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 […]
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 […]
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 […]
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 […]
EU proposal extends product safety, data protection and cybersecurity concepts to groundbreaking AI regulation What has happened? The European Commission has finally published its much-anticipated proposal for a broad regulation to cover the use of artificial intelligence in the EU. This is a world-first – no other jurisdiction has yet […]
The last months of 2020 saw impressive legislative activity by the European Commission, as it rolled out proposals for several regulations (namely, the Data Governance Act, the Digital Services Act and the Digital Markets Act), as well as proposed new Standard Contractual Clauses for international data transfers (expected to be […]
The New York State Department of Financial Services recently issued guidance for New York-regulated property and casualty insurers to effectively manage the cyber insurance risk present in their insurance portfolio. The DFS’ guidance signals an effort to reduce overall volatility in the cyber insurance market, which has been compounded by […]
The New York Department of Financial Services recently initiated its first action to enforce the department’s cybersecurity regulation. The regulation has been in effect since March 1, 2017 and applies to all financial institutions regulated by the NY DFS.
Companies are working hard to balance the privacy of their employees and the need to keep employees informed and safe. Many have encouraged employees and visitors to report if they experience COVID-19 symptoms or have otherwise been exposed to the virus through travel or their communities. They have collected this […]
FTC Increasingly Looks to Public Companies’ SEC Disclosures for Privacy and Cybersecurity Enforcement Opportunities
While the FTC does not make its initial privacy and cybersecurity investigations public, there have been reports that the FTC has initiated an increasing number of privacy and cybersecurity-related enforcement actions following disclosures of privacy or cybersecurity incidents by public companies in their SEC filings.