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Cyber fraud: a question of trust

24 November 2017
Issue: 7771 / Categories: Features , Data protection , Criminal
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Robin Barclay explains why the cyber fraud landscape is on par with the Libor & Forex scandals

Cyber fraud is without doubt the biggest commercial and legal threat now facing businesses and individuals around the world. Attacks are typically carried out in four ways: (i) the corruption or coercion of staff (inside jobs); (ii) the use of malware to hijack a corporate computer network; (iii) the hijacking of computer systems used by third party suppliers; and (iv) ‘phishing’ scams. The risk is interdependent, local and cross-border, commercial, financial and personal to virtually each one of us. Adequate and effective corporate governance and risk management arrangements are thus paramount. This article explores the intersection of English criminal, regulatory and civil liabilities and remedies in connection with cyber fraud and how cyber attacks will inevitably generate financial penalties and litigation matching those of the global Libor and Forex scandals.

Differentiating cyber crime from cyber fraud

Cyber crime is any crime which involves the use and misuse of computers or computer technology. Cyberfraud is specific to

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DWF—19 appointments

DWF—19 appointments

Belfast team bolstered by three senior hires and 16 further appointments

Cadwalader—Andro Atlaga

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Firm strengthens leveraged finance team with London partner hire

Knights—Ella Dodgson & Rebecca Laffan

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Double hire marks launch of family team in Leeds

NEWS
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
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