Securities Privacy Consumer Protection

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.
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Privacy Monday – May 18, 2015

It’s Monday morning — do you know your privacy/security status? Here are a few bits and bytes to start your week. SEC to Registered Investment Advisers and Broker-Dealers: It’s Your Turn to Pay Attention to...more

Locke Lord QuickStudy: Investment Advisers Should “Beef Up” Cybersecurity Strategies - SEC Issues Updated Guidance

Registered investment advisers should periodically assess their cybersecurity vulnerabilities, create strategies to respond, and make sure they are making the strategies work. ...more

Microsoft Adopts International Cloud Privacy Standard

Public cloud computing services-- computing resources (such as networks, storage, applications, and services) purchased from another company (a “cloud services provider”)-- offer many potential benefits for businesses, among...more

What General Counsel Need To Know About The Latest Cybersecurity Developments

In the wake of reported security breaches at a number of significant financial institutions, cybersecurity is garnering more attention and concern than ever before — both within the financial services industry and among...more

Target Data Breach Price Tag: $252 Million and Counting

In a recently-released Form 8-K filing announcing fourth quarter and year-end financial results, Target Corporation reported that expenses incurred in 2014 relating to its 2013 data breach totaled over $191 million. Those...more

FINRA Issues its Cybersecurity Report, Providing Tools and Encouragement to Broker-Dealers

FINRA recently issued a Report on Cybersecurity Practices (“Report”), growing out of its targeted examination of firms last year. To issue the Report, FINRA gave careful consideration to the needs of many broker-dealers for...more

A Few Takeaways from the OCIE Cybersecurity Examination Sweep Summary

On February 3, 2015, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released a Risk Alert (the “2015 Risk Alert”) with summary observations from its recently...more

SEC and FINRA Publish Materials Addressing Cybersecurity

Twin reports provide a roadmap to best practices. U.S. financial markets and participants, much like other segments of the U.S. economy, are prime targets for technological hacks, intrusions, and breaches that can occur...more

SEC Reports the Result of its Cybersecurity Sweep of Broker-Dealers and Investment Advisers

An SEC cybersecurity sweep examination by the SEC’s Office of Compliance Inspections and Examinations (OCIE) found that 88 percent of the broker-dealers (BDs) and 74 percent of the registered investment advisers (RIAs) they...more

Going for Brokerage: SEC Report Highlights Best (and Worst) Practices in Cybersecurity Preparedness

On February 3, 2015, the U.S. Securities and Exchange Commission released a Risk Alert addressing cybersecurity issues at brokerage and advisory firms, along with suggestions to investors on ways they can protect themselves...more

SEC Provides Guidance on Important Considerations for Effective and Reasonable Prevention of Cyber Attacks

As many of you know, last April the SEC issued the Cybersecurity Examination Initiative to assess the cybersecurity practices and preparedness of registered broker-dealers and investment advisers. The initiative arose from an...more

SEC Releases Results of Cybersecurity Examination Sweep

On February 3, 2015, the Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) issued a Risk Alert summarizing findings from its examinations of over 100 registered...more

SEC Releases Results of Financial Industry Examination Sweep Regarding Cybersecurity - The publications highlight the SEC’s...

On February 3, 2015, the U.S. Securities and Exchange Commission (“SEC”) staff released two publications: the results of an examination sweep of 57 registered broker-dealers and 49 registered investment advisers, and guidance...more

BakerHostetler 2014 Year-End Review of Class Actions (and what to expect in 2015)

We are pleased to share with you the BakerHostetler 2014 Year-End Review of Class Actions, which offers a summary of some of the key developments in class action litigation during the past year. Class action litigation...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

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

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

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

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

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