The UK Information Commissioner’s Office (“ICO”) published draft guidance on privacy-enhancing technologies (“PETs”) on September 7, 2022, with the intent of “helping organizations unlock the potential of data by implementing a data protection by design approach.” PETs are technologies designed to assist organizations in sharing and using individuals’ data in a responsible, legal, and secure…
On July 18, 2022, the United Kingdom introduced a number of data reform initiatives aimed at promoting innovation and regulating the use of artificial intelligence. The Data Protection and Digital Information Bill (“DPDI”), which contains measures to “use AI responsibly while reducing compliance burdens on businesses to boost the economy,” is currently facing delays and…
On September 28, 2022, the European Commission (“EC”) published a set of proposals with the goals of giving businesses legal certainty, modernizing, and adapting the existing liability regime of the EU so that it can accommodate AI systems, and harmonizing the national liability rules for AI that each member state has in place. In its…
The Council has adopted a common approach to the AI Act. Its goal is to ensure that AI systems sold in the EU are safe and comply with fundamental rights and Union values. The Council of the EU (the Council) approved its revisions to the draft EU Regulation on Artificial Intelligence (“AI Act”) on December…
What is ISO/IEC 27018? The ISO/IEC 27000 family of standards includes the security standard ISO/IEC 27018. The industry promoted the first international standard regarding privacy in cloud computing services. It was developed in 2014 as an addition to ISO/IEC 27001, the original global standard for cloud privacy practices. It aids cloud service providers who handle…
ISO/IEC 29100 establishes a high-level framework for safeguarding Personally Identifiable Information (PII) in Information and Communication Technology systems (ICT). This privacy framework provided by ISO/IEC 29100 applies not only to organizations, but also to individuals who use ICT and require privacy controls in order to process PII. ISO/IEC 29100:2011 establishes a privacy framework that: ISO/IEC…
Advanced, a supplier for the NHS, was attacked on August 4, 2022. NHS 111 and urgent treatment centres went offline, creating severe inconvenience. This attack showed what can happen without typical controls. ISO 27001 protects organisations. ISO 27001 is an international standard for ISMS (Information Security Management System). First published in 2005, it helps firms…
Beginning this month, CommBank will utilize Ripple’s XRP to adopt the ISO 20022 standard for cross-border payments. Within the following three years, the bank intends to entirely transition all its transactions to ISO 20022. Over the XRP Ledger, Ripple’s native cryptocurrency XRP has been built to permit fast cross-border settlements. In a recent development, CommBank,…
One of the most dramatic and rapid reductions in wealth in financial history occurred in the cryptocurrency market. The unexpected spectacular collapse of cryptocurrency exchange FTX this week sent prices plummeting down across the board, just when the industry was beginning to assume Crypto Winter had passed. CoinGecko data shows that the value of both…
James Zhong pleaded guilty to wire fraud for stealing over 50,000 Bitcoin from Silk Road. Zhong pleaded guilty to US District Judge Paul G. Gardephe on Friday, November 4, 2022
