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Cyber Security Regulations Ahead Says New York State’s Dept. of Financial Services

Based on a report released last week about cyber security vulnerabilities faced by financial institutions, New York State Department of Financial Services (“NYDFS”) Superintendent Benjamin Lawsky signaled that the agency will...more

Information Sharing Can Help Fortify Your Cybersecurity Strategy

Having strong cybersecurity policies is critical for protecting a company's business, as the amount of commerce conducted over networks and the Internet increases each year. Last month the Congressional Research Service...more

Securities and Exchange Commission: Critical Issues Facing Public Companies

Latham & Watkins partners William Baker, Alexander Cohen, Joel Trotter and Lawrence West hosted a webcast “Securities and Exchange Commission: Critical Issues Facing Public Companies.” Topics discussed included the increasing...more

Toysmart Pt. Deux

An auction of RadioShack assets which concluded this week included the names and physical addresses of 65 million customers and email addresses of 13 million customers. The auction result and transfer of assets is still...more

FINRA Issues Report on Cybersecurity Practices

Following up on our post from last week on the SEC’s cybersecurity exam sweep, you should also know about FINRA’s recent report on this area. Last month, FINRA published a Report on Cybersecurity Practices that really could...more

Cybersecurity Securities Class Actions: A Wave or Trickle?

One of the foremost uncertainties in securities and corporate governance litigation is the extent to which cybersecurity will become a significant D&O liability issue. Although many D&O practitioners have been bracing for a...more

Reps. Burgess, Blackburn and Welch Release Data Breach Bill

On Thursday, March 12, 2015, House Energy & Commerce Subcommittee on Commerce, Manufacturing, and Trade Chairman Michael Burgess (R-TX), along with Reps. Marsha Blackburn (R-TN) and Peter Welch (D-VT), released draft text of...more

SEC’s Risk Alert Offers Observations on Cybersecurity

Why it matters - Joining a growing chorus of regulators, the Securities and Exchange Commission (SEC) released two publications addressing cybersecurity: a Risk Alert based on observations from the Office of Compliance...more

Big Regulation’s Big Data

In March 2012, the Obama Administration announced its Big Data Research and Development Initiative. The program involves a total of over $200 million in new commitments from several departments and agencies to improve the...more

“Red Flag” Compliance Requirements Come to Investment Advisors, Broker-Dealers

It has been several years since the Federal Trade Commission’s Red Flag Rule took effect; and the banking regulators have had the Red Flag Interagency Guidance in place since 2007. Finally, entities regulated by the...more

Cybersecurity Disclosure: A Panel Discussion with the SEC’s Division of Corporation Finance

Last week in Washington, D.C., this author had the opportunity to sit in on a panel discussion by the SEC’s Division of Corporation Finance (“CorpFin”) discussing, among other things, recent developments in cybersecurity...more

To the Nation’s Largest Banks: Thanks for Reading

It seems that some of the nation’s largest public company banks must be avid readers of this blog and have taken to heart our 2013 prediction that the SEC would require greater disclosure related to data security risks and...more

You’ve Got Mail: Senator Rockefeller Sends Letter to CEOs re: Cybersecurity….Reply Requested

Senator John D. Rockefeller IV (D., W.Va.) recently sent a letter to the CEOs of all Fortune 500 companies asking the companies for more information about their cybersecurity practices. The letter comes a month after Senate...more

Subscription Business Models May Raise Revenue, But Also Holds Privacy And Security Risks

These days everyone subscribes to something. Whether you’re a consumer or a business, the goods and services you depend on or enjoy on a regular basis are often available by subscription. Subscribers prefer the low...more

Court Rules on What is “Commercially Reasonable” Bank Security

Small business owners have new hope that they may be on the same footing as individuals when it comes to cybertheft from their bank accounts. ...more

The Evolving Obligations of Public Companies to Disclose Cyber-Intrusions

Public companies have struggled with the question of whether a cyber-intrusion triggers an obligation under the federal securities laws to disclose the intrusion to investors in a public filing. While the SEC has provided...more

It's Your Business Newsletter -- July 2012

In This Issue: Preventing Or Responding To Data Security Breaches: Is Your Information Safe?; Successor Liability – Not Your Problem, Or Is It?; and Jobs Act Opens Up New Capital Raising Alternatives for Private...more

The Facebook IPO and Disclosure of Cybersecurity and Privacy Risks: Tips and Lessons for Practitioners

Originally published by Bloomberg Finance L.P. in the Vol.6, No. 12 edition of the Bloomberg Law Reports—Securities Law. The Facebook, Inc. (Facebook) initial public offering last month was probably the most...more

FinCEN Proposes New Customer Due Diligence Requirement

On Feb. 29, 2012, the Financial Crimes Enforcement Network (FinCEN) issued an advance notice of proposed rulemaking (ANPR) seeking comments on a proposed customer due diligence (CDD) regulation that would explicitly require...more

The SEC Focuses on Cyber Security and Related Disclosure Requirements

Over the course of the last several years, corporations have faced the threat of cyber risk and the occurrence of cybersecurity incidents with more and more frequency. As a result, public companies have begun to report cyber...more

Cybersecurity and the Public Company: Keeping Your Disclosures Safe and Sound After Cyber Monday

Click here if you would like to have your personal financial information compromised and your credit card numbers shared with criminals around the world. Such are the implicit invitations many of us receive on a regular basis...more

Confidentiality in the BVI and Cayman Islands

The issue of confidentiality in offshore financial centres is high on the agenda in the financial press. Whether it is banking secrecy or the disclosure requirements governing the establishment of offshore companies and...more

Cybersecurity Risks and Events Receive SEC Attention—Disclosure Guidance From Corp Fin

The US Securities and Exchange Commission’s Division of Corporate Finance (“Corp Fin”) recently released guidance regarding the obligation of a publicly traded company or issuer to disclose cybersecurity risks and incidents....more

SEC Issues Cyber Incident Disclosure Guidance

On October 13, 2011, the United States Securities and Exchange Commission released guidance from the Division of Corporation Finance (Division) addressing the appropriate disclosure of cybersecurity risks and cyber incidents....more

SEC Staff Issues Guidance Regarding Cybersecurity Risks And Incidents Disclosure

The Staff of the Securities and Exchange Commission’s Division of Corporate Finance has issued guidance regarding disclosure of risks of cyber-attacks and reporting of attacks that have occurred. A reporting company that...more

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