Welcome to the fourth edition of our Fraud and Cyber Insight – a quarterly update from our fraud and cyber experts on key developments across the tech, cyber and fraud sphere and practical considerations for businesses to become more fraud and cyber resilient.
Following on from our third edition of our Fraud and Cyber Insight, we are excited to share with you our latest report, 'Artificial intelligence in business - legal insights and practical strategies for the future'. AI is having a profound impact across many industries and our report provides essential legal guidance for businesses navigating this rapidly changing landscape. The report covers key areas such as intellectual property, data protection, privacy, and internal AI governance, as well as sector-specific insights into AI's role in energy and private equity, helping to equip businesses with practical strategies for implementing AI while ensuring compliance with legal frameworks.
This summer seen a changing of the guard in government, and cyber security has been on the new Labour government's agenda, having committed to urgently updating the current cyber security framework to address key vulnerabilities and to strengthen the UK's cyber defences. We explore how the planned Cyber Security and Resilience Bill will unfold and what we can expect from it.
The team also provided advice to Office Holders who receive Subject Access Requests and the steps they should take to ensure they are in adherence of the UK GDPR regulations and the Data Protection Act 2018.
Unfortunately, fraud is still one of the most prevalent risks facing businesses today. The National Crime Agency state that fraud accounts for over 40% of crime in England and Wales. The good news is that the government is alive to this, introducing the Economic Crime and Corporate Transparency Act (ECCTA). Our team have explored the key changes under the ECCTA and provided our takeaways on how organisations can enhance their fraud prevention measures.
Following our review of the draft statutory instrument for Authorised Push Payment fraud in our previous Fraud and Cyber Insights, our team explored the introduction of changes to the fraud landscape that we are seeing this Autumn, including the new victim reimbursement scheme.
Throughout October, we have been hosting a series of webinars in light of National Cyber Security Awareness Month, discussing risk and how our CyberSecure 360 offering can assist in sectors such as housing and healthcare.
If you have any suggestions or requests for future editions of the Trowers Fraud and Cyber Insight, please get in touch with one of the team.
Click the links below to view our latest insights:
Dealing with subject access requests as office holders
Subject Access Requests allow individuals to see what personal data an organisation holds about them. This article explores how these requests impact an Office Holder of an organisation, and what they need to be aware of when navigating their obligations.
Fortify your business against fraud
This year has seen the introduction of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). This report explores some of the key changes that the ECCTA has brought about and how organisations can ensure compliance and enhance their fraud protection measures. We also provide an update on the Department for Business & Trade's cleanse of the companies register at Companies House.
Labour's Cyber agenda: what's changing?
The Labour government has unveiled plans for a new Cyber and Security Resilience Bill with an aim to protect essential digital services and critical national infrastructure. This article looks at the importance of this bill given the current and evolving cyber threat landscape and how it seeks to address such threats.
Trowers & Hamlins successful in major High Court fraud group action claim – 4VVV Ltd and Others v Spence & Others
In September 2024, judgment was handed down in 4VVV Ltd and Others v Spence & Others [2024] EWHC 2434 (Comm), whereby Trowers acted for 435 claimants in a long running and complex fraud group action following which the High Court found that all the lead claimants were successful in principle. The claimants had invested in student accommodation and holiday properties around the United Kingdom and alleged that the promise of fixed returns made at the time the properties were bought by them did not materialise and were fraudulent. This article covers the key findings of the Court – look out for more analysis to follow including on the practical implications of this important judgment.
Artificial Intelligence in business - legal insights and practical strategies for the future
As AI continues to shape the business landscape, it is essential to understand the legal implications and opportunities AI presents. This report covers the latest developments in AI regulation, intellectual property, data protection, and internal governance, providing practical strategies that will help your organisation navigate this evolving landscape. Whether you're just beginning your AI journey or looking to refine your strategies, this report is an invaluable resource.
APP Fraud - A Seasonal Shift?
Autumn 2024 has seen the introduction of new measures to assist victims of Authorised Push Payment (APP) frauds and give greater scope to Payment Services Providers (PSPs) in taking steps to prevent payments procured by fraud. This article sets out the scope of the new victim reimbursement scheme and a brief summary of the new Payment Services (Amendment) Regulations 2024 which come into force on 30 October 2024.
Cyber Risk Management webinars
As part of National Cyber Security Awareness Month, Trowers and Hamlins have worked with CyberQ Group to host a series of webinars for our clients across the housing, manufacturing and logistics, technology, healthcare, education, and retail sectors, discussing the current cyber risks in each sector and talking through a live case study of a cyber-attack. To learn more about how to enhance your organisation's cyber resilience you can watch back the webinars so far, or sign up to our sector agnostic session taking place on 13 November 2024 at 10am.
