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Data Breach Disclosure Requirements Corporate Governance

Robinson+Cole Data Privacy + Security Insider

AppLovin & Its AI: A Lesson in Accuracy

Last week, we explored a recent data breach class action and the litigation risk of such lawsuits. Companies need to be aware of litigation risk not only arising from data breaches, but also from shareholder class actions...more

BCLP

U.S. Supreme Court Changes Its Mind, Will Not Decide Facebook Dispute Concerning Public Companies’ Risk-Factor Disclosures

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After hearing argument earlier this month in a widely followed securities law case concerning risk-factor disclosures of public companies, the U.S. Supreme Court last week decided it should not have agreed to hear the case...more

Ropes & Gray LLP

SEC Announces Settlements with Four Issuers regarding Cybersecurity Disclosures

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On October 22, 2024, the Securities and Exchange Commission (“SEC”) filed settled enforcement orders involving four current and former public companies – Unisys Corp., Avaya Holdings Corp., Check Point Software Ltd, and...more

Fenwick & West LLP

The SEC is Cracking Down on Misleading Cybersecurity Disclosure

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On October 22, 2024, the SEC charged two current reporting companies, Unisys Corp. and Check Point Software Technologies, and two former public companies, Mimecast Limited and Avaya Holdings Corp., with making materially...more

A&O Shearman

Undeterred By Recent Court Loss, SEC Charges Four Companies With Inadequate Cyber Disclosures In The Aftermath Of SolarWinds...

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On October 22, 2024, the SEC announced that it had entered into settlements with four separate companies for making allegedly misleading disclosures about how they were impacted by the SolarWinds data breach in 2019. The...more

Holland & Knight LLP

SEC Cyber Enforcement Update: Which Way Are the SolarWinds Blowing? (Update)

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This Holland & Knight blog post is the second installment in a two-part series that examines the challenges to the U.S. Securities and Exchange Commission's (SEC) charges in its landmark case against SolarWinds Corp....more

BCLP

SDNY Dismisses Majority of SEC Landmark Charges Against SolarWinds and CISO

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On July 18, 2024, District Court Judge Engelmayer of the Southern District of New York issued his 107-page opinion and order dismissing most – but not all – of the landmark allegations of the SEC against SolarWinds Corp. and...more

Parker Poe Adams & Bernstein LLP

Key Lessons for Cybersecurity and IT Leaders From Judge's Recent Fraud Decision in SEC Case Against SolarWinds

On July 18, a New York federal judge threw out most of the SEC’s claims brought against both SolarWinds Corp. and the company’s chief information security officer (CISO), Timothy Brown....more

Holland & Knight LLP

SEC Expands Scope of Internal Accounting Controls in Cybersecurity Breach Settlement

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The SEC continues to expand its cybersecurity enforcement authority to include allegations that a company's failure to monitor its managed security service providers (MSSP) amounts to violations of federal securities laws....more

Wyrick Robbins Yates & Ponton LLP

Living in a Material World: SEC Clarifies Expectations Regarding Form 8-K Disclosure of Material Cybersecurity Incidents

Last month, the Director of the Division of Corporation Finance (“Director”) of the Securities and Exchange Commission (“SEC”) issued new guidance regarding disclosures of material cybersecurity incidents via Form 8-K under...more

K&L Gates LLP

Doing Business in Australia

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Australia welcomes new business and foreign investment by providing a strong economy, a stable political environment and a skilled and talented workforce. Our comprehensive guide to Doing Business in Australia has been...more

Pillsbury Winthrop Shaw Pittman LLP

AI and the “G” in ESG

As artificial intelligence (AI) expands into virtually every industry, companies should consider AI’s potential impacts on corporate governance and internal controls. Companies should integrate AI thoughtfully to ensure...more

WilmerHale

It’s December 18, 2023: Do You Know Where Your Cybersecurity Disclosure Controls and Procedures Are

