As cloud computing catches fire, we urge all Posse List members to learn as much as they can.  Many of our vendor subscribers are seeking attorneys and others with knowledge of cloud computing. 

LDMGlobal had a free webinar on “Cloud Computing in the Legal Environment” Wednesday, April 7th.  It featured partner and Notary Public for Speechly Bircham LLP, Robert Bond.  Mr. Bond is a prominent speaker and writer focusing on data protection and information security.  The discussion focused on considerations for cloud computing, and whether it is ready for use by law firms involved in cross border litigation.

Issues around cloud computing typically focus on control, cost, scalability and security. However clients who want to utilize cloud infrastructures also need to consider how they can comply with privacy laws if, for example, they use the technology in one location with one set of privacy laws, such as the EU, and also in other locations that do not have data privacy compliance issues. 

For the slideshow provided at the webinar click here.

On the regulatory front, several new federal privacy rules go into effect this year. By June 1, 2010, many financial institutions and creditors will need to adopt written programs, pursuant to the Federal Trade Commission’s Red Flags rule, that are designed to identify, detect, and respond to red flags of identity theft. By that same date, securities broker-dealers, investment advisers, and other entities registered with the Securities and Exchange Commission will need to develop compliance approaches under Regulation S-AM, which limits the ability of SEC-registered firms to market customers based on data obtained from their affiliates absent a notice and opportunity for customers to “opt-out.” In addition, banks and other financial institutions now have the option of using a new model privacy notice to inform customers about their privacy practices. Firms electing to use the new form notice, which was adopted in December by the FTC, SEC, and federal bank regulators, obtain the benefit of a regulatory safe harbor.

For a very complete analysis from Corporate Counsel click here.