News & Analysis as of

Hackers Cybersecurity Securities and Exchange Commission (SEC)

Jackson Lewis P.C.

Failure to Safeguard, Two Cyber Intrusions, and an $850,000 SEC Settlement

Jackson Lewis P.C. on

Virtually all organizations have an obligation to safeguard their personal data against unauthorized access or use. Failure to comply with such obligations can lead to significant financial and reputational harm. In a...more

Sheppard Mullin Richter & Hampton LLP

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

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

Holland & Knight LLP

Court in SolarWinds Case Blows Down SEC's Cyber Enforcement Authority

Holland & Knight LLP on

The U.S. District Court for the Southern District of New York on July 18, 2024, dismissed most of the SEC's landmark cyber enforcement litigation against SolarWinds Corp. (SolarWinds or the Company) and the Company's Chief...more

The Volkov Law Group

SEC Expands Internal Controls Provision to Cover Cybersecurity Incidents and Reaches $2.1 Million Settlement with R.R. Donnelley &...

The Volkov Law Group on

In a significant expansion of internal controls enforcement, the SEC announced a $2.1 million settlement with R.R. Donnelley & Sons Co. (“RRD”) for its handling of a 2021 ransomware attack and resulting disclosure failures. ...more

Robinson+Cole Data Privacy + Security Insider

Intercontinental Exchange Settles with SEC Over Alleged Delay in Notification of Hack

Intercontinental Exchange, Inc. (ICE), the owner of the New York Stock Exchange, has agreed to settle with the Securities and Exchange Commission (SEC) for $10 million over allegations that it failed to timely notify the SEC...more

McDermott Will & Emery

Preparing for Evolving Cybersecurity Threats

McDermott Will & Emery on

The recent ransomware attack against the Duvel Moortgat Brewery demonstrated the very real risk that cybersecurity incidents pose to the alcohol industry, reportedly halting operations for several days at four of Duvel...more

Woodruff Sawyer

The New Hacker Playbook: Weaponizing the SEC’s Cyber Disclosure Rules

Woodruff Sawyer on

Hackers are now weaponizing the SEC’s cyber disclosure rules as a new way to pressure corporations. You may recall that the Securities and Exchange Commission has new rules for timely disclosure of cyberattacks. One major...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2024 #2

Robinson & Cole LLP on

CYBERSECURITY - SEC’s Hacked X Account Leads to Tumultuous Bitcoin Market - The Securities and Exchange Commission has confirmed that its X account “was compromised, and an unauthorized post was posted.” The SEC...more

Epiq

Four of the Hottest Topics in Cyber Last Year

Epiq on

From large-scale hacks to new rules governing cyber practices, the cyber landscape continues to become more complex. The risk for breaches is higher than ever before. The numbers support this declaration. According to the...more

Wilson Sonsini Goodrich & Rosati

Cybersecurity: What to Watch for in 2024

In 2024, businesses will continue to face an evolving landscape of cyber threats, along with an increasingly complex regulatory environment. With heightened scrutiny from regulators, consumers, and investors, the need to...more

Hinckley Allen

The 2023 Cyber Year in Review

Hinckley Allen on

The Most Significant Developments in Cybersecurity and Cyber-Related Liability Risks - As we reflect upon 2023, it will unfortunately be remembered as a record-breaking year for ransomware and cybercrime....more

Burr & Forman

Hackers Extort Victim with SEC Whistleblower Complaint

Burr & Forman on

In an unintended consequence of the Securities and Exchange Commission's (SEC) unprecedented rulemaking agenda, a black-hat hacker gang has filed a whistleblower complaint against its victim for not reporting a cybersecurity...more

Jackson Lewis P.C.

Corporate Boards Mulling Effects of SEC Cyber Enforcement and CISO Exposure, and Possibly Hacker Complaints to SEC

Jackson Lewis P.C. on

According to a New York Times story this weekend, the Security Exchange Commission’s lawsuit against SolarWinds is driving discussions in boardrooms and corporate security departments of large organizations about the handling...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - November 2023 #2

Robinson & Cole LLP on

CYBERSECURITY - Hackers Steal $4.4M Crypto Using Data Linked to LastPass Breach - According to Bleeping Computer, crypto fraud researchers at ZachXBT, and MetaMask developer Taylor Monahan have reported that on October 25,...more

Cooley LLP

SEC charges SolarWinds and CISO with securities fraud and control failures

Cooley LLP on

You remember the 2020 SolarWinds hack, perhaps one of the worst cyberattacks in history? As NPR described it in 2021, we all regularly receive routine software updates like this one...more

Jones Day

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

Jones Day on

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

Alston & Bird

The Digital Download – Alston & Bird’s Privacy & Data Security Newsletter – August 2023

Alston & Bird on

Publications and Advisories - July 31, 2023 – Dave Brown, Kate Hanniford, Kim Peretti, Julia Mediamolle, Cara Peterman, Sierra Shear, Kristen Bartolotta, and Kezia Osunsade published “Securities Law, Securities Litigation,...more

Spilman Thomas & Battle, PLLC

Decoded - Technology Law Insights, V 4, Issue 7, August 2023

You may be Entitled to Financial Compensation…for Your Data - “Without all of our writings and photos that AI companies are using to train their models, they would have nothing to sell.” Why this is important: This...more

Brownstein Hyatt Farber Schreck

SEC Releases Aggressive New Cybersecurity Disclosure Requirements

“Material Cybersecurity Incident” Standard Will Have a Monumental Impact on Current Cyber Disclosure Requirements - On July 26, 2023, the U.S. Securities and Exchange Commission (SEC) adopted the Cybersecurity Risk...more

A&O Shearman

SEC Mandates New Cybersecurity Disclosures

A&O Shearman on

On July 26, 2023, the SEC adopted final rules that require public companies to promptly disclose material cybersecurity incidents on Form 8-K and detailed information regarding their cybersecurity risk management and...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - July 2023 - #3

Robinson & Cole LLP on

CYBERSECURITY - SEC Adopts New Cybersecurity Rules for Public Companies - In a 3-2 vote, the Securities and Exchange Commission (SEC) adopted new cybersecurity rules yesterday (July 26, 2023) applicable to public...more

Davis Wright Tremaine LLP

SEC Settles Ransomware Disclosure Charges for $3 Million

The U.S. Securities and Exchange Commission ("SEC" or the "Commission") has ordered Blackbaud, Inc. ("Blackbaud") to pay $3 million to resolve claims that it made materially misleading statements about a 2020 ransomware...more

Proskauer on Privacy

SolarWinds: A Lesson on How Companies Victimized by Data Breaches Can Quickly Become the Target of Litigation and Regulatory...

Proskauer on Privacy on

In 2020, SolarWinds Corp., a company that provided information technology software to private and government entities, was the victim of a cybersecurity breach. Russian hackers are believed to have slipped malicious code...more

Mintz - Privacy & Cybersecurity Viewpoints

“Ding Dong” -- FTC-Drizly Data Breach Settlement Will follow CEO Personally for a Decade

The Federal Trade Commission (“FTC”) announced on Monday that it is settling a case against Drizly and its CEO stemming from a 2020 data breach that impacted roughly 2.5 million consumers. The proposed order not only...more

Dechert LLP

Dechert Cyber Bits - Issue 22

Dechert LLP on

SEC Chair Gensler Indicates Commission is Looking to Update SEC’s Regulation S-P - On September 28, 2022, Securities and Exchange Commission (“SEC” or the “Commission”) Chairman Gary Gensler appeared via video at the...more

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