Emerging Issues: Understanding U.S. Cybersecurity Market – A 2016 Perspective
Homeland Security Market Research released a report entitled, U.S. Banking and Financial Services, Retail & Payment Cybersecurity Market 2015-2020 regarding the surge in successful cyber attacks over the past year and what that means for cybersecurity spending over the next five years. With more than 500 million compromised bank records and payment cards in 2014 alone, 2015 spending, in the retail and financial services sector, on cybersecurity measures is expected to reach $9.5 billion. That is the highest of any non-governmental cybersecurity spending worldwide. 67% of that spending will come from the banking industry and payment card and mobile payment sector. Over the next five years, approximately $77 billion will be poured into making retail and financial services transactions more secure.
While the U.S. Department of Homeland Security has had a Financial Services Sector Specific Plan in place since 2010, the growing number of breaches only serves as a reminder to Boards of Directors that they need to be doing more, regardless of the size of their financial institution, to protect customers -- and themselves -- from this very real threat.
The Knowledge Group has assembled a panel of key thought leaders to provide the audience with an in-depth analysis of cybersecurity issues faced today, a break-down of the potential sources of cyber-attacks, and best practices in terms of cybersecurity products and services.
Key topics include:
- An overview of the cybersecurity compliance environment and historical look-back
- FTC authority and History in the cyber security / data security space
- The FTC's "reasonable security" standard and recent enforcement actions
- The FTC's business education mission and resources for companies
- The CFPB’s authority over cyber / data security
- Analysis of expanding regulatory involvement;
- Integrating cybersecurity into enterprise-wide risk management;
- The current state of cybersecurity threats;
- Consequences of attacks or data breaches;
- Best practices and resources for companies to address the threat; and
- Other current trends and developments
EVENT MODERATOR and SEGMENT 1:
Shannon Van Vleet Patterson, Of Counsel
Troutman Sanders LLP
- As an integral part of enterprise-wide risk management, cybersecurity has taken up permanent residence in the boardroom
- Business consequences from cyberattacks can be devastating, particularly to financial institutions and other financial services companies
- Regulators across industries have made cybersecurity a compliance priority in 2015 and standards are still developing
Robert Rachwald, Sr. Director Marketing
- The state of threats today—who’s being attacked and where (the industries and countries), the type of attacks, and the damage being done
- Who are the attackers—where they’re from, what they want, and how they operate
- What should be done—including best practices to protect assets and the latest defense technology, solutions, and services
Neil A. Chilson, Attorney Advisor, Office of Commissioner Maureen K. Ohlhausen
Federal Trade Commission
- FTC authority and history in the cyber security / data security space
- The FTC’s “reasonable security” standard and recent enforcement actions
- The FTC’s business education mission and resources for companies
Gerald Sachs, Of Counsel
Paul Hastings LLP
- The CFPB’s authority over cyber / data security – is it the same or broader than the FTC?
- Are you prepared for a data breach? Does your business have an effective ongoing regulatory compliance system and a well-developed ready-to-go response to cyberattacks or a data breach?
- This conversation will cover basic compliance management systems advice and what to consider when your business has a data breach or cyberattack.
Who Should Attend:
- Chief Information Officers
- Privacy and Data Security Officers
- Risk and Compliance Officers
- Chief Information Security Officers
- Privacy and Data Security Lawyers
- Banking and Financial Institutions’ Senior Management
- Computer Forensic Specialists
- Technology Attorneys
- Other Related/Interested Professionals and Organizations
Rob is a veteran of the security industry having managed products and security strategy at Coverity, Fortify Software and Imperva. Rob started his tech career at Intel, where helped secure their supply chain management software. At Imperva, Rob managed security strategy. Rob joined FireEye more than two years ago.
Rob is a veteran of the security industry having managed products and security strategy at Coverity, Fortify Software and Imperva. …
Neil Chilson is an attorney-advisor at the Federal Trade Commission where he advises Commissioner Maureen K. Ohlhausen on consumer protection issues including internet policy, advertising, privacy and data security, and emerging technology policy areas such as internet of things and big data. He also drafts speeches, articles, and opinions for the Commissioner.
