Imagine the following Great Bank Heist scenario: Cybercriminals steal $10 billion from a midsize bank, and you are the attorney representing the bank. Who is responsible for the loss? Can the bank adequately respond? Do you understand the bank’s cybersecurity technology and incident response procedure? What will be the long-term financial impact, given the interconnected nature of global banking institutions?
The reality is that the United States still does not have the legal framework in place to efficiently handle such a large-scale financial breakdown, as our case law has not had to deal with these types of issues. It’s critically important, however, that attorneys and financial institutions start addressing these issues, as cyberthreats are on the rise. This means that in-house attorneys and law firms need to engage banks in open dialogue concerning cybersecurity so that both sides are more prepared for the consequences, large and small, of a major cybertheft.
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