Technology's Legal Edge

A Global Technology Sector Blog

As banks and other financial services companies adopt cloud computing for a variety of purposes, questions about the operational risks involved have emerged. In order to use the cloud, many banks are depending on cloud service providers to protect sensitive information rather than managing their own systems, with the potential of harm to consumers and businesses if a breach occurs. Regulators have begun to take a close look at how financial institutions are mitigating risk…
The global demand for power rises, the requirement for increased productivity, greater efficiencies in distribution and flexibility for consumers (both corporate and residential) is also growing. As such, we have launched report on how digital technologies are impacting the Energy and Natural Resources sector. We worked with inspiratia and our ENR sector around the world to pull together what’s happening in the market and how it could drive future change. Due to the dynamic nature…
This article is part of a series exploring the regulatory challenges of the digital society from a competition law and data protection perspective within the EU. Vestager II Several months have now passed since late March when the European Commission published Competition policy for the digital era (the Report), a report co-authored by special advisors Jacques Crémer, Yves-Alexandre de Montjoye and Heike Schweitzer. Since then, the enforcement activities at EU and Member State level have…
Several high-profile data security incidents in the last few years have shown the need for legislative oversight in the data security and privacy space. In 2016, the US presidential election and UK referendum on EU membership were beset by data privacy issues involving Facebook and Cambridge Analytica. Data breaches were becoming the domain of primetime news, with many experts anticipating breaches before they happen. Indeed, a search by the virtual private network review service VPNMentor…
The mention of a blockchain‑based approach, to many, invites notions of industry technology hype – an effort to be seen as innovative even visionary. The true question, however, relates to substance, i.e. is this real progress or another fad or phase? Proof-of-concept (PoC) has finally arrived for several blockchain initiatives, with models applied across a huge range of industries including Volkswagen looking at global supply chain management, a number of banks applying blockchain to payment…
The addition of security tokens to the financial instrument toolbox is helping new, dynamic and lean financial services businesses to emerge and flourish. Blockchain-based technologies help these new entities grow rapidly, offering innovative business initiatives with minimal resources. Many of the required systems and support processes including software, security, operational infrastructure and administration – can be easily accessed as tools built on a distributed blockchain application with comparatively minimal expense and all of this is…
AI is no longer the province of academics, novelists and filmmakers. It has gone mainstream, and the confluence of computing power, enhanced algorithms and mass data is rapidly enhancing AI applications in industry. Robotic process automation tools can now effectively handle finance and administration processes. Telecommunications organizations, for example, use AI and machine learning to improve customer services with virtual-assistant chatbots to automate and scale support requests (such as set up, installation, troubleshooting and maintenance).…
By  Victoria Lee and Andrew W. Grant On September 12, 2019, the Task Force on Artificial Intelligence, which is a task force within the House Financial Services Committee (FSC), held a hearing titled “The Future of Identity in Financial Services: Threats, Challenges, and Opportunities.” As the FSC wrote before the hearing, the way customers identify themselves and have their identities verified in the financial marketplace has evolved over the years, especially as transactions move online.…
As AI systems have evolved and become more sophisticated, the risk of fraud targeting corporations and consumers has increased. In a recent cybercrime case, artificial intelligence-based software was used to pressure the CEO of a UK-based energy company to transfer funds to what he believed was an outside supplier. The CEO, who believed he was speaking on the phone to his boss, was asked to send the money − $243,000 − to a Hungarian supplier…