News & Analysis as of

Hackers Publicly-Traded Companies

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

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

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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

Brownstein Hyatt Farber Schreck

When Should a Public Company Disclose a PCI Breach?

As companies collect growing amounts of data about their customers and other consumers, sophisticated adversaries, recognizing the value of this information, have increased their efforts to pilfer it. For publicly traded...more

Wilson Sonsini Goodrich & Rosati

The SEC Issues Warnings to Companies to Review Controls to Prevent Wire Fraud Hacking Attempts

In an October 16, 2018 investigation report, the Securities and Exchange Commission found that nine companies that suffered Business Email Compromise, or BEC, had insufficient internal controls to prevent such attacks....more

Mayer Brown Free Writings + Perspectives

Cybersecurity and Board Oversight

In a recent speech, SEC Commissioner Kara Stein commented on the importance of cybersecurity. The Commissioner noted that encouraging adoption of written policies and procedures, voluntary frameworks and non-binding guidance...more

Moore & Van Allen PLLC

SEC Issues Disclosure Guidance as Part of Continued Focus on Cybersecurity

Moore & Van Allen PLLC on

As cybersecurity attacks have continued to gain prominence as a threat posing critical risk management and compliance challenges for financial institutions, the Securities and Exchange Commission (SEC) has emerged as an...more

Ballard Spahr LLP

The Hacked & the Hacker-for-Hire: Lessons from the Yahoo Data Breaches (So Far)

Ballard Spahr LLP on

The fallout from the Yahoo data breaches continues to illustrate how cyberattacks thrust companies into the competing roles of crime victim, regulatory enforcement target and civil litigant. ...more

Moore & Van Allen PLLC

SEC Releases Interpretive Guidance on Cybersecurity Risk and Incident Disclosures

Moore & Van Allen PLLC on

On Feb. 22, 2018, the Securities and Exchange Commission (SEC) issued its first interpretive guidance since October 2011 on public companies’ cybersecurity risk and incident disclosure obligations. ...more

Orrick, Herrington & Sutcliffe LLP

SEC Commissioners Provide Guidance on Cybersecurity Disclosures After Wave of Record Incidents

The Commission's "new" cybersecurity guidance largely rehashes existing guidance, as is highlighted by objections from two commissioners. At most, the additional qualitative guidance is incremental. It reiterates the need to...more

Carlton Fields

Recent Developments In Securities Class Actions And Companies' Disclosure Obligations Regarding Cybersecurity Risks And Events

Carlton Fields on

Public companies experiencing data security incidents have been largely successful in defeating derivative actions and securities class actions related to those cyber incidents....more

Stinson - Corporate & Securities Law Blog

SEC Cybersecurity Disclosure and Controls Checklist

In February 2018 the SEC outlined its views with respect to cybersecurity disclosure requirements under the federal securities laws as they apply to public reporting companies. Set forth below is a checklist of items included...more

Kramer Levin Naftalis & Frankel LLP

SEC Guidance Focuses on Cybersecurity Procedures and Disclosure Issues

On Feb. 21, the Securities and Exchange Commission (SEC) released interpretive guidance on public companies’ disclosure practices regarding cybersecurity breaches and risks to the public....more

Fenwick & West LLP

SEC Releases Updated Cybersecurity Guidance

Fenwick & West LLP on

The U.S. Securities and Exchange Commission on Feb. 21, 2018, issued interpretive guidance on public company cybersecurity disclosures. The new guidance will affect public companies and companies seeking to go public in...more

Ballard Spahr LLP

SEC Releases Guidance on Cybersecurity Disclosures

Ballard Spahr LLP on

In light of the increasing significance of cybersecurity incidents, and their potential impact on a company's operations, on February 21, the Securities and Exchange Commission (SEC) issued guidance to public reporting...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - February 2018 #4

Robinson & Cole LLP on

U.S. Estimates that Cyber Hacks Cost Up to $109 Billion in 20 - The Council for Economic Advisors (CEA) issued a report this month, entitled “The Cost of Malicious Cyber Activity to the U.S. Economy,” which concludes that...more

Robinson+Cole Data Privacy + Security Insider

SEC Updates Guidance on Public Companies’ Disclosure of Cyber-Attacks

The U.S. Securities and Exchange Commission (SEC) updated guidance to public companies this week on how and when they are to disclose cybersecurity risks and breaches. The SEC suggests that public companies should disclose...more

Patterson Belknap Webb & Tyler LLP

SEC Cyber Watch: Finally, New Guidelines for Breach Disclosures?

The U.S. Securities and Exchange Commission has signaled that it expects to issue updated guidelines on reporting cybersecurity incidents. “I think this issue is important enough, wide-ranging enough that we should tackle...more

Patterson Belknap Webb & Tyler LLP

Equifax Mea Culpa: Too Little, Too Late?

Equifax Inc.’s interim CEO, Paulino do Rego Barros Jr., issued the company’s second public apology this morning for the massive data breach that has affected as many as 143 million U.S. consumers....more

Cadwalader, Wickersham & Taft LLP

Equifax Data Breach Highlights SEC Disclosure Obligations for Public Companies in the Wake of Cybersecurity Attacks

On September 7, 2017, Equifax, one of the country’s three primary credit reporting bureaus, announced it had suffered a major cybersecurity breach that could potentially affect half of the U.S. population. According to the...more

Nossaman LLP

SEC Hints that Enforcement Actions on Lax Cybersecurity Might Be Coming

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With the confirmation of Jay Clayton as the Chair of the Securities and Exchange Commission, comments made last month by the Acting Enforcement Director, Stephanie Avakian, regarding the importance of accurate reporting in...more

McGuireWoods LLP

SEC Freezes Hacker’s Assets

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Federal oversight related to hacking recently made headlines when a federal court in New Jersey granted the Securities and Exchange Commission’s (SEC’s) motion to freeze assets connected to a hedge fund manager accused of...more

Fenwick & West LLP

Return of the Cyborg—FTC and SEC Oversight of Cybersecurity Ramps Up

Fenwick & West LLP on

The government appears to be increasing its enforcement efforts regarding cybersecurity risks. A three-judge panel of the U.S Court of Appeals for the Third Circuit recently held the FTC may bring a claim that a company’s...more

King & Spalding

Sophisticated Hackers Target Insider Information

King & Spalding on

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

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