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Financial institutions (FIs) continue to expect cybersecurity and data disputes in the coming year, along with ESG disputes. We will see growth in climate-related litigation against financial institutions from NGOs and activist shareholders. Until recently, claims have focused on the disclosure of climate-related information. However, the trend is now moving to scrutiny of what prudent financial management means. For example, what fiduciary duties are owed when acting as a financial advisor in investment planning or M&A transactions?

The Baker McKenzie Cloud Compliance Center provides a snapshot of the legal and regulatory position of cloud in key jurisdictions of interest for financial institutions, and provide simple answers to a few important headline questions that all financial institutions will need to consider when taking the leap to cloud.

On 09 March 2022, the US Securities and Exchange Commission (SEC) proposed amendments to its rules on disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting by public companies. These rules are intended to enhance and standardize cybersecurity disclosures, and, if adopted in their current form, would require public companies to disclose cybersecurity-related policies, procedures and all material cybersecurity incidents.