Is Your Data Protected? A Look at Cybersecurity Regulations in the US and EU

Stephen Shine, Chief Regulatory Counsel, Prudential Financial, USA

In recent years, cybersecurity has become one of the largest issues facing senior management and boards of directors in regulated industries. As technology progresses and the sophistication of hackers has grown, companies must increase measures to protect client data and initiate preventative measures to thwart cyber-attacks. Cyber-attacks, which tend to be more directed and intentional, are not the only technological issues companies face. Many companies also face issues of data breaches, which can be broader than cyber-attacks and often occur accidentally. Available evidence indicates that data breaches have occurred in approximately eighty to ninety percent of Fortune 500 companies and government agencies in the United States. From January 2005 through 2010, these data breaches have caused over 350 million records containing sensitive personal information to be compromised.

Stephen J. Shine is the Chief Regulatory Counsel for Prudential Financial, a diversified financial services company. He was previously the Senior VP and Senior Regulatory Counsel with Prudential Securities Inc. and Prudential Equity Group, LLC. Prior to assuming those positions he supervised both senior in-house litigators. He is a former state and federal prosecutor who was responsible for the prosecution of significant securities, commodities, bank fraud and FCPA cases and was awarded the US Department of Justice Special Achievement Award. As a founding co-chair of the Securities Industry and Financial Markets Association (SIFMA) Anti-Money Laundering Committee he received the Securities Industry Association Distinguished Leadership Award in 2003. He has lectured, moderated, and chaired conferences on regulatory and money laundering issues worldwide. He recently conducted training sessions for regulators from the Peoples Republic of China, and the Russian Federation regulators.

For more than 140 years, Prudential Financial, Inc., has helped individual and institutional customers grow and protect their wealth. We have built our company on our proud heritage of life insurance and asset management expertise. Today, we are one of the world's largest financial services institutions, offering individuals and institutions in the United States, Asia, Europe, and Latin America a wide array of financial products and services, including life insurance, annuities, mutual funds, investment management, and retirement related services. We also have one of the most recognized and trusted brand symbols: The Rock ®, an icon of strength, stability, expertise, and innovation. We strive to create long-term value for our stakeholders through strong business fundamentals, consistent with our mission guided by our vision and directed by our company's core values. We are committed to keeping our promises and to doing business the right way.