By Jennifer Archie and Hanna Roos 

Cyber security breaches are now an everyday reality permeating all aspects of business and private life, including the world of international commercial and investment treaty arbitration. These breaches can relate to the subject matter of the dispute, communications between parties and their counsel or between tribunal members, or the website and IT systems of the parties or the arbitral institution, among others. Hanna Roos and Jennifer Archie recently published a note for Practical Law

By Gail Crawford and Christian McDermott

The recent cyberattack on Tesco Bank’s IT systems has prompted Rt Hon. Andrew Tyrie MP, Chairman of the Treasury Committee, to call on regulators to take action against vulnerable bank IT systems:

Making sure that banks improve their IT systems, and their resilience to cybercrime, is also a responsibility of regulators. We will raise this issue with them again shortly. We can’t carry on like this.

The call follows earlier correspondence on this topic between Andrew Tyrie, various major UK banks, the FCA and the PRA.

By Jennifer C. Archie, Gail Crawford, Andrew Moyle, Serrin A. Turner, and Brian Meenagh

Hacking of organisations’ systems is becoming increasingly commonplace, even with advancements in security practices. To mitigate risk, a company must have an enterprise-level, cross-functional incident response plan that is rehearsed and practiced. In the event of an incident a company with a rehearsed plan can avoid delays and mistakes, minimize conflicts between functions, and ensure regulatory, legal and contractual reporting requirements are met.