Marc Tucker will lead a session entitled "Data Security Breach: The Third Certainty in Life" at the North Carolina Bankers Association Management Team Conference on October 19 in Charlotte. His session is second in a series of three that will focus on cybersecurity from the technical, legal and insurance angles. A summary of the session is below.
Businesses operating within the financial services industry amass a significant amount of sensitive customer records and information that makes financial institutions prime targets for cyber attacks. It also makes them subject to an ever-increasing number of rules, regulations, recommendations and requirements issued by governmental and regulatory authorities. While recommendations focusing on the prevention of and response to data breaches are characterized as “recommendations”, financial industry players should make no mistake that such suggestions are quickly becoming the standard to which institutions will be held in the event of a cybersecurity incident. Similarly, there is a growing trend and expectation that victims of a cyber attack, particularly in the financial services industry, will voluntarily share information with the government in an effort to curtail future cyber attacks.
Understanding the ever-changing digital landscape in which financial businesses operate today is critical for companies to maximize the benefits of data assets without running afoul of the applicable regulatory scheme. Smith Moore Leatherwood attorney, Marc Tucker, will discuss the fundamental principles that a business in the financial services industry should follow in order to minimize cybersecurity threats. Minimizing risk is only part of the equation; Marc will also identify and discuss the key components of the regulatory framework within which the financial services industry operates.
The firm is sponsoring the opening reception of the conference, which will be held at the Ballantyne Hotel & Lodge.