Latest on Panama Papers Data Leak

12 May 2016

Main features in this issue:

Keeping your counsel

The “Panama Papers” have already claimed the job of the Icelandic Prime Minister and prompted uncomfortable questions for the UK’s David Cameron. But it should have a much wider impact. Others named in the documents from law firm Mossack Fonseca include high profile clients around the world. Overall, 140 politicians and public officials are named, as well as more than 214,000 organisations, according to the International Consortium of Investigative Journalists.

Class actions for data breaches come to the UK

Almost 6,000 current and former staff are suing supermarket Morrisons over its 2014 data breach in what lawyers say is a first for the UK. The case relates to a data breach that saw details of almost 100,000 staff sent to newspapers and websites by a disgruntled employee. The data included salaries, national insurance numbers, birth dates and bank account details.

Still no certainty for US data transfers

Privacy Shield, the intended replacement for Safe Harbour after it was overturned by the European Court of Justice, has been roundly criticised by the German Association for Data Protection (DVD). According to DVD, there is no clear indication how the new agreement would protect EU citizens from mass surveillance by security agencies such as the NSA, nor ensure their privacy against US companies.

Not just a means to an end

The cyber insurance market is in its infancy but has “vast potential,” according to a congressional committee. The comments came during a hearing of a Homeland Security Committee subcommittee looking at the role of cyber insurance in risk management. As subcommittee chairman John Ratcliffe said in his opening statement, cyber insurance has potential to improve businesses’ resiliency and develop more effective risk management strategies.

UK ministry of defence tackles cyber threats

The UK Ministry of Defence has announced a new £40 million Cyber Security Operations Centre (CSOC) to tackle cyber threats. The new centre will be equipped with “state-of-the-art defensive cyber capabilities to protect the MOD’s cyberspace from malicious actors”, according to the MoD. It forms part of £1.9 billion investment over the next five years earmarked by the country’s strategic defence and security review to protect the UK from cyber attacks.

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