transcript   Transcript

Cyber Security Regulations and Risks for Law Firms with Banking/Financial Services Clients

Recorded on: Jan. 19, 2017
Running Time: 01:00:19

Full Transcript:



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Taken from the Web Program Cybersecurity Best Practices for Legal Services Providers 2017 recorded January, 2017 in New York.

Cyber Security Regulations and Risks for Law Firms with Banking/Financial Services Clients [01:00:19]
  • General Background (e.g. listing specific hacks and evidence that 80 of top 100 law firms have been hacked)
  • Particularly valuable data on clients (information helpful to insider trading in case of M&A transactions, intellectual property, business strategies)
  • Attacks from Nation-State actors (Russia, China, Syria, Ukraine, Iran)
  • Conditions of Retention by Banking clients (client-initiated audits, requiring documentation as condition for retention, forcing law firms to do no work that can be reached by public network)
  • Client issues with secrecy, lack of disclosure (Citigroup report)
  • Is threat overstated?
  • Reputation risks of being hacked (could cause client poaching, competitive disadvantages incentive to not join organizations or info sharing groups)
  • OCC Risk Management Guidance
  • NIST Cyber Security Requirements

The purchase price of this segment includes the following article from the Course Handbook available online:

  • New York Regulators Propose Stricter Cybersecurity Rules
    Adam Chernichaw
  • New York’s New Cybersecurity Rules: What Is Required?
    Adam Chernichaw
  • Regulators Diverge on How Best to Manage Growing Cybersecurity Risks (November 2016)
    Adam Chernichaw
  • Enhanced Cyber Risk Management Standards: Proposed Rules, 12 CFR Parts 30 and 364 (October 26, 2016)
(s)
Steven Chabinsky ~ Partner, White & Case LLP
Adam Chernichaw ~ White & Case LLP
Bill Nelson ~ FS-ISAC
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