Monthly Archives: April 2021

Insurance industry dips its toes into the digital assets space

The insurance industry is dipping its toes into the digital assets space, and it’s good news. This week, NYDIG, a company which provides Bitcoin focused asset management, custodial and technology solutions secured $100m in investment from some of the US’s …

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Alfresco dining opens up – but what do you need to know?

THE PROBLEM The UK’s bars, pubs and restaurants will once again reopen to customers from 12 April. However, tough restrictions will mean that diners will only be allowed to eat and drink outside. The government is looking to make it …

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Firmware cyber-attacks: the next big thing?

An interesting article in the BBC news highlights a lesser-known, but potentially devastating cyber-threat for medium to larger businesses – a hack into their computer firmware.  A survey conducted by Microsoft has found that 80% of firms have experienced a firm ware attack in the past 2 years, but less than a third of security budgets are allocated to protect firmware. In addition, the US National Institute of Standards and Technology has recorded a 5 fold increase in firmware attacks in the last 4 years. Covid lockdown has created an environment where the time and trouble needed to arrange such an attack has become much less of a problem for cyber-criminals.Firmware is the inbuilt code which controls each component in a PC.  It is harder to access than software, but if infiltrated it can be almost impossible to detect, and may leave no trace. Regular patch updates for the firmware as well as the software can reduce the risk of an attack succeeding, but because it is more complicated to put in place, it may be overlooked or delayed.While the risk is only likely to be significant for medium to large size businesses, it is clearly a growing threat that should be considered as part of the data risk management strategy of all larger businesses. With more staff working from home and connecting remotely to work servers, each external device which connects provides an opportunity for hackers. Steps that should be taken include a review of how and through which devices employees connect to the central system, a reassessment of technical and organisational cyber-security measures to ensure that firmware protection is given sufficient prominence, and further training for employees to raise awareness of the risks and ensure that they take the necessary steps to keep any authorised personal devices up to standard with recommended protection measures. This last is perhaps the most important, since most cyber-breaches and data breaches occur as the result of human error, inattention or carelessness.

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Credit Suisse overhauls management as it takes $4.7 billion hit on Archegos

“The removal of Credit Suisse’s top risk and compliance officer as a result of losses incurred by trades with Archegos Capital Management raises serious questions as to whether banks have sufficiently learnt lessons from the financial crisis and whether regulatory …

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Laurence Fox sued for defamation over ‘paedophile’ tweets

“In order to sue for libel you need to show evidence of serious harm to your reputation. This may not be possible if the allegation is not taken seriously by members of the public or is considered to be trivial. …

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ENGLISH HIGH COURT STAYS COURT PROCEEDINGS IN FAVOUR OF ARBITRATION

The court granted a stay of proceedings under section 9 of the Arbitration Act 1996, finding a reference to “court” in the underlying contract to be a reference to the London Court of International Arbitration. The case is a reminder …

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Buying a Private Jet: Jet Management

Head of Collyer Bristow’s Luxury Assets team, Howard Ricklow is joined by TAG Aviation’s UK Sales Director, Karl Mills to discuss the various factors to consider in the management of your private jet. From recruiting pilots to maintaining your jet, …

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