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Commercial Awareness Discussion
Commercial Awareness Update April 2020
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<blockquote data-quote="Ayah" data-source="post: 27590" data-attributes="member: 3115"><p>Hi guys,</p><p></p><p>Please find this weeks commercial update below!</p><p></p><p>[USER=3442]@Rachel S[/USER] - Cyber Security amidst Covid-19: Disruption and Disinformation</p><p>[USER=4422]@Curtley Bale[/USER] - Law firms re-train and re-deploy lawyers to battle COVID-19</p><p>[USER=4295]@Jiraiya[/USER] - Zoom’s Security Concerns</p><p>[USER=1550]@Sairah[/USER] - FCA’s Fundraising Measures</p><p>[USER=3115]@Ayah[/USER] - Basic Income: Will it be Universal?</p><p></p><p style="text-align: center"><strong><u>Cyber Security amidst Covid-19: Disruption and Disinformation - [USER=3442]@Rachel S[/USER] </u></strong></p> <p style="text-align: center"></p><p><u>The Story</u></p><p></p><p>The U.S. Health and Human Services Department has been hit by two cyber attacks; one designed to slow the department’s systems and the second, a text message-based attack inaccurately spreading information about a nationwide quarantine. The World Health Organisation (‘WHO’) also had their internal email system impersonated by cyber criminals attempting to steal agency staff passwords.</p><p></p><p>Concern is twofold. Firstly, “Advanced Persistent Threat” groups - state backed hackers of China, Russia and Iran who are presumed to want information about how other countries are handling the pandemic. Second is opportunistic cyber criminals capitalising on the persistent fear and desire for information about Covid-19 within society, disabling files and systems unless a ransom is paid.</p><p></p><p><u>Impact on Businesses and Law Firms</u></p><p><u></u></p><p>Businesses will need robust incident response plans, staff training and risk management plans to avoid high costs and damaging brand reputation associated with a data breach. For example, working from homes means employees are in danger of losing money and sensitive data if they’re tricked into clicking on harmful links in emails. Overstretched organisations like hospitals are particularly vulnerable and researchers at the cyber security company Proofpoint say such attacks have recently focused on the supply chain impact of the virus on sectors such as shipping, transport and retail.</p><p></p><p></p><p>Law firms will advise businesses on cyber resilience and responding to cyber incidents such as legal obligations to notify regulators like the ICO in the UK if data has been leaked. Pre-emptive measures will avoid heavy fines, injunctions, and even criminal liability. Alongside this, DLA Piper was subject to a global cyber attack in 2017 which was heavily publicised, and law firms will constantly look to protect against in-house cyber attacks.</p><p></p><p></p><p style="text-align: center"><strong><u>Law firms re-train and re-deploy lawyers to battle COVID-19 - [USER=4422]@Curtley Bale[/USER] </u></strong></p> <p style="text-align: center"></p><p><u>The Story</u></p><p></p><p>As businesses across the globe continue to battle the impacts of coronavirus, law firms are readying themselves for a deluge. Since the beginning of the outbreak, restructuring and insolvency work has grown four-fold. As such, firms are re-training lawyers from other practice areas to help with this large undertaking, with Latham & Watkins doing so via video conference. Firms such as Hogan Lovells have begun offering six or twelve-month secondments to lawyers who are willing to move departments. Tactics such as this will help a firm balance out the potential lack of activity in areas such as M&A.</p><p></p><p><u>Impact on Businesses and Law Firms</u></p><p></p><p>The surge in work for restructuring and insolvency has followed a string of high street chains falling into administration. Since the beginning of the outbreak, Debenhams, Carluccio’s and BrightHouse have called in the administrators following cash flow issues. Kirkland & Ellis, Freshfields, Shoosmiths and Ashurst have all been involved with these recent administrations.</p><p></p><p>By relocating some lawyers, firms will be hoping to take on work in this area whilst the deal-making market slowly picks up pace. The last week of March saw the lowest level of M&A activity since April 2009 with just $12.5bn changing hands. Increasing capabilities in the restructuring practice will therefore help the firm maintain clients by providing them with a range of services.</p><p></p><p>Increasing lawyers in these areas may also prevent firms from taking drastic measures to preserve cash reserves. Linklaters, Freshfields and Slaughter and May have all taken measures to defer partner pay-outs whilst Norton Rose Fulbright has begun to implement a four-day week.</p><p></p><p>For law firms, being able to help with administration and give insolvency advice will keep cash flowing into the business. Hopefully, this will minimise the impact coronavirus has on the legal sector and its ability to service its clients.</p></blockquote><p></p>
