The following Financial Services guidance note Produced in partnership with Jennifer Archie, Lore Leitner and Alexander Stout of Latham and Watkins LLP provides comprehensive and up to date legal information covering:
In the wake of continued escalations in phishing and denial of service attacks against banks and other financial institutions, financial services firms face a rapidly evolving threat and government regulatory climate. Regulators in the United States have stepped up oversight and expectations for multiple layers of security and obligations to notify national regulators of significant cyber attacks or data breaches. In the United Kingdom, more than 80% of UK companies suffered a security breach in 2014, according to the Government Communications Headquarters (GCHQ), a British intelligence agency. PricewaterhouseCoopers has reported that the total number of worldwide security incidents climbed to 42.8m in 2015, a 48% rise from 2013. The compound annual growth rate of security incidents has increased 66% year-on-year since 2009. The Ponemon Institute estimates that, on average in the 2015 financial year, each data breach costs a US company USD$ 6.53m and a UK company US$ 3.72m in damages such as regulatory fines, reputational and commercial risk, and changes to IT infrastructure. Distributed Denial of Service (DDoS) attacks alone reportedly cost banks $100,000 (USD) per hour, and such attacks against the financial industry doubled during Q4 of 2014 to account for 15% of all attacks according to a Verisign report. Banks and brokers, big and small, possess deeply sensitive information
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234