare through a digital patient journey, in order to provide better patient care, improve efficiency and reduce operational costs. The plans encompass a digital process for the patient from pre-diagnosis to discharge.
On 1 May 2019, Charles River Laboratories revealed it was the victim of a ‘sophisticated and well resourced’ hacking attack and resulting data breach, discovered in mid-March and thought to have compromised about 1% of the company’s client data.
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.
In this article we explore the ramifications of business interruption, the legal framework relating to business interruption and how, through business continuity planning, those issues can be managed.
Cyber attacks have been a board-level issue for many years, but as technological advances increase, the scale and scope of the threat increases in tandem. It is therefore not surprising that cyber security has joined privacy, data protection, modern slavery, anti-bribery and money laundering, amongst others, as a key element of any business’ corporate governance strategy.
The collection of data can create as many negative issues, as it might create positive opportunities if it is not handled securely and appropriately. According to the 2018 Cost of Data Breach Study, the average cost of a data breach is around £2.95m, with an average cost per lost or stolen record of around £113. Alison Loveday looks at the importance of protecting data and how to take the necessary steps in the event of a cyber attack.
Our Singapore office recently briefed the market on some key issues impacting the marine sector including the forthcoming sulphur cap, the increase of phishing scams and the effect of sanction clauses.
Only a few years ago, cyber security incidents and data breaches involving Hong Kong businesses were sufficiently rare as to be newsworthy events. Today, these events have become a common occurrence. As a result, more businesses are seeing cyber liability insurance as an essential line of business insurance, alongside general liability or directors’ and officers’ insurance. Nicholas Blackmore, Special Counsel at Kennedys, looks at why cyber liability insurance is important for Hong Kong businesses.