In a report released November 23, Moody’s Investors Service announced that the implications of cyber threats could start taking a higher priority in its credit analysis. Moody’s said it views cyber threats as similar to other extraordinary event risks, such as a natural disaster. “While we do not explicitly incorporate cyber risk as a principal […]
Updated Schrems ECJ / Safe Harbor Ruling FAQs
Alston & Bird has published an updated set of Frequently Asked Questions (FAQs) on the decision by the European Court of Justice holding that the U.S.-EU Safe Harbor Framework is invalid (also known as the Schrems decision). The FAQs are designed to help companies that rely on the Safe Harbor Framework understand the scope of the ECJ […]
FFIEC Warns of Increase in Cyber Attacks Involving Extortion, Encourages Financial Institutions to Develop Response Programs
Last week, the Federal Financial Institutions Examination Council (FFIEC) issued a joint statement warning of an “increasing frequency and severity of cyber attacks involving extortion.” The statement warned that criminals have been extorting financial institutions using a variety of tactics, including denial of service attacks, theft of sensitive information, and use of “ransomware,” which is […]
European Commission Releases Communication on Schrems and Safe Harbor 2.0
On November 6, 2015, the European Commission released a widely-anticipated Communication assessing the impact of the judgment of the European Court of Justice (“ECJ”) in the Schrems case (C-362/14), which invalidated the U.S.-EU Safe Harbor framework. Though the Communication is not legally binding, it provides useful guidance to companies on transfers of personal data to the […]
Commission Underlines Commitment to Safe Harbor Discussions
In a keynote speech today before the 37th International conference of Privacy and Data Protection Commissioners in Amsterdam, EU Justice Commissioner Vera Jourová reiterated the commitment of the European Commission to completing discussions with the United States on a replacement framework for the U.S.-EU Safe Habor. Commissioner Jourová noted that, in the wake of the European Court […]