Financial Cos. Should Expect More Cyber-Related Litigation

By Peter Kamminga (June 2, 2022, 7:12 PM EDT) — Around the world, there is a continuing stream of cyberattacks on banks and financial institutions followed by litigation.

Two parallel developments — more stringent regulation and the move into crypto by large financial institutions — may deepen this trend in the financial industry.

Regulatory bodies such as the Federal Trade Commission, the Federal Deposit Insurance Corporation and, as of late, the U.S. Securities and Exchange Commission are focusing their efforts on containing the fallout from cyberattacks by calling for more rigid incident reporting obligations.

And, at the same time, the financial sector is rapidly expanding with fintech developments, such as Goldman…

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