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Cyber Security

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Our upcoming “Deciphering Digital Transformation for Industrials” seminar on 14 February 2023 provides an opportunity to hear directly from Baker McKenzie’s digital transformation specialists and industrial leaders on their experience implementing digital change and insights on what risks to avoid for a successful transition.

This virtual seminar series provides insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Recordings of the following sessions are now available — The Crypto Ecosystem; Integrating Crypto into Established Financial Services (Part 1: Funds and Listings and Part 2: Practical Considerations); Crypto Risk: Significant Legal and Regulatory Risks; A Deep Dive into NFTs; and DeFi (Decentralized Finance).

The interim chairman of Malaysian Communications and Multimedia Commission announced that MCMC is undertaking a review of the current online content regulation and framework. This was shared following recent publication of online content deemed to be harmful to national security and harmony. He also noted that countries in the region such as Indonesia, Singapore and Australia have introduced direct regulatory oversight on social media service providers, holding them to greater accountability and responsibility when managing harmful content.

On 29 November 2022, the Agency for Access to Public Information incorporated an online registration form to enable foreign individuals and legal entities that are not established in Argentina but that process personal data of Argentine citizens to register as “responsible for personal databases.”

Where does the responsibility lie for an acquiring company to understand and evaluate cyber risks in an acquisition? How can these risks be identified and mitigated in the middle of a fast-paced deal? A data breach can have serious financial consequences to both the buyer and the seller. A significant security breach can lead to a nearly instantaneous devaluation of assets and can severely damage the acquiring company’s business viability, raising serious questions as to purchase price and follow-on integration issues.

On 20 November 2022, the Saudi Data and Artificial Intelligence Authority launched a public consultation on proposed amendments to the Personal Data Protection Law, promulgated by Royal Decree No. M/19, dated 09/02/1443H, which was originally published on 24 September 2021.
The public consultation will remain open up until 20 December 2022 and all organizations are invited to submit their comments by that date.

Companies around the world have to comply with the Virginia Consumer Data Protection Act (VCDPA) with respect to personal data of consumers in Virginia. With the VCDPA, Virginia follows the California Consumer Privacy Act of 2018, as amended by the California Consumer Rights Act of 2020, but excludes employee and business representative data from its scope.

The Online Safety (Miscellaneous Amendments) Bill was read a second time in Parliament and was passed into law on 9 November 2022. While the Ministry of Communications and Information has not released the commencement date of the new laws, they, together with the Code of Practice for Online Safety, are likely to kick in as early as 2023.