Digital transformation
Digital transformation was a hot topic at our Global legal and business outlook 2021. Sessions ranged from the changing face of law to cybersecurity and more. Check out our session recordings below and read our key takeaways and quotes.
Chris Simkins, Simmons Wavelength
"There’s no better way to speed up contract negotiations than to remove something that doesn’t need to be negotiated in the first place."
Watch and listen to our sessions
We've turned our session video recordings into videos and podcasts for you to enjoy. Sessions are packed full of insights and we hope you enjoy them. Please bear in mind they may contain references to visual-only elements such as polls.
Robert Allen, Partner
"Cyber breaches are key triggers for third-party claims. I fully expect to see further collective actions against organisations following data losses."
Key takeaways
Crypto: This is a game-changer for FIs, asset managers, and Hedge Fund Managers. All these digital currencies will create regulatory and commercial issues.
Cybersecurity - be prepared: Preparedness and operational resilience remain key to minimising losses; it is crucial that organisations have standardised and embedded Incident Response Plans in place (reflecting their organisation and supply chain).
AI: Any AI contract should be personalised to the specific relationship and risks (e.g. data sources, quality of data, financial liability).
Olivia Darlington, Managing Associate
"Cyber criminals do not discriminate by industry, sector, size, or location. A ransomware attack occurs every 11 seconds, the average downtime a company experiences, as a result, is 21 days, and the average estimated cost of recovering from an attack is US$1.85 million. In 2021, one ransom payment alone amounted to US$ 40 million."
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