According to media reports, Russian government hackers have penetrated the systems of thousands of companies across a variety of industries, as well numerous US government agencies. Moreover, what has been publicly reported may be only the tip of the iceberg in terms of both the scope of the attacks’ victims and the attackers’ methodologies. The most recent reporting also suggests that victim companies are not just those that would be of obvious interest to Russian intelligence services. Accordingly, all companies should assess whether they have been affected by this attack, what steps they need to take to remediate those effects, and what legal and contractual obligations they may have to notify government agencies, business partners, customers, and individuals.
Continue Reading The Urgent Need to Assess and Respond to Russian Supply Chain Attacks
Jason M. Weinstein
CFTC Adopts Proposed Cybersecurity Regulations
On Wednesday, December 16, 2015, the Commodity Futures Trading Commission (CFTC or Commission) approved for publication two proposed rules to amend existing regulations addressing cybersecurity. The proposed rules would establish testing obligations and safeguards for the automated systems used by designated contract markets (DCMs), swap execution facilities (SEFs), swap data repositories (SDRs) (the Exchange Proposal), and derivatives clearing organizations (DCOs) (the Clearing Proposal and, together, the Proposals).1
The Commission’s Proposals grant regulated entities with significant deference with respect to the development and implementation of policies and procedures reasonably designed to demonstrate compliance with the new cybersecurity provisions. However, these new regulatory burdens will come with significant operational, technology, and other resource burdens, including ongoing testing and engagement with third-party service providers. Furthermore, the scope of the Proposals for testing may extend further than similar cybersecurity standards established by other federal agencies.
The Commission unanimously approved the Proposals. They were published in the Federal Register on December 23, 2015 and are subject to a 60-day public comment period ending on February 22, 2016.
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FinTech Bits: Outlook for 2016
CoinDesk, a leading source for bitcoin and FinTech news, published an op-ed by Jason Weinstein and Alan Cohn on “4 Trends That Will Shape Bitcoin Regulation in 2016.” The piece identifies emerging developments in the fast-changing world of digital currency regulation.
Now that multiple federal agencies have outlined their regulatory mandates, expect…
FinTech Bits: What Does Donald Trump Think About Bitcoin?
This week featured interesting remarks from two of the most influential thought leaders in Bitcoin and the blockchain – Blythe Masters and Brian Forde.
During SourceMedia’s Convene conference, Masters, the CEO of Digital Asset Holdings, observed that while we are in the early days of development for Bitcoin and the blockchain, similar to where we…
FinTech Bits: Smart Banks Are Banking on the Blockchain
In an area that is growing and evolving as fast as FinTech, it’s often difficult to take a step back and take stock of where we are, and where we’re headed. So kudos to CoinDesk, which recently issued its State of Bitcoin report for the second quarter of 2015, its seventh such report since February…
Does Your CEO Know What’s Keeping You Up at Night?
Security Magazine’s Security Talk interviewed us on how we help clients navigate cybersecurity issues. In the article, “Does Your CEO Know What’s Keeping You Up at Night?,” we discuss how a company’s ability to weather a cyber attack depends in part on the decisions the company makes both before a breach occurs and…
FinTech Bits: Bitcoin Is No Longer All Greek to the Greeks
In prior posts we’ve observed that the technology underlying Bitcoin – the “blockchain” – presents a world of possible applications unrelated to the use of Bitcoin as a currency. From securities settlement to remittances to asset transfer to the Internet of Things, the possibilities are endless, and some of the best and brightest minds in…
Why Bitcoin Is Good for Law Enforcement
IAPP published my op-ed today on “Why Bitcoin is Good for Law Enforcement.” In it I discuss how with every advance in technology, criminals are early adopters, and law enforcement has to play catch-up. Bitcoin and its underlying blockchain technology are just the latest examples. But the blockchain actually provides significant benefits to…
Digital Payments and Currencies: Global Threat or Opportunity?
On Thursday, April 23, I spoke at the Bretton Woods Committee seminar, “Digital Payments and Currencies: Global Threat or Opportunity?” The panel discussed the changes digital currencies and payment systems have brought to the market and the disruptive potential of a future in which they may become more conventional.
An audio clip of the seminar…
Are New York’s BitLicense Rules Good or Bad for Bitcoin?
It’s only been about a week since New York’s outgoing Superintendent of Financial Services Ben Lawsky released the long-awaited “BitLicense” rules for digital currency businesses operating in New York, but it’s not too early to try to assess the potential impact of those rules on the development of Bitcoin-related businesses and emerging financial technologies.
The…