News & Analysis as of

Cyber Attacks Board of Directors

Yahoo! Data Breach Results in Another Lawsuit Against Corporate Directors and Officers

by Snell & Wilmer on

A number of claims have been made against companies’ directors and officers alleging a breach of fiduciary duty for failing to adequately oversee data security programs. To date, the defendants’ oversight of the programs and...more

Shareholders’ Derivative Suit Against Home Depot Dismissed

On November 30, 2016, The Home Depot, Inc. (Home Depot) got a victory in the shareholders’ derivative suit filed against it for its alleged failure to institute necessary controls to secure its data relating to its 2014...more

DFS Cyber Regulation: Part II – An Interview with Bay Dynamics’ Steven Grossman

This is the second installment in our interview with Steven Grossman, VP Strategy & Enablement at Bay Dynamics, the cyber risk analytics company. Here, Steven discusses the importance of aligning an institution’s risk...more

Practical Cybersecurity Guidance from TheCityUK and Marsh

by Reed Smith on

TheCityUK and Marsh have jointly published a report urging UK financial and related professional services sectors to step up their efforts to address cyber risk. The report (headed “Cyber and the City”) suggests that...more

Information Security and Privacy Group News: Cybersecurity Conference Essential Take-Aways Government, Industry and Legal...

by Murtha Cullina on

Representatives of Connecticut businesses and corporations, educational institutions, and state and local government attended Murtha Cullina’s March 2016 Cybersecurity Conference at the Quinnipiac University School of Law....more

Mixed Enforcement Messages (and What’s in a Name?)

Not long ago I wrote about a speech by Andrew Ceresney, Director of the SEC’s Division of Enforcement, at the Directors Forum 2016 in San Diego. In his speech, Mr. Ceresney made a point of noting the SEC’s continuing...more

Cybersecurity and Data Breaches: How In-House Counsel Can Engage the Board

A company's board of directors has a duty to oversee all aspects of the company's risk management efforts. This includes a duty to recognize and minimize the company's exposure to cyber attacks. In today's increasingly...more

Director Cybersecurity Risk Oversight and Actions

by Dorsey & Whitney LLP on

This article begins by providing an overview of the duty of directors to oversee risk, including cybersecurity risk, in the cyberattack context and then outlines actions that board of directors are taking as reported by...more

Business Litigation Alert: "Is Your Board of Directors Providing Sufficient Oversight for Cyber Attacks?"

by Porter Hedges LLP on

Last month, we discussed the recent federal court decision that allows whistleblowers to sue board members directly for retaliation. Now, it seems as though board members are assuming a bigger role in managing another...more

Cybersecurity & Nonprofits: A Matter of Time?

The ever increasing cyber-attacks and data breaches targeting the private sector and government agencies, and the increased focus on cybersecurity plans and preparedness, may seem like remote risks for nonprofit...more

Board Participation in Cybersecurity: What More Needs to Be Done?

by McGuireWoods LLP on

High-profile data breaches seem to hit the headlines almost every day. These breaches have proved terrifying for many companies, particularly as the attackers release embarrassing emails and other information. The frequency...more

Cyber-Risks 2015 – A Board Primer

Cyber-risk is a witch’s brew of reputational, operational, legal and financial dangers. This toxic combination exposes a financial institution to a potentially existential hazard when an intrusion occurs. The only way to...more

New York Stock Exchange releases cybersecurity guide for public companies

We continue to urge CEOs and boards of public companies (and private and not-for profits) to harken the call of getting a handle on cybersecurity risk to companies today. Not too soon, the New York Stock Exchange published a...more

SEC Announces Second Wave of Cyber Exams of Broker Dealers and Advisors – Is Your Firm Ready?

by Snell & Wilmer on

In April 2014, the Securities and Exchange Commission’s (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert announcing its first cybersecurity sweep initiative. Pursuant to that initiative,...more

A Compilation of Enforcement and Non-Enforcement Actions

by Foley & Lardner LLP on

Non-Enforcement Cybersecurity Is At the Top of SEC Examination Concerns In a recent SEC “risk alert” for registered broker-dealers and investment advisers, the SEC’s Office of Compliance Inspections and Examinations (OCIE)...more

SEC’s Increased Cybersecurity Enforcement and How to Reduce Your Risks

by Perkins Coie on

The SEC announced last week that an investment adviser had agreed to settle charges that it failed to take required steps to protect against and respond effectively to a cybersecurity breach. The action comes on the heels of...more

SEC Provides Additional Information On Cybersecurity Examinations

by Alston & Bird on

On September 15, 2015, the Security and Exchange Commission’s Office of Compliance Inspections and Examinations (“OCIE”) issued a Risk Alert to provide additional information on the areas of focus for its second round of...more

Client Alert: Sex, Money and Cybersecurity - Reminders for Public Companies

by GableGotwals on

Recent events have highlighted the importance of comprehensive cyber-security programs for publicly-traded companies. Although the circumstances differ, in each case the impact of employee behavior with electronic...more

Think Big Picture – minimize corporate export compliance risks while protecting your information security

by Baker Donelson on

Recently I have attended several cyber security conferences. What I have learned about protecting information has changed how I view export controls. Senior management and board members should think about the big picture as...more

SEC Commissioner Urges Cooperation Between Regulators and Companies in Fight Against Cyber-Crime; Highlights SEC’s Recent Efforts

by King & Spalding on

On June 25, 2015, Luis Aguilar, a Commissioner at the U.S. Securities and Exchange Commission (“SEC”), provided remarks at the SINET Innovation Summit. In his remarks, Commissioner Aguilar emphasized the need for the public...more

Cybersecurity: Where Does the Buck Stop?

by Zelle LLP on

Over the last few months, we’ve been talking about cybersecurity issues for employers. We’ve discussed the responsibilities and risks associated with personally identifiable information and the wave of lawsuits resulting...more

Cybersecurity Oversight: What is a Board of Directors to Do?

by Reed Smith on

Cybersecurity and the risks of data breaches figured prominently at the 35th Annual Ray Garrett Corporate and Securities Law Institute held April 30, 2015, at Northwestern Law School in Chicago. Participating in a panel...more

Consequences of a Data Breach: Lessons from Wyndham Worldwide

by Bracewell LLP on

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

Board Oversight of Cybersecurity

by Winstead PC on

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

Calling All Boards of Directors: Four Recommendations from the SEC

SEC Commissioner Luis Aguilar recently spoke at the New York Stock Exchange Conference “Cyber Risks and the Boardroom.” In his speech, Commissioner Aguilar emphasized the importance of cybersecurity and how fast the need for...more

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Cybersecurity

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