Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Leading offshore firm Appleby has admitted that it was the victim of a hack in 2016, as it prepares for the possibility of some of its clients’ private information being leaked to the press.

In a statement published on its website Tuesday, the firm admitted to the data breach, but denied any allegations of wrongdoing.

“We are committed to protecting our clients’ data and we have reviewed our cybersecurity and data access arrangements following a data security incident last year, which involved some of our data being compromised,” the statement read. “It is true that we are not infallible. Where we find that mistakes have happened, we act quickly to put things right and we make the necessary notifications to the relevant authorities.”

According to reports in the U.K. press, several media organizations are preparing to release data from the breach at Appleby in the coming days.

Appleby’s statement was issued in response to inquiries from the International Consortium of Investigative Journalists (ICIJ), which published a cache of documents last year obtained from Panamanian law firm Mossack Fonseca, and a number of new outfits that have partnered with the ICIJ, a network launched in 1997 by the Washington, D.C.-based Center for Public Integrity.

“These [inquiries] have arisen from documents that journalists claim to have seen and involve allegations made against our business and the business conducted by some of our clients,” Appleby said in its statement. “We are disappointed that the media may choose to use information which could have emanated from material obtained illegally, and that this may result in exposing innocent parties to data protection breaches.”

To so-called Panama Papers leak last year from Mossack Fonseca resulted in more than 11.5 million firm files entering the public arena. Mossack Fonseca’s founders were subsequently hit with money laundering charges, but the fallout from the massive hack put a spotlight on law firm data security issues and served as a wake-up call for many executives, administrators and technology specialists working in Big Law.

Several large U.S. and U.K. law firms were named in the 2016 leak, and regulators in the U.K. said they would probe links between some of those firms to Mossack Fonseca. Political recriminations from that leak are ongoing.

A Maltese journalist who used Panama Papers disclosures to take a closer look at the island nation’s status as a tax haven was recently murdered, while former Pakistani Prime Minister Nawaz Sharif was forced to step down in July after the country’s Supreme Court disqualified him from office. Sharif’s fall from grace was triggered by revelations in the Panama Papers that linked him and his family to offshore companies with significant property holdings in London.

Bermuda-based Appleby has offices in the British Virgin Islands, Cayman Islands, Hong Kong, Mauritius, Seychelles and Shanghai, as well as the coveted offshore Crown dependencies of Guernsey, the Isle of Man and Jersey. Appleby set up shop in the Seychelles in June 2009, around the same time that it absorbed Isle of Man-based Dickinson Cruickshank.

Appleby’s clients include FTSE 100 and Fortune 500 companies, financial institutions and high-net-worth individuals.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.