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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

Director Liability for Cybersecurity Risks

If a corporation is the target of a cyberattack resulting in a data breach, its board may be the target of a shareholder derivative action claiming breach of fiduciary duty. A recent example is Palkon v. Holmes, No....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

Cybersecurity as an Investment Risk

PricewaterhouseCoopers LLP (PwC) and Investor Responsibility Research Center Institute (IRRCi) have weighed in on the cybersecurity issue from an investor’s point of view in their paper called What investors need to know...more

They are coming for your client’s data. What will you do if they succeed?

Data security breaches—no industry is immune. These hackers can phish, spoof, skim, packet sniff, and key log their way into your system. Once a hacker successfully hacks into a corporation’s server, the breach will go...more

Status Updates - June 2014 #6

Debt collectors are using social media more and more frequently to try to track down people who owe money, but they are bound by restrictions in the Fair Debt Collection Practices Act when they do so, just as if they used...more

Commissioner Aguilar Shares His Views on Directors’ Oversight of Cyber-Risk Management

On June 10, 2014, Commissioner Luis A. Aguilar spoke at a NYSE conference, “Cyber Risks and the Boardroom,” about what boards of directors should do to ensure that their companies are appropriately considering and addressing...more

SEC Establishes Cybersecurity Initiative for Broker-Dealers and Investment Advisers

On April 15, 2014, the Office of Compliance Inspections and Examinations (OCIE) of the Securities and Exchange Commission (SEC) released a National Exam Priority Risk Alert announcing its initiative to evaluate cybersecurity...more

SEC Cybersecurity Initiative: Five Steps ALL Broker-Dealers and Investment Advisers Should be Taking

Last week, the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released a Risk Alert announcing its Cybersecurity Initiative....more

State Data Security Breach Notification Laws

The general definition of “personal information” or “PI” used in the majority of statutes is: An individual’s first name or first initial and last name plus one or more of following data elements: (i) Social Security number,...more

Cybersecurity Issues in the Financial Services Industry: Fasten your cyber belts, it's going to be a bumpy night

Few topics are as hot as cybersecurity. Recent high-profile data breaches at national retailers have made cybersecurity a frequent topic on Capitol Hill and an issue of growing concern to average Americans. Not surprisingly,...more

SEC Roundtable Discusses Cybersecurity Threats and Protections Against Cyberattacks

On March 26, the Securities and Exchange Commission hosted a roundtable discussion on various cybersecurity topics. Participants at the roundtable included representatives from the federal government, self-regulatory...more

Privacy & Cybersecurity Update - March 2014

In This Issue: - EU Parliament Cements Position on Privacy Protection Reform - EU Parliament Passes Cybersecurity Directive - SEC Holds Roundtable on Cybersecurity - EU and APEC Introduce Guide for...more

Target, University of Maryland Testify on Data Breaches; Congress, FTC and SEC Continue Inquiries

On Wednesday, March 26, 2014, the Senate Committee on Commerce, Science and Transportation held a hearing entitled “Protecting Personal Consumer Information from Cyber Attacks and Data Breaches” and heard testimony from...more

CFTC Staff Issues Best Practices for Customer Information Safeguards

The CFTC’s Division of Swap Dealer and Intermediary Oversight issued a Staff Advisory outlining recommended best practices for covered financial institutions to comply with Title V of the Gramm-Leach-Bliley Act of 1999...more

CFTC Issues Advisory on Compliance with Gramm-Leach-Bliley Act Security Safeguards

On February 26, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued Advisory 14-21 to provide futures commission merchants, commodity trading advisors, commodity...more

Risky Business: Target Discloses Data Breach and New Risk Factors in 8-K Filing… Kind Of

After Target Corporation’s (NYSE: TGT) net earnings dropped 46% in its fourth quarter compared to the same period last year, Target finally answered the 441 million dollar question – To 8-K, or not to 8-K? Target filed its...more

Cyber Security: Are You At Risk?

In This Issue: - Prevention - Notification - Potential Litigation - Conclusion - Excerpt from Foreward: As the recent Target and Neiman Marcus data breaches made clear, cyber security is one...more

Are You Another Target for Hackers? 2014 Cybersecurity Risk Disclosure Reminder

As calendar-year public companies approach annual reporting season, issuers should consider whether or not their current risk factor disclosures, as well as their “forward looking statements” language, are adequate in light...more

Broker-Dealer Cybersecurity: Protect Yourself or Pay the Price

In its recently issued 2014 Regulatory and Examination Priorities Letter, FINRA stated that cybersecurity remains a priority given the ongoing cybersecurity issues reported across the financial services industry, including...more

Financial Institutions Privacy and Security – 2013 Year in Review

Throughout 2013, financial institutions continued to face serious threats from cybercriminals targeting the personal information of banking customers and their financial assets through the use of malicious software and denial...more

Reminder -- Compliance Date for Identity Theft Red Flags Rules is November 20, 2013

As a reminder, the Identity Theft Red Flags Rules jointly adopted by the SEC and CFTC, which took effect on May 20, 2013, have an upcoming compliance date of November 20, 2013. Under these rules, certain SEC and...more

CFPB joins other federal regulators in announcing GLBA privacy exemption

On September 24, 2013, the CFPB joined the CFTC, the SEC, the FTC, the NCUA, and the prudential bank regulatory agencies (the Federal Reserve, the OCC, and the FDIC) in the issuance of an Interagency Guidance on Privacy Laws...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - August 2, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - PRIVACY/DATA SECURITY -...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - July 26, 2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - E-COMMERCE - PRIVACY/DATA SECURITY - Excerpt...more

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