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Data Breach Securities and Exchange Commission (SEC) Corporate Counsel

Fisher Phillips

New SEC Cybersecurity Compliance Deadlines are Coming: What 5 Things Should Covered Institutions Do to Prepare?

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The SEC’s amended Regulation S-P, adopted last year, will soon enhance data privacy protections for broker-dealers, investment companies, registered investment advisors, and transfer agents. The updated rule requires these...more

Vinson & Elkins LLP

Watch What You Say: SEC Enforcement Scrutinizes Cybersecurity Incident Disclosures

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On January 13, 2025, the Securities and Exchange Commission (“SEC”) filed a settled enforcement action against Ashford Inc. (“Ashford” or “the Company”), a company that provides products and services to the real estate and...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

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

Vedder Price

SEC Joins Chorus of Regulators Requiring Data Breach Notifications

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Last week, the U.S. Securities and Exchange Commission (“SEC”) became the latest federal regulator to implement a data breach notification law. The commissioners unanimously voted to approve amendments to Regulation S-P (the...more

Alston & Bird

Top 10 Issues General Counsel Need to Know About Ransomware in 2024

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Threat actors are evolving. Our Privacy, Cyber & Data Strategy Team explains how ransomware gangs have changed their tactics and how companies can respond to the threat while navigating new scrutiny from investors and...more

The Volkov Law Group

SEC Sues SolarWinds and its CISO for Fraud Over Botched Data Breach Response, Marking New Era in Cyber Enforcement

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The U.S. Securities and Exchange Commission has a message for publicly-traded companies that suffer a data breach: own up. On Monday, the SEC sued Texas-based SolarWinds––and its Chief Information Security Officer...more

Perkins Coie

2023 Breach Notification Law Update: Changes to Notification and Security Requirements Continue at State and Federal Levels

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A flurry of legislative activity over the past year has brought meaningful changes to a variety of privacy and security provisions in state and federal law. At the state level, as in 2022, we have seen a handful of changes to...more

Vinson & Elkins LLP

SEC Finalizes Cybersecurity Rules for Public Companies: What's New, What's Not, and What’s Next

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On July 26, 2023, the Securities and Exchange Commission (“SEC”) voted to approve final rules governing cybersecurity disclosures of public companies (“Final Rules”). The Final Rules make meaningful changes to the current and...more

Mintz - Privacy & Cybersecurity Viewpoints

“Ding Dong” -- FTC-Drizly Data Breach Settlement Will follow CEO Personally for a Decade

The Federal Trade Commission (“FTC”) announced on Monday that it is settling a case against Drizly and its CEO stemming from a 2020 data breach that impacted roughly 2.5 million consumers. The proposed order not only...more

Bennett Jones LLP

Regulatory Obligations Concerning the Disposal of Outdated Hard Drives and Servers

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The disposal of hardware in the wrong manner can leave an organization offside its regulatory obligations under privacy legislation. Depending on the residence of the individuals or entities whose personal data is stored by...more

Vinson & Elkins LLP

Beyond Materiality: Comparing The SEC’s Proposed Data Breach Notification Rules with Evolving State Notification Laws

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On March 9, 2022, the Securities and Exchange Commission (“SEC”) announced Proposed Rules on cybersecurity risk management, strategy, governance, and incident disclosure (“Proposed Rules”) to address concerns of increasing...more

Cooley LLP

Blog: SEC charges another company for misleading cybersecurity disclosure

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It’s déjà vu all over again! On Monday, the SEC announced settled charges against Pearson plc, an NYSE-listed, educational publishing and services company based in London, for failure to disclose a cybersecurity breach. You...more

Knobbe Martens

Lessons From the Complaint Against Uber’s Former Chief Security Officer

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On August 20, 2020, former Uber Chief Security Officer Joe Sullivan was charged with obstruction of justice and misprision of a felony for knowingly concealing a hack of Uber in 2016. Based on Sullivan’s complaint,...more

Bass, Berry & Sims PLC

SEC Staff Comments on Chegg’s Data Breach Disclosure and Response; A Real Life Example

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One thing I appreciate about the SEC comment letter process is that it gives real life examples to what is often discussed hypothetically. Take, for example, cybersecurity and steps management should take when a data incident...more

Troutman Pepper Locke

Cybersecurity Disclosures: Takeaways From the SEC’s New Guidance

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On February 21, 2018, the Securities and Exchange Commission (the “SEC”) issued interpretative guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents.1 The guidance refreshes...more

Bass, Berry & Sims PLC

SEC Issues Updated Guidance on Cybersecurity Risk Disclosures and Trading on Nonpublic Cybersecurity Information

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On February 21, 2018, the U.S. Securities and Exchange Commission (SEC) issued updates to its interpretive guidance on how public companies should disclose cybersecurity breaches and risks. There are two core messages at...more

Cadwalader, Wickersham & Taft LLP

Equifax Data Breach Highlights SEC Disclosure Obligations for Public Companies in the Wake of Cybersecurity Attacks

On September 7, 2017, Equifax, one of the country’s three primary credit reporting bureaus, announced it had suffered a major cybersecurity breach that could potentially affect half of the U.S. population. According to the...more

Perkins Coie

SEC’s Increased Cybersecurity Enforcement and How to Reduce Your Risks

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The SEC announced last week that an investment adviser had agreed to settle charges that it failed to take required steps to protect against and respond effectively to a cybersecurity breach. The action comes on the heels of...more

Carlton Fields

A Firewall for the Boardroom: Best Practices to Insulate Directors and Officers From Derivative Lawsuits and Related Regulatory...

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Shortly after the massive 2013 Target data breach, shareholders filed four derivative lawsuits against the company’s directors and some of its officers (13 CARE 624, 3/20/15). The shareholders alleged that the defendants had...more

Dorsey & Whitney LLP

SEC Charges ECN Operator For Failing To Protect Customer Data

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Fragmented markets, alternative trading systems and dark pools are increasingly a focus of discussion in the wake of repeated market outages. Interest in these venues has been intensified by the publication of Flash Boys and...more

Orrick - Trade Secrets Group

Hedge Fund Hack Results in Trade Secret Loss, and Raises SEC Reporting Issues

Data breaches may be nothing new, but they are certainly evolving into bigger and more notorious infractions. While the data breaches of yesterday may have involved accidental disclosure or disgruntled former employees, the...more

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