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How to Pass the SEC’s Cybersecurity Test in 9 Steps

Cybersecurity again looks to feature prominently on 2015’s regulatory agenda. So far this year, the Financial Industry Regulatory Authority and the SEC’s Office of Compliance Inspections and Examinations (OCIE) have announced...more

Bridging the Week - January 2015 #3

Cybersecurity, Potential Equity Order Routing Conflicts and AML Among the Top Examination Priorities for SEC in 2015 - The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations...more

Cybersecurity Risks Are Higher than Ever and Are Proving Costly

Cybersecurity is an increasing concern for companies. Last April, the UK Department for Business, Innovation & Skills (BIS) published the 2014 information security breaches survey: technical report. The report comprises the...more

Cybersecurity: Dig That Crazy Important Beat

The SEC and FINRA are maintaining a steady drumbeat to motivate regulated firms to adequately protect themselves from cyberattack. The SEC’s Office of Compliance Inspections and Examinations (OCIE) began 2014 by...more

Viewpoints – Issue 20 – Board leadership in crisis management

Members of the Lead Director Network (LDN) met in New York City on November 13, 2014, to discuss crisis management and cybersecurity. Dan McGinn, a communications expert with more than three decades of experience advising...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

On the Third Day of Privacy, the Shareholders Gave to Me……

…….Shareholder Proposals on Cybersecurity and Privacy: Another Country Heard From As the holiday season slips into the rear view mirror, another season looms large for public companies —- proxy season. Adding to the...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 Issues Regulation SCI Upping Information Security Requirements for Key Market Participants

The SEC today published in the Federal Register its Regulation SCI (Regulation Systems Compliance and Integrity), which requires key market participants to have and implement written policies and procedures reasonably...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

Investment Management Update - Focus on Data Privacy and Cybersecurity [Video]

Pepper partners Gregory J. Nowak and Angelo A. Stio III discussed data privacy and cybersecurity issues for investment funds during a recent webinar for West LegalEdcenter. This podcast is a recording of their...more

Credit Law Regulatory Update – The Year in Review and What's Next?

This legal insight summarises many key points made at the 24th Annual Credit Law Conference (Conference) held on 1-3 October 2014 and attended by over 200 delegates from the financial services industry. The Conference...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

Connecticut Broadens Exemptions to Law Limiting Credit Checks

Connecticut has added mortgage brokers, lenders, and servicing companies to the list of “financial institutions” exempted under the state’s existing law limiting credit checks for purposes of employment. The amendment, which...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

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