News & Analysis as of September 20, 2024

Cybersecurity › Personally Identifiable Information › Enforcement Actions

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

SEC Continues its Cybersecurity Focus, Settles with Company over Lax Security Measures

Sheppard Mullin Richter & Hampton LLP on 8/29/2024

The SEC recently issued an order and settlement against a company from a pair of cyberattacks in which millions of dollars of client funds were stolen. While the company was able to recover a portion of the funds and...more

Historic $1.4 Billion Data Privacy Settlement between Meta and Texas

Ballard Spahr LLP on 8/1/2024

The State of Texas and Meta Platforms Inc. (“Meta”) have agreed to a $1.4 billion settlement, to be paid out over five years, to resolve claims relating to Meta’s alleged use of facial recognition technology without user...more

SEC Expands Scope of Internal Accounting Controls in Cybersecurity Breach Settlement

Holland & Knight LLP on 7/9/2024

The SEC continues to expand its cybersecurity enforcement authority to include allegations that a company's failure to monitor its managed security service providers (MSSP) amounts to violations of federal securities laws....more

SEC Revamps and Enhances Data Protections with Amendments to Regulation S-P

Foley Hoag LLP - Security, Privacy and the... on 5/30/2024

The Securities and Exchange Commission (“SEC”) has announced the adoption of amendments to Regulation S-P (“Amendments”) to modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal...more

Multistate Coalition of State Attorneys General Secures $49.5 Million from Cloud Company Blackbaud for 2020 Data Breach

Patterson Belknap Webb & Tyler LLP on 12/8/2023

State regulators across the country continue to increase their focus on cyber security and data privacy compliance and enforcement. For years, cloud company Blackbaud, a service provider to thousands of nonprofit enterprises,...more

Federal Court Grants the SEC Limited Access to the Identities of Law Firm Clients Impacted by a Cyberattack

Jones Day on 8/15/2023

In Short - The Situation: Following a cyberattack on a law firm's systems, the Securities and Exchange Commission ("SEC") subpoenaed the firm for information, including the identity of clients whose information may have...more

Hacking the Hive: How It Can Help Businesses

Burr & Forman on 2/15/2023

Businesses can breathe a little easier now that one of the world’s top five ransomware networks, the Hive, has been infiltrated and disbanded by the FBI....more

District Court preliminarily approves data breach suit

Orrick, Herrington & Sutcliffe LLP on 1/13/2023

On January 9, the U.S. District Court for the District of New Mexico granted preliminary approval of a class action settlement in a data breach suit that allegedly compromised approximately 191,000 individuals’ personally...more

FTC Actions Hold Data Privacy Lessons For 2023

Rothwell, Figg, Ernst & Manbeck, P.C. on 1/4/2023

The Federal Trade Commission will have its eye on privacy and data security enforcement in 2023. In August, the agency announced that it is exploring ways to crack down on lax data security practices. In the announcement,...more

FTC Takes Action Against Ed Tech Provider for Failure to Secure Student’s Personal Information

Alston & Bird on 11/4/2022

On October 31, 2022, the Federal Trade Commission (FTC) announced it has taken action against education technology provider Chegg Inc. (“Chegg”) for its “careless” cybersecurity practices that exposed sensitive personal...more

State and Federal Crackdown on Data Breach: EyeMed, Carnival Cruise & CafePress Settlements

Akin Gump Strauss Hauer & Feld LLP on 11/3/2022

This year has seen some substantial new data breach settlements including a $500,000 Federal Trade Commission (FTC) fine against CafePress, a $1.25 million multi-state class action settlement and $5 million New York...more

The SEC Wants You to Take Out the Trash – Securely

Vinson & Elkins LLP on 9/23/2022

In a recent Securities and Exchange Commission (“SEC”) enforcement action, the SEC concluded that a registered broker-dealer and investment adviser (the “Firm”) violated Rule 30 of Regulation S-P by failing to adopt...more

