Cybercrime has been an ever-present threat facing businesses over the past two decades. However, the profile of such threats has been significantly heightened in recent months, since the May 2017 "WannaCry" ransomware attack and June 2017 "NotPetya" cyber attack. The serious implications of these attacks have put a renewed spotlight on the issue of cyber security and caused global organisations to further consider, as a matter of priority, whether they would be prepared for such an attack.

This legal update highlights some of the key legal and regulatory issues facing financial institutions in the context of the current landscape of ransomware attacks.
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