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The requirement to disclose material cybersecurity events under new Item 1.05 of Form 8-K takes effect today (other than for smaller reporting companies, for which the new requirement will take effect on June 15, 2024)....more

Mayer Brown

DOJ and FBI Announce Guidance on Seeking Delays in SEC 8-K Filings for Cyber Incidents

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On December 12, 2023, the Department of Justice (DOJ) issued guidelines for companies to follow in requesting that the Attorney General authorize delays of cyber incident disclosures required by the U.S. Securities and...more

Carlton Fields

SEC Deals New Cybersecurity Disclosure Requirements to Public Companies

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On July 26, 2023, the SEC adopted new cybersecurity rules, which have two top-line impacts. First, registrants must disclose material cybersecurity incidents promptly on Form 8-K. Second, registrants must disclose new...more

Stikeman Elliott LLP

SEC Adopts New Cybersecurity Disclosure Rules for U.S. Public Companies and Foreign Private Issuers

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The Securities and Exchange Commission (“SEC”) adopted new rules requiring the disclosure of cybersecurity risk management, strategy, governance and material incidents (the “Rules”), effective September 5, 2023. The Rules...more

Constangy, Brooks, Smith & Prophete, LLP

Cyber governance for executive boards: Understanding the new SEC breach notification rules

Boards of Directors for public companies across the country are likely to be taking stock of their companys’ cybersecurity practices and strategies after the Securities and Exchange Commission’s adoption of the Cybersecurity...more

Cadwalader, Wickersham & Taft LLP

SEC Disclosure Requirements for Material Cybersecurity Incidents Updated

The Securities and Exchange Commission (“SEC”) has admonished companies to report material cybersecurity incidents in their public filings since 2011, but this week the SEC announced a new rule actually requiring disclosure...more

Mayer Brown Free Writings + Perspectives

SEC Adopts Amendments to Enhance Cybersecurity Disclosures

At an open meeting this morning, the Securities and Exchange Commission voted (with dissenters—see, for example, Commissioner Peirce’s statements) to adopt amendments aimed at enhancing and standardizing disclosures related...more

Orrick, Herrington & Sutcliffe LLP

Long Anticipated SEC Cybersecurity Disclosure Rule Expected to be Finalized July 26

The SEC has scheduled an open meeting on Wednesday to decide on the adoption of eagerly anticipated cybersecurity incident and governance reporting rules. If the agency adopts rules that align with what it proposed last year,...more

The Volkov Law Group

SEC’s Climate and Cyber Regulations Increase Compliance and Enforcement Risks (Part II of II)

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You know companies face a new and aggressive enforcement regime when shorthand terms, such as “greenwashing,” are adopted prior to the implementation of comprehensive regulations governing disclosure of climate change issues...more

The Volkov Law Group

SEC Poised to Implement Complex Disclosure Obligations (Part I of II)

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The Securities and Exchange Commission is quickly raising the stakes for global companies.  Along with these new regulatory requirements, the risk of enforcement multiply, especially when it comes to corporate disclosure...more

The Volkov Law Group

SEC Proposes Robust Cyber Incident Reporting for Public Companies

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The Securities and Exchange Commission is busy. The new Chairman Gary Gensler hit the ground running and is pushing an active agenda of policy issues and enforcement.  Along with this push, the SEC’s new enforcement director,...more

Kohrman Jackson & Krantz LLP

SEC Proposes New Cybersecurity Disclosure Requirements For Public Companies

THE SEC’S RULE PROPOSALS AIM TO ASSIST INVESTORS - On March 9, 2022, the U.S. Securities and Exchange Commission (SEC) proposed new rules “to enhance and standardize disclosures regarding cybersecurity risk management,...more

Lowenstein Sandler LLP

SEC Proposes New Rules Related to Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure By Public Companies

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Requirements under the proposed rules would include the disclosure of: •Material cybersecurity incidents within four business days of the determination that a material cybersecurity incident has occurred in a Form 8-K- ...more

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