Recent high profile security incidents illustrate that no institution or business is immune from cyber attack. A cyber attack on the White House in 2014 resulted in a partial shutdown of its email system. In a reported attempt to extort money from the ECB, email addresses and other user contact information were stolen in 2014. Confidential movie scripts and emails about staff and movie stars were released as part of the 2014 Sony hack. Already this year, the Carphone Warehouse security breach in early August and the more recent Ashley Madison hack have received extensive media coverage.
“The next big financial shock will arise from a succession of cyber-attacks on financial services firms.”
This is the case according to the Chairman of the International Organisation of Securities Commission as cited by the Central Bank of Ireland’s Deputy Governor, Cyril Roux, during a recent address to the Society of Actuaries.
Model Contracts are standard contractual clauses for the transfer of personal data outside the EU/EEA which have been approved by the European Commission. They have been approved on the basis that they provide sufficient safeguards for privacy, fundamental rights and the exercise of those rights. To date two sets of standard contractual clauses for the transfer of personal data outside the EU/EEA from data controllers to data controllers and one set for transfers from data controllers to data processors have been approved by the Commission.