Tag: Cybersecurity
United Kingdom: Injunctive Relief Against Persons Unknown – The Ransomware Edition
On 11 July 2023, the English High Court handed down its decision on the claimant’s application in Armstrong Watson LLP v. Persons Unknown, granting judgment in default and final injunctive relief. Specifically, the court granted the claimant permanent injunctive relief against persons unknown – a group of unidentified hackers – […]
SEC Adopts Comprehensive Cybersecurity Disclosure Requirements
On July 26, 2023, the Securities and Exchange Commission (SEC) voted at an open meeting to adopt final rules to mandate standardized cybersecurity disclosures by public companies. The final rules will: The final rules will become effective 30 days after publication in the Federal Register. Companies other than smaller reporting companies […]
White House Releases National Cybersecurity Strategy Implementation Plan
On July 13, 2023, the White House unveiled its National Cybersecurity Strategy Implementation Plan (NCSIP or implementation plan), following the release of the National Cybersecurity Strategy. The implementation plan identifies five pillars that align with the strategy: The administration identified two key motivations for the strategy and implementation plan: The […]
One Step Closer to a European Law Regulating Artificial Intelligence
On 14 June 2023, the European Parliament adopted its negotiating position on the Artificial Intelligence (AI) Act. The European Parliament’s vote on the AI Act proposal marks a significant milestone toward the regulation of AI within the European Union, as it sets the baseline for inter-institutional negotiations, as further discussed […]
Companies Respond to SEC’s Proposed Cybersecurity Disclosure Framework
As we reported in our March 2022 client alert, the Securities and Exchange Commission released proposed cybersecurity reporting rules and solicited feedback through a 60-day comment period. The comment period ended on May 9, 2022, and the SEC received 100+ comments from business, legal, nonprofit and government sectors. While the […]
36-Hour Breach Notification Rule to Go into Effect for Banking Organizations
On November 18, 2021, three US agencies – the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC) – issued a joint rule concerning computer-security incident notifications, which will go into effect on April 1, 2022, with a full […]
Cybersecurity: SEC Enforcement, Disclosure Controls and Risk Factor Disclosure
With the new leadership at the Securities and Exchange Commission, industry commentators expect the Division of Enforcement to be more aggressive in several arenas, including public company disclosure of cybersecurity incidents. While this has been a stated focus of the SEC for more than 10 years, enforcement cases relating to […]
SEC Enforcement Targets Cybersecurity Disclosures Again
Securities and Exchange Commission Chairman Gary Gensler has pledged to bring a renewed focus to robust enforcement of the federal securities laws. As we observed in a recent blog post, under Chairman Gensler and Director Gurbir Grewal, the SEC’s Division of Enforcement will be more aggressive in several arenas—including public company […]
US Supreme Court Narrows Scope of Computer Fraud and Abuse Act in Van Buren, Remands LinkedIn
On June 3, 2021, the US Supreme Court issued its decision in Van Buren v. United States in the Court’s first-ever interpretation of the Computer Fraud and Abuse Act (CFAA), the federal anti-hacking statute. Van Buren presented the question of whether someone “exceeds authorized access” under the CFAA, see 18 […]
The Long-awaited 2021 Cyber Executive Order
On May 12, 2021, the US president issued an “Executive Order on Improving the Nation’s Cybersecurity.” The EO follows on the heels of the Colonial Pipeline ransomware attack, along with the Codecov and Solar Winds supply-chain attacks. While the EO focuses primarily on internal-government actions, the presidential order expresses hope […]