Data Privacy + Cybersecurity Insider - June 2022

Robinson & Cole LLP on 6/3/2022

CYBERSECURITY - Verizon’s 2022 Data Breach Investigations Report: A Must Read - I love Verizon’s annual Data Breach Investigations Report (DBIR). I have pored over its content every year since its inception in 2008. (Just...more

2021: Year In Review - SEC Signals More Aggressive Posture in Cybersecurity Space

Holland & Knight LLP on 1/21/2022

We continue our year-end review of SEC enforcement activity and turn our attention to a topic grabbing seemingly daily headlines across multiple industries: cybersecurity. As the risks – and realities – of cyberattacks...more

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

Holland & Knight LLP on 1/13/2022

Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...more

Recent CCPA Enforcement Actions Highlight the Importance of a CCPA-Compliant Privacy Policy

Robinson+Cole Data Privacy + Security Insider on 12/24/2021

This is the time of year for thought pieces reflecting on the past year or so to speculate on the hot topics for next year. I began to wonder about California Consumer Privacy Act (CCPA) enforcement actions over the past year...more

DOJ Battles Ransomware Attacks

The Volkov Law Group on 11/18/2021

The Justice Department continues to attack and dismantle global ransomware extortion organizations. Business surveys often confirm that executives are hyper-focused on the risk of ransomware attacks against businesses....more

Data Privacy + Cybersecurity Insider - September 2021 #2

Robinson & Cole LLP on 9/17/2021

CYBERSECURITY - Medical Center Rebuilding EMR Following Ransomware Attack - Queen Creek Medical Center (QCMC), also known as Desert Wells Family Medicine, located in Arizona, has notified up to 35,000 patients of a data...more

SEC Makes Cybersecurity Top Priority; Sanctions Firms for Cybersecurity Failures

Goodwin on 9/16/2021

There is little doubt that the U.S. Securities and Exchange Commission is making cybersecurity a top priority. SEC Chair Gary Gensler told a Senate committee on Tuesday, September 14, 2021 that the agency is developing a...more

SEC Continues Focus on Cybersecurity in Three New Actions Targeting Investment Advisers and Broker Dealers

Kramer Levin Naftalis & Frankel LLP on 9/13/2021

Demonstrating its continued focus on cybersecurity enforcement, the Securities and Exchange Commission (SEC) announced three new actions on Aug. 30 charging eight firms with maintaining deficient cybersecurity policies and...more

SEC Cyber Enforcement Actions – Lessons for Private Fund Managers

Akin Gump Strauss Hauer & Feld LLP on 9/9/2021

On August 30, 2021, the Securities and Exchange Commission announced three enforcement actions against registered investment advisers for alleged cybersecurity failures involving cloud-based email systems. All three actions...more

SEC Heightens Focus on Cybersecurity

Skadden, Arps, Slate, Meagher & Flom LLP on 9/3/2021

On August 30, 2021, the Securities and Exchange Commission (SEC) announced that eight broker-dealers and/or investment advisers will pay civil monetary penalties to resolve enforcement actions arising from cybersecurity...more

Another Win for Justice Department: Slilpp Marketplace Takedown

Robinson+Cole Data Privacy + Security Insider on 6/18/2021

People always ask me if law enforcement is having any luck in combatting cyber criminals. Let me be clear: it is a very tough job to take down cyber criminals located in other countries or sponsored by foreign nations. Our...more

First American Financial Corporation Settles SEC Case for $487,616 for Cybersecurity Data Breach and Disclosure Failures

The Volkov Law Group on 6/17/2021

The Securities and Exchange Commission is gaining traction in the enforcement of cybersecurity and disclosure requirements. The SEC has a lot on its plate these days – ESG, cybersecurity, and the traditional mix of...more

Spanish DPA shakes the privacy status quo in Spain – highest fines yet on personal data

Hogan Lovells on 3/11/2021

The Spanish Data Protection Agency (“Spanish DPA”) decided to start 2021 the same way it ended 2020: by imposing the highest fines to date (EUR 5,000,000 and 6,000,000) to two large Spanish financial entities. ...more

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