MinterEllisonRuddWatts

• Tech Suite TM | Locked out: Navigating ransomware attacks

  Send us your feedback In this episode, Partner Richard Wells and Senior Associate Suzy McMillan from MinterEllisonRuddWatts’ Corporate and Commercial team discuss the critical issue of ransomware attacks, their impact on organisations, and the key legal considerations involved in responding to such threats.[01:24 – 02:28] Richard and Suzy observe that ransomware attacks have become a significant concern for organisations of all sizes in recent times, emphasizing the legal and operational challenges they present.  [02:29 – 04:02] Suzy explains that a ransomware attack involves the use of malicious software to encrypt an organisation's data, restricting access to critical IT systems until a ransom is paid. She highlights the growing trend of threat actors (TAs) use of tactics like exposing sensitive information to exert additional pressure on organizations.[04:03 – 06:12] Richard and Suzy talk through initial steps in responding to a ransomware attack, such as activating incident response plans, forming crisis management teams and engaging experts such as cybersecurity professionals and negotiators. Richard highlights the importance of consulting cyber insurers before taking any specific actions and also third parties such as the Police.[07:03 – 12:10] Richard and Suzy consider the practical, legal and moral implications of paying ransomware demands, including unreliable recovery, potential reputational damage, and the ethical dilemma of funding criminal activities. [12:30 – 14:03] Richard considers the New Zealand Government’s stance on ransom payments in comparison to approaches taken in other jurisdictions.  [14:04 – 16:28] Suzy then discusses legal developments in cyber incident reporting in New Zealand, including the introduction of regulations by the RBNZ and FMA, requiring various financial institutions to report the occurrence of cyber incidents.[16:30 – 19:13] Suzy and Richard compare New Zealand’s framework with Australia’s mandatory requirements for reporting ransomware payments, highlighting the establishment of Australia’s Cyber Incident Review Board as a collaborative approach to resilience against such threats.Information in this episode is accurate as at the date of recording, 25 November 2024.Please contact Richard Wells, Suzy McMillan or our Corporate and Commercial team if you need legal advice and guidance on any of the topics discussed in the episode.Please get in touch to receive an episode transcript. Please don’t forget to rate, review or follow MinterEllisonRuddWatts wherever you get your podcasts. You can also email us directly at [email protected] and sign up to receive technology updates via your inbox here.  For show notes and additional resources visit minterellison.co.nz/podcasts

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• Tech Suite | Surfing the AI tech wave these summer holidays

  Send us your feedback In this special episode of Tech Suite, Tom Maasland, a Partner in MinterEllisonRuddWatts’ Technology team, wraps up the year with a festive edition showcasing practical and fun ways to explore some innovative AI tools during the summer holidays.[00:20] Tom outlines the episode’s focus: showcasing a range of AI tech tools that can enrich listener’s summer activities, whether it’s holiday planning, tackling creative projects, or just sparking engaging conversation around the BBQ.[01:19] Tom firstly considers ChatGPT, highlighting its practical applications, like planning itineraries, suggesting local activities or even generating Christmas meal suggestions. He also suggests some other similar tools for listeners to try out; Claude, Mistral, Gemini, Meta AI, Hugging Face and Grok. [04:10] Tom then introduces Perplexity, a conversational search engine that is offering an alternative way to search the internet from more traditional models.[05:21] He discusses the benefits of using Notebook LM for summarizing and transforming complex documents into digestible formats such as podcasts.[06:45] Tom then suggests some fun tools that might entertain you and your family this summer, such as Character.AI and DALL-E which can create custom interactions and images.  Below are the images that DALL-E created on the basis of Tom’s prompts:“Image of a podcaster, wearing a Christmas hat, in mid conversation, with neon lighting on a dark wall.”And then: “Summer scene in New Zealand, azure water, white sand beach, kids playing cricket on the beach, an island covered with trees in the distance, picnic in the foreground and a sailing boat in the distance.”Refined further: “Could you make that a late afternoon scene, so the light is softer?”Refined further again: “This time in the style of an impressionist painter.”And lastly prompted: “set it in space, but not to be impressionist anymore.”[09:40] Tom rounds out the episode by showcasing Udio, an AI music generator, that can help create original songs for your summer playlist.  He generates this summer inspired song through the prompt – “summertime, beachtime, family and friends, alternative rock”. Information in this episode is accurate as at the date of recording, 3 December 2024.Please contact Tom Maasland or our Technology team if you need any legal advice and guidance on any of the topics discussed in the episode, or anything else.Please get in touch to receive an episode transcript. Please don’t forget to rate, review or follow MinterEllisonRuddWatts wherever you get your podcasts.  You can email us directly at techsuite@minterellisonFor show notes and additional resources visit minterellison.co.nz/podcasts

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• Tech Suite | Non-malicious cyber failure: Lessons from CrowdStrike

