Cybersecurity and data protection for asset managers
Privacy and cybersecurity saw unprecedented activity, handling some of the year’s highest-profile cyberattacks, counseling clients on sensitive privacy issues and providing deal support for hundreds of complex transactions.
use technology in fair and inclusive ways to transform the digital supply chain while meeting consumer demand for customized products and services. But they can only do so with sensible guardrails,” notes partner Karen Neuman, global co-chair and former chief privacy officer of the Department of Homeland Security in the Obama Administration. In addition to strategic privacy counseling, the group handled some of the highest-profile cyberattacks and disputes, defending clients in government regulatory actions, class action litigation and data breach response. The past 18 months brought an unprecedented level of cyberattacks, and the team was in “all hands on deck” mode, quarterbacking cyberattacks of every type, including ransomware, vendor/supplier attacks such as Solar Winds and Accellion and business email compromise perpetrated by threat actors of every kind such as nation states, organized crime, and insiders. “We saw ransoms go from low to mid-seven figures in 2020 to the tens of millions of dollars
Hackers love a good crisis and the COVID-related disruption of moving to a remote workforce provided the perfect storm.” Brenda Sharton Partner “ This year, the team handled numerous high-profile matters for household name clients, including Moderna on cybersecurity (including on the widely reported European Medicines Agency (“EMA”) data breach), defending Flo Health in the highly publicized FTC settlement and in privacy class actions, defending Pearson plc in connection with an SEC settlement related to its cybersecurity disclosures and winning dismissal of a class action for Macy’s following a 2019 data breach. in 2021,” says Brenda Sharton, a litigation partner and global co-chair of the practice.
Many of Dechert’s clients operate in capital-facing markets, with asset managers and investors increasingly migrating services online using new technologies. In 2021, clients across all sectors turned to artificial intelligence and machine learning to understand customer needs, while lawmakers in Europe and the United States moved to regulate in the space, threatening innovation and the ability to move personal data across borders. The team developed novel solutions for companies implementing AI/ML for product development and targeted advertising. “Our clients endeavor to technology to effectively guide our clients.” Karen Neuman Partner “ Advances in AI and machine learning mean we have to be a step ahead of the
Cyber Bits is a bi-weekly, global publication that reports succinctly on key developments in privacy and cybersecurity. More importantly, each blurb contains a practical takeaway for clients to reduce risk. Cyber Bits is an important addition to the team’s “ahead of the pack” thought leadership on developments that impact clients across sectors.
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