[QUOTE="Ayah, post: 27590, member: 3115"] Hi guys, Please find this weeks commercial update below! [USER=3442]@Rachel S[/USER] - Cyber Security amidst Covid-19: Disruption and Disinformation [USER=4422]@Curtley Bale[/USER] - Law firms re-train and re-deploy lawyers to battle COVID-19 [USER=4295]@Jiraiya[/USER] - Zoom’s Security Concerns [USER=1550]@Sairah[/USER] - FCA’s Fundraising Measures [USER=3115]@Ayah[/USER] - Basic Income: Will it be Universal? [CENTER][B][U]Cyber Security amidst Covid-19: Disruption and Disinformation - [USER=3442]@Rachel S[/USER] [/U][/B] [/CENTER] [U]The Story[/U] The U.S. Health and Human Services Department has been hit by two cyber attacks; one designed to slow the department’s systems and the second, a text message-based attack inaccurately spreading information about a nationwide quarantine. The World Health Organisation (‘WHO’) also had their internal email system impersonated by cyber criminals attempting to steal agency staff passwords. Concern is twofold. Firstly, “Advanced Persistent Threat” groups - state backed hackers of China, Russia and Iran who are presumed to want information about how other countries are handling the pandemic. Second is opportunistic cyber criminals capitalising on the persistent fear and desire for information about Covid-19 within society, disabling files and systems unless a ransom is paid. [U]Impact on Businesses and Law Firms [/U] Businesses will need robust incident response plans, staff training and risk management plans to avoid high costs and damaging brand reputation associated with a data breach. For example, working from homes means employees are in danger of losing money and sensitive data if they’re tricked into clicking on harmful links in emails. Overstretched organisations like hospitals are particularly vulnerable and researchers at the cyber security company Proofpoint say such attacks have recently focused on the supply chain impact of the virus on sectors such as shipping, transport and retail. Law firms will advise businesses on cyber resilience and responding to cyber incidents such as legal obligations to notify regulators like the ICO in the UK if data has been leaked. Pre-emptive measures will avoid heavy fines, injunctions, and even criminal liability. Alongside this, DLA Piper was subject to a global cyber attack in 2017 which was heavily publicised, and law firms will constantly look to protect against in-house cyber attacks. [CENTER][B][U]Law firms re-train and re-deploy lawyers to battle COVID-19 - [USER=4422]@Curtley Bale[/USER] [/U][/B] [/CENTER] [U]The Story[/U] As businesses across the globe continue to battle the impacts of coronavirus, law firms are readying themselves for a deluge. Since the beginning of the outbreak, restructuring and insolvency work has grown four-fold. As such, firms are re-training lawyers from other practice areas to help with this large undertaking, with Latham & Watkins doing so via video conference. Firms such as Hogan Lovells have begun offering six or twelve-month secondments to lawyers who are willing to move departments. Tactics such as this will help a firm balance out the potential lack of activity in areas such as M&A. [U]Impact on Businesses and Law Firms[/U] The surge in work for restructuring and insolvency has followed a string of high street chains falling into administration. Since the beginning of the outbreak, Debenhams, Carluccio’s and BrightHouse have called in the administrators following cash flow issues. Kirkland & Ellis, Freshfields, Shoosmiths and Ashurst have all been involved with these recent administrations. By relocating some lawyers, firms will be hoping to take on work in this area whilst the deal-making market slowly picks up pace. The last week of March saw the lowest level of M&A activity since April 2009 with just $12.5bn changing hands. Increasing capabilities in the restructuring practice will therefore help the firm maintain clients by providing them with a range of services. Increasing lawyers in these areas may also prevent firms from taking drastic measures to preserve cash reserves. Linklaters, Freshfields and Slaughter and May have all taken measures to defer partner pay-outs whilst Norton Rose Fulbright has begun to implement a four-day week. For law firms, being able to help with administration and give insolvency advice will keep cash flowing into the business. Hopefully, this will minimise the impact coronavirus has on the legal sector and its ability to service its clients. [/QUOTE]
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