As reported last week, it appears that a state-sponsored security hack has resulted in a major security compromise in widely-used software offered by a company called SolarWinds. The compromised software, known as Orion, is...more
12/22/2020
/ Cyber Attacks ,
Cybersecurity ,
Cybersecurity Information Sharing Act (CISA) ,
Data Breach ,
Data Security ,
Hackers ,
Incident Response Plans ,
Popular ,
Risk Mitigation ,
SolarWinds ,
Supply Chain
As reported last week, a state-sponsored hacker may have breached multiple U.S. government networks through a widely-used software product offered by SolarWinds. The compromised product, known as Orion, helps organizations...more
12/22/2020
/ Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Security ,
Dual Purpose ,
Due Diligence ,
Hackers ,
Incident Response Plans ,
Popular ,
Risk Assessment ,
SolarWinds
A cyber breach can have serious legal, financial, and reputational consequences for a company, as described in our previous post. As such, cybersecurity threats must be treated as business risks, not just a potential IT...more
9/17/2020
/ Chief Compliance Officers ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Incident Response Plans ,
Personally Identifiable Information ,
Popular ,
Security Risk Assessments ,
Senior Managers
A cyber breach can have serious legal, financial, and reputational consequences for a fund sponsor, as described in our previous post. As such, cybersecurity threats must be treated as business risks, not just a potential IT...more
9/16/2020
/ Broker-Dealer ,
Chief Compliance Officers ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Incident Response Plans ,
Personally Identifiable Information ,
Popular ,
Registered Investment Advisors ,
Regulation S-P ,
Security Risk Assessments ,
Senior Managers
With more people working remotely than ever before in light of COVID-19, firms in the private equity and hedge fund space should review their Regulation S-P privacy and information-safeguarding policies to ensure they are...more
6/30/2020
/ Broker-Dealer ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
OCIE ,
Personally Identifiable Information ,
Policies and Procedures ,
Regulation P ,
Regulation S-P ,
Risk Alert ,
Securities and Exchange Commission (SEC)
In today’s world, cybersecurity breaches and threats are pervasive concerns for any business entity, without exception. Working from home arrangements due to COVID-19 constraints only magnify the risk and create further...more
5/21/2020
/ Business E-Mail Compromise (BEC) ,
California Consumer Privacy Act (CCPA) ,
Cyber Attacks ,
Cybersecurity ,
Federal Trade Commission (FTC) ,
FinCEN ,
GLBA Privacy ,
Personally Identifiable Information ,
Ransomware ,
Regulation S-P ,
Safeguards Rule ,
Securities and Exchange Commission (SEC)
Cybersecurity breaches and threats are pervasive concerns for any entity storing valuable data or managing large sums of money: private investment funds are no exception. Recently three private equity firms suffered breaches...more
A recent, highly anticipated ruling by a Bankruptcy Court in Delaware has reilluminated the concept of a "golden share". While an appeal of the ruling seems likely, this latest ruling by Delaware Bankruptcy Judge Mary F....more
COVID-19 has created many new concerns for private fund managers; however, managers should be particularly mindful of heightened cybersecurity and fraud risks. With increased numbers of employees teleworking, there are...more
3/24/2020
/ Bank Secrecy Act ,
Coronavirus/COVID-19 ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Privacy ,
Data Security ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Fund Managers ,
Fund Sponsors ,
Risk Management ,
Scams
Last year, we highlighted the risks of filing a Section 220 books and records request post-litigation, citing a case where the Delaware Chancery Court found that such use was an improper attempt to “sue first, ask questions...more
The private fund industry is more in the public eye than ever before. Private capital and private markets have experienced massive growth over the last two decades, substantially outpacing the growth of public equity. We have...more
2/19/2020
/ Anti-Money Laundering ,
Capital Markets ,
CFTC ,
Cryptocurrency ,
Global Economy ,
Initial Public Offering (IPO) ,
Investment Banks ,
OCIE ,
Private Equity ,
Private Funds ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Venture Capital
Finding that the Plaintiffs lacked Article III standing to pursue their case, Google, Inc. (“Google”) won dismissal of the Android users’ putative class action lawsuit after more than three years of litigation. In re Google...more
7/23/2015
/ Android ,
Article III ,
Data Privacy ,
Disclosure ,
Electronic Data Transmissions ,
Google ,
Injury-in-Fact ,
Motion to Dismiss ,
Personally Identifiable Information ,
Privacy Policy ,
Putative Class Actions ,
Standing ,
Third-Party
The Court hearing the Target data security breach litigation issued a ruling on December 2, 2014, largely denying Target’s motion to dismiss the Consolidated Amended Class Action Complaint in the Financial Institutions Cases....more
Capital One Financial Corp. (“Capital One”) and three collection agencies have agreed to pay one of the largest settlement amounts in history — $75.5 million — to end a consolidated class action lawsuit alleging that the...more