Cyber Threats to Banks and Financial Institutions

From massive ransomware attacks to insider trading, cyberattacks pose an increasing costly threat to the financial sector in the U.S. and abroad. In this program, Cadwalader, Wickersham & Taft attorneys Joseph Facciponti and Joseph Moreno review latest trends in cybersecurity, including the evolving nature of cybercrime and cybercriminals; what financial institutions can do to mitigate their cybersecurity risk and how they can effectively respond to a cyberattack; and the legal obligations and potential sources of liability for businesses that fail to adopt adequate cybersecurity practices and procedures.

Learning Objectives:

1. Explore the evolving nature of cybercrime and the different types and different motivations of cybercriminals, including threats posed by corporate insiders and by third party service providers
2. Review recent developments in data protection laws, including New York's new cybersecurity rules for financial institutions, Europe's General Data Protection Regulation, and the SEC's Regulation S-P, among others
3. Understand the nature of potential sources of liability in the aftermath of a data breach, including private lawsuits and regulatory enforcement actions