News & Analysis as of

Cloud Computing Financial Services Industry

Nelson Mullins Riley & Scarborough LLP

Recent Developments from Federal Regulators Regarding Use of Cloud Services

The Federal Trade Commission (FTC) and Department of the Treasury (DOT) have taken steps to provide guidance and oversight for businesses using cloud services, signaling increased scrutiny from federal regulators on the use...more

Fenwick & West LLP

What Companies Need to Know About the New National Cybersecurity Strategy

Fenwick & West LLP on

The White House announced last Thursday its highly anticipated National Cybersecurity Strategy (NCS). Although largely aspirational and short on concrete plans, the 39-page NCS is the Biden administration’s most ambitious...more

Pillsbury - Internet & Social Media Law Blog

U.S. Department of the Treasury Confronts the Risks to the Financial Sector Associated with Cloud Computing

On February 8, 2023, the U.S. Department of the Treasury released a report citing its “findings on the current state of cloud adoption in the sector, including potential benefits and challenges associated with increased...more

The Volkov Law Group

Regulatory Implications from 2019 Capital One Hack and Recent Conviction of Former AWS Engineer

The Volkov Law Group on

Paige Thompson, a former Amazon Web Services employee, was recently convicted of seven counts of fraud in U.S. District Court for stealing personal data from more than 100 million customers from unsecured accounts stored on...more

Bilzin Sumberg

Recent Settlements and Penalties Show Perils of Data Breaches

Bilzin Sumberg on

Two major U.S. financial institutions, Morgan Stanley and Capital One, recently agreed to resolve separate class action lawsuits by paying, in the aggregate, hundreds of millions of dollars in compensation for massive data...more

Hogan Lovells

Operational resilience regulatory framework in Europe

Hogan Lovells on

In recent years, operational resilience has come under the spotlight of financial regulators globally, leading to a proliferation of new regulation. The sheer number of publications on this topic can be confusing for...more

Morgan Lewis - Tech & Sourcing

FCA Publishes Report on Implementing Technology Change

The UK Financial Conduct Authority (FCA) has published its findings on an extensive review into the factors which determine failure or success when implementing technology change in the financial services sector....more

White & Case LLP

Operational resilience, third party risk management and impact tolerance in the time of Coronavirus

White & Case LLP on

On 5 December 2019 the Bank of England (Bank), UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) published coordinated consultation papers and policy on new requirements to strengthen...more

Morgan Lewis - Tech & Sourcing

FSB Focuses on Financial Institutions’ Dependencies on Cloud

The Financial Stability Board (FSB) published on December 9, 2019, its report on financial institutions’ increasing reliance on third parties to provide cloud computing services (the Report)....more

Hogan Lovells

Corporate Insurance Newsletter – January 2020

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The Hogan Lovells’ Corporate Insurance Newsletter for January 2020 has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this...more

A&O Shearman

Financial Stability Board Publishes Reports on Implications of BigTech and Cloud Services

A&O Shearman on

The Financial Stability Board has published two reports on: (i) BigTech in finance and (ii) third-party dependencies on cloud services. The reports form part of the FSB’s ongoing work to analyze structural changes within the...more

Ballard Spahr LLP

House Financial Services Committee to hold Oct. 18 hearing on AI and cloud computing

Ballard Spahr LLP on

Tomorrow, October 18, the House Financial Services Committee’s Task Force on Artificial Intelligence is scheduled to hold a hearing entitled “AI and the Evolution of Cloud Computing...more

Latham & Watkins LLP

FSB Concerns Over Cloud Concentration in Financial Services Continues

Latham & Watkins LLP on

The FSB is reviewing cloud provider concentration risk in the latest example of regulator concern over reliance on leading cloud providers by financial services institutions. The Financial Stability Board (FSB), an...more

A&O Shearman

Luxembourg Cloud computing rules for investment fund managers: a reminder of the obligations 6 months before their Cloud Register...

A&O Shearman on

Last year, investment fund managers (IFMs) were caught by surprise with the immediate application of Circular 17/654 on IT outsourcing relying on a cloud computing infrastructure (the Cloud Circular), but every cloud has a...more

The Volkov Law Group

Lessons Learned from the Capital One Data Breach (Part I of III)

The Volkov Law Group on

Not to say, I told you so, but around the same time that the Capital One data breach occurred, I was reminding clients that nearly half of  all significant data breaches or cyber-incidents occur because of internal actors. ...more

Morgan Lewis

Proposed Treasury Regulations Address Digital Content Transfers and Cloud Transactions

Morgan Lewis on

The US Treasury Department and Internal Revenue Service focus on the transfer of digital content and cloud transactions in recent proposed regulations. Adding “digital content” to the reach of the current regulations...more

WilmerHale

Recent Developments in Chinese Cybersecurity and Information Technology Regulations

WilmerHale on

The Chinese government has recently issued a flurry of regulations and standards, several in draft form for public comment, to implement the Cybersecurity Law. These mostly reflect a lengthy policy development process...more

Hogan Lovells

EIOPA to produce cloud outsourcing guidelines for insurers

Hogan Lovells on

On 27 March 2019, the European Insurance and Occupational Pensions Authority (EIOPA) published a report that looks at outsourcing to the cloud by (re)insurers. ...more

Wilson Sonsini Goodrich & Rosati

Regulatory Landscape for Fintech, Electronic Commerce, and Electronic Banking: Part One

Part 1: Electronic Commerce - This is the first part of a two-part article discussing the regulatory landscape for financial technology as applied to electronic commerce and electronic banking. This article focuses on...more

Shook, Hardy & Bacon L.L.P.

Bank Of America And Wells Fargo Hit With Patent Suit Targeting Mobile App Development

Two of the largest U.S. banks – Bank of America (“BofA”) and Wells Fargo – were sued for patent infringement by Wapp Tech Limited Partnership and Wapp Tech Corp. in the Eastern District of Texas in July 2018. ...more

Shook, Hardy & Bacon L.L.P.

USAA Fighting To Protect Cloud-Based Check Depositing Assets Against Competitors

Over the years USAA has aggressively asserted its patent portfolio related to check depositing. Specifically, USAA holds itself out as an innovator in the research and development of allowing banking customers to deposit...more

Shook, Hardy & Bacon L.L.P.

Financial Services Giant Fidelity Targeted On Open Source Software Usage

Fidelity is the latest target of Sound View Innovations, an intellectual property licensing company, for its use of several open source software components in Fidelity’s systems and platforms. Sound View filed its lawsuit...more

Latham & Watkins LLP

Up into the Clouds?

Latham & Watkins LLP on

Cloud services come with the promise of many benefits for the financial services sector. Cloud computing offers large-scale and cost-effective solutions for data storage and efficient processing and is also the underlying...more

Morrison & Foerster LLP

Cloud Computing: A move towards harmonization, or continuation of a tiered service provision?

Regulators in Europe have continued to publish guidance notes designed to encourage the take-up of cloud computing services. As we report in this Alert, the views of the UK financial services regulator on the risks and...more

Morrison & Foerster LLP

Cloud Computing in the Financial Services Sector – the UK FCA Gets On-Message

Morrison & Foerster LLP on

It’s been a long wait but the UK’s financial services regulator, the Financial Conduct Authority (FCA), has published proposed guidance for UK-regulated financial services firms when using cloud computing solutions to...more

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