Current Issue Headlines
Vol. 4, No. 25 (Aug. 15, 2018)
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A Fund Manager’s Roadmap to Big Data: MNPI, Web Scraping and Data Quality (Part Two of Three)
As fund managers increasingly turn to sophisticated data streams to boost investment returns and produce greater operational efficiencies, it is critical that they understand the legal and practical risks posed by the use of big data. This second article in our three-part series on big data analyzes issues and best practices surrounding the acquisition of material non-public information, web scraping and the quality and testability of data. The first article explored the big-data landscape and how fund managers can acquire and use big data in their businesses. The third article will discuss risks associated with data privacy and the acquisition of data from third parties and the use of drones, as well as recommended methods for mitigating those risks. For more on big data, see “Best Practices for Managing the Risks of Big Data and Web Scraping” (Jul. 26, 2017).
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Checklist Approach to Effective Third-Party Vendor Oversight
Firms rely heavily on third-party vendors in their day-to-day operations, but these vendors can introduce great risks. To mitigate risk, companies should systematically and thoroughly oversee each relationship. Once a third-party contract is established, companies should assess the vendor relationship for ongoing risk and develop procedures to address issues and risks as they are identified. This guide details risk-assessment considerations and steps to address and mitigate ongoing risk and compliance issues. See also “How to Maintain Effective and Secure Long-Term Vendor Relationships: Understanding the Risks (Part One of Two)” (Jun. 20, 2018); Part Two (Jun. 27, 2018).
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How to Build a Cybersecurity Culture Using People, Processes and Technology
While organizations strive to have strong security technology and effective cybersecurity policies, ultimately, one of the most powerful ways to protect themselves is to create a culture of security. The Cybersecurity Law Report spoke with Pamela Passman, president and CEO of Center for Responsible Enterprise And Trade (CREATe.org) about why creating a culture of cybersecurity from the break room to the boardroom is essential, and how to accomplish that. “Culture matters because it affects the company’s ability to function and get worth out of its innovations,” said Passman. See also “Privacy Leaders Share Key Considerations for Incorporating a Privacy Policy in the Corporate Culture” (Oct. 19, 2016).
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Webinar Topic Survey
As The Cybersecurity Law Report prepares for our upcoming complimentary webinars, we are surveying industry professionals for feedback on the cybersecurity and data privacy issues they would like to see discussed in this forum. Topics that have been the most commonly raised in recent conversations with our expert sources include: 1) Continuing NYDFS and GDPR Compliance Points; 2) How IT and Legal Can Work Together Effectively; 3) Preparing for and Responding to Ransomware; and 4) Mitigating Blockchain Security Risks. Please participate in our survey to share your thoughts on which of these (or other) topics you would like to see us cover in future webinars.
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Communication and Technology Expert Joins Pillsbury as Special Counsel in Washington, D.C.
Lee Petro has joined Pillsbury as a special counsel in its communication practice, the firm recently announced. Petro advises clients on the adoption and implementation of distributed ledger and blockchain technologies, and also focuses on regulatory compliance, emerging technologies and transactions. For more from Pillsbury, see “Picking up the Pieces After a Cyber Attack and Understanding Sources of Liability” (Apr. 13, 2016).
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Sidley Austin Welcomes Head of Blockchain and FinTech in the Securities & Derivatives Enforcement and Regulatory Group
Lilya Tessler has joined Sidley Austin in New York as a partner and head of blockchain and fintech in the securities and derivatives enforcement and regulatory group. For more from Sidley, see “Key Requirements of the Newly Approved Privacy Shield” (Jul. 6, 2016).
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