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Cybersecurity Comes Together in Legal and Finance
Since the dawn of the new millennium, technology has been expanding the reach and ability of criminals at breakneck speeds. Regulators have constantly found themselves running behind a new era of cyberthreats and dangers, struggling to respond to accidents while fortifying the road ahead.
But with limited resources and time, their effort is one of triage. Secure the vital pillars of society first, and the rest will follow. This plan especially rings true when securing arguably the most important pillar: the one buttressing the economy. Jeremy Estabrooks, senior legal editor of Thomson Reuters Practical Law, notes that the financial industry is considered a critical infrastructure industry by the federal government. “There is definitely more emphasis on making sure they have robust cybersecurity in place,” he says.
For financial institutions, the presence of governing regulations, of which cybersecurity is now part, have always been an intrinsic part of the industry. “Because banks are a creation of a regulatory culture, they really live and breathe policies and procedures, and I think the management and directors are well aware of their responsibility and the need to meet regulatory expectations,” Estabrooks says.
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