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Cybersecurity incidents and data compromises continue to plague financial institutions on a seemingly daily basis. Without a proper response plan in place, financial institutions risk significant damage to their reputation and operations, as well as serious potential liability from regulators and class-action litigation. This guide outlines the procedures financial institutions should implement to prepare for and respond to a cybersecurity incident.
It is crucial that financial institutions adopt a response policy to mitigate the harm of a cybersecurity incident. This policy should establish a response team, including an executive officer and technical and operational personnel, charged with handling all cybersecurity incidents.
Time is of the essence during any cybersecurity incident, and communication is vital to the response team’s effective handling and investigation of the situation. Each employee should know how to report an incident. Notification processes, responsible personnel, and other elements of the communications plan should be as seamless as possible to enable the cybersecurity response team to immediately investigate the potential incident and determine whether an incident actually occurred. As soon as the incident is confirmed, the team must immediately respond.
Determine the severity of the incident. The response team should first determine the severity of the harm and the type of incident that occurred. This will help determine the scope of response necessary to appropriately address the incident. The team should be sure to create a detailed record of all investigations and responses. Read more
The business world continues to be a multinational place, with marketplaces and supply chains that cut across national borders. Global expansion efforts have also spawned a growing desire for cross-border deal making.
These mergers and acquisitions, however, are easily complicated by language and cultural differences, in addition to local politics and regulatory regimes.
Despite geopolitical risks aplenty (including ever-shifting sanctions regimes, the United States’ shift towards nativism, and the fractured state of the European Union post-Brexit) there remains plenty of interest, globally, for cross-border deals.
Smartphone users in the U.S., for example, may not realize that the proposed $26.5 billion merger of Sprint and T-Mobile is really the marriage of corporate parents on Japan and Germany. In retail, Walmart may have stores around the world, but it also has plans afoot to buy a controlling stake in an Indian e-commerce company, Flipkart Online Services.
MoneyGram is an example of a cross-border deal that was crossed up when a deal with a subsidiary of the Chinese company Alibaba was blocked by the U.S government.
We spoke to Ricardo Garcia-Moreno, a partner with Haynes & Boone and a member of World Services Group, an international referral network of leading law firms, accounting firms and investment banks, about the opportunities, challenges, and compliance concerns that come with cross-border deals. Read more