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Alb Asia Super 50 TMT Lawyers

Fraser is a barrister and solicitor of the High Court of New Zealand, and also admitted before the Supreme Court of New South Wales. He focuses on corporate and commercial, technology, media and telecommunications, banking and finance, capital markets, competition and antitrust, dispute resolution, employment, insurance, intellectual property, international trade, investigations, mergers and acquisitions, project finance, projects and energy, real estate, restructuring and insolvency and tax matters.

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How artificial intelligence can fight cyberattacks

For many years, traditional network security tools such as firewalls, anti-virus software, web proxies etc. have been the go-to defences for organisations. While these tools were effective to a certain extent in the past, the dramatic changes brought to the digital world by “Industry 4.0,” over the last decade, has seen a dynamic shift to the cyber-threat landscape thereby reducing the effectiveness of these traditional tools.

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What should be disclosed during due diligence

What should be disclosed during due diligence

Due diligence is critical during any transaction, be it a potential merger and acquisition, investment, loan or financing. The general principle of buyer beware makes it important for any investor or purchaser to examine all material information as part of the due diligence exercise.

There have been numerous instances where mistakes in the due diligence process have proved to be costly after the completion of the transaction. It is the responsibility of the buyer to investigate and analyse the assets, liabilities, records, financials, and customers of a business to ensure that what is being acquired aligns with its expectations. It is the responsibility of the seller to correctly disclose what is necessary and material for the buyer to make an informed decision. The seller or target is asked to provide a prospective buyer with the information that the buyer needs to satisfy its own due diligence inquiries and to evaluate the target’s business.

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An imminent need for updated cyber policies

India is the fastest-growing trillion-dollar economy in the world and the fifth-largest overall, with a GDP of $2.94 trillion. Catapulted by the rising availability of high-speed connectivity, India already has one of the world’s largest (and still growing) base of digital consumers. The IT sector, while contributing to around 8% of the country’s GDP and providing employment to 4.36 million people, has leapfrogged multiple stages of development faster than many western economies.

As the country continues to embrace the contours of “Industry 4.0” such as 3D printing, augmented wearables and cognitive computing, there is an immediate need to strengthen the regulatory framework in a manner that fosters innovation while protecting the public interest.

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Guardians of the Online World

“India should fast-track enactment of the Data Protection Act and set up a strong and effective Data Protection Authority. This regulatory framework will provide for appropriate consents to collect and process data and prescribe penalties for non-compliance. Since the draft Bill already provides for high fines (Rs 5 crore or 2 per cent of worldwide turnover), it is expected to usher in a strong compliance culture,” says G.V. Anand Bhushan, Partner at Shardul Amarchand Mangaldas & Co.

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Cyber resilience: A high priority

An expert in technology law, GV Anand Bhushan, Partner, Shardul Amarchand Mangaldas & Co, says, “Typically when a pharma company bears the brunt of a cyber-attack, it can have a devastating impact on the company ranging from stolen IP, repeating clinical trials, contaminated drugs, physical damage and downtime, litigation, and lost revenue.”
He adds, “Data stolen from pharma companies is extremely valuable as hackers can sell personal patient information on the dark web that includes address history, financial information, and social security numbers which can later be used to commit identity thefts. In fact, a study conducted by the Ponemon Institute in 2018 revealed that each stolen record in the pharma sector was valued at $195 per record!”

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Here’s all you need to know about data privacy regulations, and its loopholes

One of the most common challenges faced by IT professionals is often left unanswered under the present laws such as the Indian IT ACT, and companies are forced to rely on internal or cross-border best practices to prepare themselves to pre-empt cyber threats. The advent of new technologies such as 5G, AI, and cloud computing have intensified this inadequacy.

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Cyber attacks can plunge India’s COVID vaccination drive into pandemonium: experts

GV Anand Bhushan, Partner at Shardul Amarchand Mangaldas & Co, says that the tensed situation with China and Pakistan last year had seen a sudden spike in the number of cyber-attacks. Going by the trend in the past, he sees a high possibility of attacks on the players involved in the VDD infrastructure manifested in the form of a ransomware attack, malware attack, phishing attack, an attempt to steal confidential information etc. He wants the government to ensure that an over-arching cybersecurity framework is implemented to prevent the occurrence of such attacks.
“It is absolutely critical for the government to ensure, with the assistance of CERT-In, that it has a full proof Crisis Incident Response Plan in place that clearly lists down the strategy to be adopted in case of a cyber-security incident,” he says.

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Govt plans cyber security system for financial sector

“The combination of a sudden pandemic, quarantine and unconventional work from home situations has exacerbated this security threat,” said GV Anand Bhushan, partner at law firm Shardul Amarchand Mangaldas & Co.
“India was ranked 23rd in the UN Cyber Security Index amongst 165 nations. We need to view India as a ‘maturing’ and ‘evolving’ category of countries which are continually trying to improve cyber security measures,” he added.
Bhushan described CERT-Fin as a grand vision. Unfortunately, till date there has been no budgetary allocation for setting up such a body, he said, adding that it was however clear that CERT-In alone would not be able to meet the emerging challenges in the space.

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