Before joining the FTC, Neil was an associate at Wilkinson Barker Knauer, LLP, a top tier telecommunications law firm with offices in D.C. and Denver. There he focused on cybersecurity executive action and legislation, cable set-top box regulation, spectrum policy, broadband deployment, privacy issues, and network neutrality.
Neil has a J.D. from The George Washington Law School, a M.S. in computer science from University of Illinois, Urbana-Champaign, and a B.S. in computer science from Harding University.
Neil Chilson is an attorney-advisor at the Federal Trade Commission where he advises Commissioner Maureen K. Ohlhausen on consumer protection …
Shannon Patterson is an attorney with Troutman Sanders LLP. Her practice focuses on corporate governance, regulatory compliance and general corporate law matters. Shannon represents clients in various industries, with a particular focus on national and state financial institutions and organizations in the financial services industry. Shannon works closely with clients’ compliance personnel to design and implement internal policies and procedures in connection with risk management, cybersecurity and other corporate and regulatory requirements. Shannon also advises public companies with respect to disclosure obligations, including regular reporting obligations and Regulation FD compliance, as well as exchange listing issues, securities offerings, and mergers and acquisitions.
Shannon Patterson is an attorney with Troutman Sanders LLP. Her practice focuses on corporate governance, regulatory compliance and general corporate …
Gerald S. Sachs (Gerry) is of counsel at Paul Hastings, LLP in Washington, D.C. Mr. Sachs advises clients on all aspects of consumer financial services law related to regulatory issues, supervisory examinations, enforcement investigations, data security and privacy, and litigation.
Prior to joining Paul Hastings, Gerry was Senior Counsel for Policy and Strategy with the Office of Enforcement at the Consumer Financial Protection Bureau (CFPB) and served as an Assistant United States Attorney (AUSA) in the Northern District of Georgia. As an AUSA, Gerry prosecuted an elaborate international computer hacking scheme in which hackers stole consumer information and used counterfeit payroll debit cards to withdraw more than $9 million from thousands of ATMs around the world in a matter of hours. This case culminated with the extradition of one of the defendants to the United States.
While at the CFPB, Gerry assisted the Office of Enforcement with strategic planning, drafting internal policies and procedures, coordinating with state and federal regulators, conducting investigations, providing supervisory exam support, and working on intra-agency initiatives. In addition, he led two teams of attorneys that focused on auto finance, credit cards, mobile payments, emerging payments, prepaid cards, and digital currency.
Gerald S. Sachs (Gerry) is of counsel at Paul Hastings, LLP in Washington, D.C. Mr. Sachs advises clients on all …
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Federal Trade Commission
About FireEye, Inc.
FireEye protects the most valuable assets in the world from those who have them in their sights. Our combination of technology, intelligence, and expertise — reinforced with the most aggressive incident response team — helps eliminate the impact of security breaches. We find and stop attackers at every stage of an incursion. With FireEye, you’ll detect attacks as they happen. You’ll understand the risk these attacks pose to your most valued assets. And you’ll have the resources to quickly respond and resolve security incidents. The FireEye Global Defense Community includes 3,400 customers across 67 countries, including over 250 of the Fortune 500.
About Federal Trade Commission
About Troutman Sanders LLP
Founded in 1897, Troutman Sanders LLP is an international law firm with more than 600 lawyers practicing in 16 offices located throughout the United States and Asia. The firm’s clients range from large multinational corporations to individual entrepreneurs and reflect virtually every sector and industry. The firm’s heritage of extensive experience, exceptional responsiveness and an unwavering commitment to service has resulted in strong, long-standing relationships with clients across the globe. In recognition of the firm’s strong service culture, Troutman Sanders has been on the BTI Client Service A-Team for 11 consecutive years.
About Paul Hastings LLP
With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings has the global reach and extensive capabilities to provide personalized service wherever its clients need the firm. Paul Hastings offers a complete portfolio of services to address its clients’ complex, often mission-critical challenges – from structuring first-of-their-kind transactions to resolving complicated disputes to providing the savvy legal counsel that keeps business moving forward.