International arbitration in the digital landscape warrants consideration of what constitutes reasonable cybersecurity measures to protect the information exchanged during the process. Recognizing this need, the International Council for Commercial Arbitration (ICCA), the International Institute for Conflict Prevention and Resolution (CPR) and the NewYork City Bar Association have established a Working Group on Cybersecurity in Arbitration. The Working Group has promulgated a Draft Cybersecurity Protocol for International Arbitration which is now proffered for public consultation till 31 December 2018.
The Protocol will govern issues of information security in an arbitration where the parties have agreed to follow it or the arbitral tribunal has determined to employ it.
I have had the pleasure to participate to a panel discussion on this interesting topic and share some of my experience on the cyber topic, more particularly on cyber insurance. I spoke about the constant evolving topic and what can be expected with the new General Data Protection Regulation (GDPR). I also shared the outcome of an internal study of cyber claims notified in the past year which confirmed that no industry is immune to attacks and that attacks come in all shapes and forms. And this is why cyber insurance is so important as it's designed to cover losses related to hacking that other business policies will not cover.