On October 9, 2024, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued critical guidance aimed at enhancing financial institutions’ compliance with the Export Administration Regulations (“EAR”). This development comes at a time when financial institutions are increasingly becoming focal points in the enforcement of U.S. export controls, particularly given the geopolitical tensions following Russia’s further incursion into Ukraine and the ongoing...

Paige Thompson, a former Amazon Web Services employee, was recently convicted of seven counts of fraud in U.S. District Court for stealing personal data from more than 100 million customers from unsecured accounts stored on Amazon’s Web Service in the cloud.  The data breach cost US bank Capital One more than $270 million in compensation and regulatory fines for the breach.  Thompson orchestrated the theft...