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The Long and Winding Road to Cyber Recovery

A call for industry coordination around DLT security

stephen scharf
Stephen Scharf
July 28, 2020

As the financial services industry moves toward an ever-greater dependence on technology, we must always keep an eye on the future to ensure that any new technological advancement or implementation delivers the same, if not better, benefits and risk management capabilities. One emerging area that has garnered a lot of attention in recent years is Distributed Ledger Technology (DLT). While DLT holds great promise, there is currently no clear path around how to implement the technology in a way that addresses documented and evolving security risks.  


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lindy cameron

Lindy Cameron named CEO of the UK National Cyber Security Centre

July 28, 2020

The National Cyber Security Centre – a part of GCHQ – has announced that Lindy Cameron will become its new Chief Executive Officer (CEO). Her role will include overseeing the organization’s response to hundreds of cyber incidents each year, improving the cyber resilience of the UK’s critical national infrastructure, identifying the risks and opportunities for the UK in emerging technologies and leading the NCSC’s ongoing response to the coronavirus pandemic.


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China Creates Secure Communications Network

DHS establishes China Working Group to address intensifying threat

July 28, 2020
Acting Secretary of Homeland Security Chad F. Wolf recently hosted the inaugural meeting of the Department’s China Working Group. The Group’s purpose is to holistically articulate, prioritize and coordinate the Department’s response to evolving threats to the Homeland posed by the Chinese Communist Party (CCP).
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EDPB issues guidance for cross-border data transfers in wake of Schrems II judgment

The EDPB’s FAQs resolve some open questions, such as whether there will be a grace period for companies relying on Privacy Shield, but raise other questions, such as what “supplementary measures” companies need to put in place to use Standard Contractual Clauses and Binding Corporate Rules.
david stauss
David M. Stauss
July 28, 2020
In the wake of the Court of Justice of the European Union’s Schrems II judgment, on July 23, 2020, the European Data Protection Board (EDPB) adopted a Frequently Asked Questions document to “provide initial clarification and give preliminary guidance to stakeholders on the use of legal instruments for the transfer of personal data to third countries, including the U.S.” The EDPB stated that the document will be updated, and further guidance provided, as it continues to examine and consider the judgment. The six-page FAQs provides the following guidance.
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New York DFS charges title insurer with cybersecurity violation

July 28, 2020

The New York State Department of Financial Services (DFS) filed charges against First American Title Insurance Company for exposing customer bank account numbers, mortgage and tax records, Social Security Numbers, wire transaction receipts, and drivers’ license images. 


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