In an article published in the May issue of Business Law Today, Investment Management partner Ed Klees provides insight on whether commercial and institutional clients can recover their money after cyber theft. The article details guiding principles on the relatively new law that seeks a level playing field between the bank and the client, the courts inconsistency with commercial reasonableness and the focus on electronic transfers and oral instructions. “This article does not address the state of law covering liability for cyber attacks at nonbanks, fintech and other new financial intermediation platforms,” said Klees. “This may soon become an even bigger subject than the focus here, and indeed blockchain or other developing technologies may eventually circumvent the risks discussed here.” For the full article, you may click here.
Luis F. Ruiz