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A Proxy Season Guide to 2015

With the close of another year quickly approaching, it is time again for public companies to get equipped with the developments of the past year in order to position themselves for success in 2015. A review of previous years’...more

Lessons For Corporate Directors From The Wyndham Data Breach Derivative Action

On October 20, 2014, Wyndham Worldwide Corporation won dismissal of a shareholder derivative suit seeking damages arising out of three data breaches that occurred between 2008 and 2010. Dennis Palkon, et al. v. Stephen P....more

Cybersecurity Continues as a Major Focus of Financial Industry’s Concerns

With only three official days left of the current Congress, conversations Wednesday turned towards cybersecurity in the financial sector. The Commodity Futures Trading Commission, Office of the Comptroller of the Currency,...more

Sophisticated Hackers Target Insider Information

A security consulting firm has discovered a sophisticated hacking campaign that has targeted more than 100 public companies, investment banks and law firms. In a report released December 1, cybersecurity firm FireEye...more

SEC Adopts Rules to Improve Systems Compliance and Integrity

On November 19, 2014, the Securities and Exchange Commission (SEC) unanimously voted to adopt Regulation Systems Compliance and Integrity (Reg SCI), which will govern the technology infrastructure of the U.S.’s securities...more

Blog: Cyberthieves Collect Confidential Information, Apparently To Conduct Insider Trading

Here is an unnerving warning from FireEye, a cybersecurity firm, discussed in this article from MarketWatch, regarding a sophisticated, native-English-speaking group, designated FIN4, that has targeted almost 100 public...more

Boards Should Put Time and Resources into Cybersecurity Issues – It Is Good for Business and Works as a Defense Strategy

We have previously blogged about Commissioner Aguilar’s recommendations at a NYSE conference, “Cyber Risks and the Boardroom” on what boards of directors should do to ensure that their companies are appropriately considering...more

Cyber Security Top Priority in Today’s Tech-Savvy World

While 2014 Has Seen Miami Emerge as a Growing Technology Hub, the Year Has Also Highlighted Significant Risks that Technology Poses for Businesses of all Types....more

CFTC Chairman Provides Guidance on Cybersecurity

On November 5, 2014, the Chairman of the Commodity Futures Trading Commission, Timothy G. Massad, gave keynote remarks at the Futures Industry Association Expo 2014. Part of Chairman Massad’s remarks focused on the...more

The Consumer May Not Be Your Worst Enemy In The Case Of A Data Breach

Hardly a month passes without headlines of a prominent business, from retail giants like Target and Home Depot to sophisticated financial institutions like JPMorgan Chase, experiencing a data breach involving the unauthorized...more

How to Respond to SEC Inquiries Concerning Data Breach and Data Security Policies

Every company, whether public or private, has exposure to potential data breach or theft of confidential information. When this occurs, various state and federal regulatory organizations have jurisdiction over ensuring that...more

Consequences of a Data Breach: Lessons from Wyndham Worldwide

On October 20, 2014, Wyndham Worldwide Corporation won dismissal of a shareholder derivative suit seeking damages arising out of three data breaches that occurred between 2008 and 2010. Dennis Palkon, et al. v. Stephen P....more

Court Dismisses Shareholder Derivative Action Targeting Directors and Officers for Data Breaches

Earlier this week a federal district court in New Jersey dismissed with prejudice a shareholder derivative suit, Palkon v. Holmes, No. 14-CV-01234 (SRC) (D.N.J.), that tried to blame the directors and officers at hospitality...more

Court Dismisses Shareholder Derivative Action Targeting Directors and Officers for Data Breaches

A federal district court in New Jersey has dismissed with prejudice a shareholder derivative suit, Palkon v. Holmes, No. 14-CV-01234 (SRC) (D.N.J.), that tried to blame the directors and officers at hospitality company...more

Securities Enforcement Forum 2014 — SEC/FINRA Investigations & Cybersecurity Priorities

Yesterday I blogged from the Securities Enforcement Forum 2014, Bruce Carton’s excellent one-day conference, held at the Four Seasons hotel in Washington, D.C. The posts will be fairly raw, and certainly not verbatim...more

Data Privacy and Cyber Security in Hong Kong: The New Enforcement Imperative

Introduction - Cyber security has gained increasing attention in recent years and cyber attacks have become more sophisticated and more frequent. Cyber attacks and other data breaches can affect millions of customers...more

FINRA Announces New Proposal for Brokerage Data Collection

On September 30th, the Financial Industry Regulatory Authority (FINRA) announced a proposed rule that would implement the controversial Comprehensive Automated Risk Data System (CARDS). Under the proposed rule, FINRA seeks to...more

Cybersecurity Concerns Underpin Continued Push In The Regulatory And Legal Arenas

While Congress continues its aggressive push on cybersecurity legislation, regulatory oversight and legal efforts continue across the spectrum of industries effectively filling the gap in addressing now every day concerns...more

Board Oversight of Cybersecurity

Cyber-attacks on U.S. companies have increased over recent years resulting in significant costs to companies. According to surveys, U.S. companies have experienced a 42% increase between 2011 and 2012 in the number of...more

Chinese Hackers Infiltrate Health System Network – Information of 4.5 Million Individuals Stolen

Community Health Systems, Inc. (“CHS”) reported yesterday that the information of approximately 4.5 million individuals has been affected by a Chinese cyber-attack. CHS and its affiliates own and operate 206 hospitals in 29...more

The SEC Tackles Technicality

Within several months of Securities and Exchange Commission Chair Mary Jo White’s announcement in late 2013 of a commitment to improving the SEC’s trial readiness, the Commission suffered a number of losses in federal...more

Cyber Risks For The Boardroom

The Recent Increase In Focus on Privacy Issues - Privacy issues have been the focus of many state efforts over the past few years. However, the SEC has increased their focus tremendously over the past few months (see...more

SEC Commissioner Highlights Need for Cyber-Risk Management in Speech at New York Stock Exchange

As we’ve previously reported, cyber risks are an increasingly common risk facing businesses of all kinds. In a recent speech given at the New York Stock Exchange, SEC Commissioner Luis A. Aguilar emphasized that cybersecurity...more

Cybersecurity and Data Privacy in Business Transactions

In This Presentation: - Data Breaches: By the numbers - Costs of Data Breach - Cybersecurity Considerations in Business Transactions - Cybersecurity in M&A Transactions - Cybersecurity –...more

SEC Investigations Spur Debate over "Materiality" of Cyberattacks

Following a record year for data breach incidents — with eight breaches exposing over 10 million identities — the U.S. Securities and Exchange Commission (SEC) is closely scrutinizing how those breaches were handled. Multiple...more

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