News & Analysis as of

Insider Trading Cybersecurity Cyber Attacks

Jenner & Block

Cybersecurity breaches: disclosure considerations amid increasing SEC scrutiny

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Recent cybersecurity events have tested the cybersecurity defenses of many of America’s largest public companies and given rise to private class actions and insider trading cases. At the same time, the U.S. Securities and...more

BCLP

Beware of Insider Trading Whistleblower Scams

BCLP on

There has recently been a rash of similar anonymous whistleblower tips to public companies, each claiming that an unnamed company supervisor boasted about reaping profits from insider trading. The number of public companies...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent SEC Enforcement Requests Related to SolarWinds Cyberattack

Recently, many of our clients have received similar requests from the staff of the SEC's Division of Enforcement related to the December 2020 SolarWinds cyberattack. We confirmed with the SEC staff that the request is...more

Morgan Lewis

Spotting and Mitigating Enforcement Issues Concerning Cybersecurity-Related Controls and Disclosures

Morgan Lewis on

The growing frequency and public awareness of cyberincidents, evolution of technologies employed by intruders, and proliferation of personal data and infrastructure vulnerable to attack have all contributed to heightened...more

Hogan Lovells

(Discussion Recap) A Perfect Storm? Panel Discussion on Handling a Cybersecurity Incident

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Using a hypothetical case study, revealed in a series of short animations, Hogan Lovells partners Philip Parish, Arwen Handley, Nicola Fulford and Peter Marta considered topics such as good cyber incident preparedness, board...more

Patterson Belknap Webb & Tyler LLP

SEC Cyber Briefing: Investigation into Wire Fraud and a Look at 2019 Regulatory Initiatives

In our final installment of a three-part series, we look at the U.S. Securities and Exchange Commission’s Investigative Report into the epidemic of wire fraud or “business email compromise,” and then, based on its 2018...more

Moore & Van Allen PLLC

SEC Issues Disclosure Guidance as Part of Continued Focus on Cybersecurity

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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

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

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

Akin Gump Strauss Hauer & Feld LLP

Revised SEC Guidance Concerning Disclosure of Cybersecurity Risks and Cyber Incidents

• Disclosures must inform investors about material cybersecurity risks and incidents, including addressing material cybersecurity risks for cyber-attacks that have not yet occurred. • Comprehensive policies and procedures...more

Fenwick & West LLP

SEC Releases Updated Cybersecurity Guidance

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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

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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

Holland & Knight LLP

SEC Issues New Cybersecurity Guidance; Makes Clear that Cybersecurity Disclosures Are Part of Existing SEC Requirements - Guidance...

Holland & Knight LLP on

On Feb. 21, 2018, the Securities and Exchange Commission (SEC) issued interpretive guidance on its expectations for corporate disclosures on cybersecurity risks. The guidance delineates where it believes existing SEC rules...more

Bass, Berry & Sims PLC

SEC Issues Updated Guidance on Cybersecurity Risk Disclosures and Trading on Nonpublic Cybersecurity Information

Bass, Berry & Sims PLC on

On February 21, 2018, the U.S. Securities and Exchange Commission (SEC) issued updates to its interpretive guidance on how public companies should disclose cybersecurity breaches and risks. There are two core messages at...more

Burr & Forman

SEC’s Chairman Makes Changes After the Agency’s Latest Cyber-Attack

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The Securities Exchange Commission (“SEC”) has been busy the last couple months on the cyber front. On September 20, the SEC announced a renewed focus on cybersecurity efforts and disclosed that it had been a victim of a...more

Nossaman LLP

The SEC Gets Hacked: What Now?

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It was recently revealed that the Securities and Exchange Commission’s (“SEC”) EDGAR database, which is used by public companies to file official documents, was breached. According to the SEC, trading off of that hacked...more

Sullivan & Worcester

Insider Trading and Equifax

Sullivan & Worcester on

We regularly have conversations with our clients about whether particular non-public information is "material," who at the company knows about such information and whether certain individuals should be allowed to engage in...more

Nutter McClennen & Fish LLP

Equifax Breach: Lessons Corporations Must Learn from Equifax’s Poor Planning and Response

Equifax’s stunning security breach and inadequate response has now claimed its most prominent victim – the CEO of Equifax, Richard Smith, announced his immediate resignation. In light of this rapid fall from grace, here...more

Allen Matkins

Hacking EDGAR And Insider Trading

Allen Matkins on

SEC Chairman Jay Clayton launched a sea of news stories last week when he included the following five sentence in a statement on cybersecurity...more

Alston & Bird

SEC Chairman Jay Clayton Announces Data Breach of SEC Systems Which May Have Led to Insider Trading

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SEC Chairman Jay Clayton issued a public statement on Cybersecurity (the “Clayton Statement”) last week, disclosing a 2016 attack on the SEC’s database of corporate filings. The intrusion exploited a vulnerability in the test...more

Cadwalader, Wickersham & Taft LLP

Law Firm Data Breaches Demonstrate the Expanding Scope of Cyber Attacks

In a case of “cyber meets securities fraud,” the United States Attorney’s Office for the Southern District of New York (“SDNY”) recently indicted three foreign nationals on charges of insider trading, wire fraud, and computer...more

King & Spalding

Unprecedented Hacking and Trading Scheme Highlights Key Cybersecurity Lessons

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On Aug. 11, 2015, federal prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against nine individuals in the U.S. and Ukraine who were allegedly involved in a five-year,...more

King & Spalding

Also In the News - Data, Privacy, & Security Practice Report - August 2015

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King & Spalding Client Alert On Unprecedented Hacking And Trading Scheme — On August 11, 2015, prosecutors in the District of New Jersey and the Eastern District of New York unsealed indictments against several individuals...more

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