  Send us your feedback In this episode, Technology Partner Tom Maasland talks with Litigation Partner Andrew Horne, about the overlooked risks of ‘innocent’ cyber failures and key lessons businesses can take from CrowdStrike’s recent non-malicious cyber incident.[00:20] Tom and Andrew discuss the CrowdStrike software update failure. They explain how a single line of incompatible code in an update designed to enhance system security led to global IT outages and although it impacted only a small fraction of Microsoft users, the incident caused significant disruption with far-reaching consequences worldwide.[03:41] Andrew considers the potential losses and liabilities a business might face from a non-malicious cyber failure, using the CrowdStrike incident as a case study.[05:14] Tom and Andrew discuss potential challenges for insurance coverage in this situation, noting how many policies focus on criminal acts, leaving gaps in coverage for businesses in the event of a non-malicious cyber failure. [08:57] Andrew then talks through regulations, being introduced in New Zealand by the Reserve Bank of New Zealand and Financial Markets Authority that will impose disclosure and reporting requirements for operators when faced with a cybersecurity incident, whether malicious or not.[12:14] Andrew suggests strategies tech dependent businesses can adopt to mitigate risk and liability from similar incidents, including preparing detailed backup plans, implementing robust testing and phased updates, and conducting insurance reviews and contractual due diligence to understand risk exposure.Information in this episode is accurate as at the date of recording, 22 November 2024.Please contact Tom Maasland, Andrew Horne or our Technology team if you need legal advice and guidance on any of the topics discussed in the episode.Please get in touch to receive an episode transcript. Please don’t forget to rate, review or follow MinterEllisonRuddWatts wherever you get your podcasts. You can also sign up to receive technology updates via your inbox here. Additional resources Beyond cyber crime: The increasing risk of ‘innocent’ cyber failures For show notes and additional resources visit minterellison.co.nz/podcasts

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• Tech Suite | Insights into expert AI systems with Richard Kenyon of Datapay AI Labs

  Send us your feedback In this episode, Partner Jane Parker from our Corporate and Commercial team, talks to Richard Kenyon, Associate Director of Operations and Engineering at Datapay AI Labs. Jane and Richard discuss expert AI systems and their evolution, looking at their current capabilities and future potential. [01:13] Richard begins by explaining the evolution of expert AI systems, from fixed rule-based systems to more flexible, machine-learning-powered models, He then illustrates what an expert AI system is by way of a payroll use case from Datapay AI Labs.[03:45] Jane and Richard discuss the key differences between expert AI systems and generative AI, highlighting their reliance on up-to-date authoritative data and noting their greater factual reliability compared to generative AI models.[06:07] Jane and Richard consider how expert AI systems integrate large language models and machine learning to answer questions and reduce the chance of ‘hallucinations’.[09:07] They discuss the challenges that expert AI systems face in interpreting questions accurately and how the system ensures clarity.[13:17] Richard then explains the risks of uncertainty in expert systems and how testing ensures their reliability in specialized domains such as payroll.[15:47] Jane and Richard consider what other legal subject areas may benefit from the use of expert AI systems.[21:12] Lastly, they discuss the future of expert AI systems in a New Zealand context, considering where opportunities for development lie.Information in this episode is accurate as at the date of recording, 7 October 2024Please contact Jane Parker or our Technology team if you need legal advice and guidance on any of the topics discussed in the episode.Please get in touch to receive an episode transcript. Please don’t forget to rate, review or follow MinterEllisonRuddWatts wherever you get your podcasts. You can also sign up to receive technology updates via your inbox here. For show notes and additional resources visit minterellison.co.nz/podcasts

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• Data Room | The impact of AI on the M&A industry

  Send us your feedback In this episode, Partner Neil Millar interviews Partner Tom Maasland, head of our Technology division, to discuss the evolving role of artificial intelligence (AI) in the M&A landscape. Tom provides expert insights into how AI is enhancing efficiency and accuracy in key areas of the M&A process, from due diligence to contract drafting and integration strategy. He also addresses the opportunities and challenges of adopting AI tools within the complex regulatory and operational environment of M&A.[01:05] Tom provides a foundational definition of AI, its applications, and subsets like machine learning and generative AI.[02:40] Neil and Tom dive into practical applications for AI in M&A, such as legal compliance, due diligence, and M&A strategy.[02:39] Tom talks about how AI tools are accelerating processes in M&A, with use cases across legal compliance, due diligence, document preparation, and post-merger integration. [05:15] Tom outlines that AI’s performance in M&A is mixed. While helpful in routine tasks, AI struggles with nuances in contracts and can generate inaccurate outputs due to hallucinations or data limitations, particularly for non-United States jurisdictions.[10:03] Neil and Tom discuss the challenges of AI models that lack regional knowledge, like New Zealand’s M&A market, which limits effectiveness.[13:07] Tom outlines that AI will continue to evolve, especially in analysing patterns in past M&A deals to identify successful strategies.[13:21] Tom predicts AI will eventually improve knowledge retention, negotiation support, and strategic insights by learning from historical deal data. However, the human element will remain crucial to ensuring AI’s effectiveness in high-stakes transactions.[16:23] Tom and Neil discuss AI’s future role in deal-making. While AI’s data-driven insights support decision-making, they agree that human judgment will remain critical, especially in high-stakes M&A decisions.Information in this episode is accurate as at the date of recording Friday, 6 September 2024.Please contact Neil Millar, Tom Maasland or our Corporate or Technology team if you need legal advice and guidance on any of the topics discussed in the episode.Please don’t forget to rate, review or follow MinterEllisonRuddWatts wherever you get your podcasts. You can also sign up to receive updates via your inbox here.For show notes and additional resources visit minterellison.co.nz/podcasts

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