Cyber Attacks

News & Analysis as of

SEC Issues Cybersecurity Risk Alert

On April 15th, the SEC's Office of Compliance Inspections and Examinations ("OCIE") issued a Risk Alert concerning its initiative to assess the cybersecurity preparedness of the securities industry. The Risk Alert states that...more

SEC Cybersecurity Roundtable Addresses Broker-Dealer and Investment Adviser Risks

On March 26, 2014, the Securities and Exchange Commission (SEC) hosted a roundtable to discuss cybersecurity issues facing public companies, broker-dealers, investment advisers and other market participants. The roundtable...more

A Brief Survey of Current and Future Developments in Privacy, Data Protection and Cyber Security Law

The challenges confronting corporate counsel regarding privacy, data protection and cyber security have never been more daunting: dealing with the threat of increasingly sophisticated cybercriminals, responding to data breach...more

Cyberliability Developments in the Offshore Jursidictions

The offshore jurisdictions are catching up fast with legal issues relating to cybercrime, cyberliability, and the use and discovery of electronic documents. In the wake of the embarrassing leak in April 2013 of about...more

Cyber Insurance: A Last Line of Defense When Technology Fails

As cyber risks increase, specialized insurance policies can protect companies, but only if those policies are appropriately tailored and negotiated. Daily news headlines reveal the escalating, and costly, problem of...more

FFIEC Advises Banks On Website, ATM Cyber Attacks

On April 2, the FFIEC advised financial institutions that distributed denial-of-service (DDoS) attacks on a financial institution’s public websites present operational and reputation risks. If coupled with attempted fraud, a...more

Surplus Lines Insurance in Texas: A Dark Horse

Texas is the second largest surplus lines insurance market in the United States, collecting over $4 billion in premiums annually. Surplus lines insurance is important as it can provide insurance to those whose needs are not...more

Agencies Issue Denial of Service Guidance and Guidance on ATMs

On April 3, the members of the Federal Financial Institutions Examination Council (FFIEC), including the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union...more

FFIEC Issues Joint Statements on DDoS Cyber-Attacks and Cyber-Attacks on ATM and Card Authorization Systems

On April 2, 2014 the members of the Federal Financial Institutions Examination Council (“FFIEC”) issued two joint statements: the first joint statement regards distributed denial-of-service (“DDoS”) attacks, and the second...more

License to Hack? DOJ Seeks Expanded Authority to Use Hacking Techniques

As part of its increased focus on combating cybercrime, the U.S. Department of Justice is pushing to loosen requirements for obtaining search warrants in order to allow them greater freedom to hack into the computers of...more

Business News Digest – April 2014

In this issue: - Cybersecurity Assessments – Using the Tool Well - A SOX in the Gut: Supreme Court Vastly Expands Workplace "Whistleblower" Law - SEC to Scrutinize Never-Examined Investment...more

SEC Roundtable Discusses Cybersecurity Threats and Protections Against Cyberattacks

On March 26, the Securities and Exchange Commission hosted a roundtable discussion on various cybersecurity topics. Participants at the roundtable included representatives from the federal government, self-regulatory...more

Law Firms Are Prime Information-Security Targets

Law firms do not hold special immunity from the threat of cybercriminals. In fact, law firms should be extra vigilant, considering the breadth of sensitive client information they often possess regarding corporate...more

You're Not Immune: Hackers Target Health Care Providers Of All Shapes & Sizes

For health care providers, exposure to cyberattacks is becoming a stark reality. Findings in a recently released Health Care Cyberthreat Report by cybersecurity leaders confirmed the health care industry's vulnerabilities for...more

Corporate and Financial Weekly Digest - Volume IX, Issue 13

In this issue: - SEC Roundtable Discusses Cybersecurity Threats and Protections Against Cyberattacks - Proposed Changes to FINRA Classification of Hybrid Securities for Trade Reporting Purposes - FINRA...more

Windows XP Use May Violate HIPAA Starting April 8, 2014

If you use Windows XP on April 8, you will be easily susceptible to cyber-attacks and violations of the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”)....more

Cybercrime Loses Its Right to Silence

In 2012, the director gen¬eral of MI5 revealed that a London-listed company had lost £800 million as a result of a state-backed cyber at¬tack. The company in question has not been publicly identified and no disclosures were...more

Preparing For A Digital Armageddon

We are under attack. Whether it is cyber-theft, cyber-terrorism, or cyber warfare, critical systems that generate and distribute electricity on the grid, control commercial aircraft in flight, process bank and credit ...more

Banking & Financial Services E-Note - March 27, 2014

In This Issue: - SEC Considers New Funding Rules for Shadow Banking System - Judge Backs FTC Authority to Pursue Payday Lenders - Regulator Estimates Volcker Rule Could Cost Banks Up to $4.3B - Appeals Court...more

Health Care E-Note - March 26, 2014

In This Issue: - Hospital CEO Turnover Rate Reached Record 20 Percent in 2013 - States Take on Authority of Doctors vs. Advanced Practice Nurses - HHS Urges Hospitals to be More Prepared for Emergencies -...more

Have You Asked All The Right Questions?

In a recent alert, we outlined potential risks businesses face in the wake of cyber security threats as a result of inadequate data protection. 2013 had the highest number of recorded data breaches in over a decade....more

California Attorney General Urges Companies to Be Prepared for Cyber Attacks and Security Breaches

Kamala Harris, California's Attorney General, issued a set of recommendations for preventing and responding to cyber attacks and security breaches. The recommendations, called Cybersecurity in the Golden State, are directed...more

PlayStation Problems: No Defense in Sony’s Cyberattack Suits

On February 21, 2014, a New York state trial court judge ruled that Zurich American Insurance Company has no duty to defend the Sony Corporation in lawsuits relating to a 2011 cyberattack on its PlayStation network. This...more

With Cyberattacks on the Rise, White House Releases Cybersecurity Framework

Given the apparent vulnerabilities evidenced by recent cyberattacks to big-box retailers, cybersecurity remains a top priority for both the federal government and private sector. On February 12, the National Institute of...more

California Bill Would Create Cyber Security Commission

In recognition of the increasing threat that cyber-attacks pose to the state's infrastructure and the considerable costs that government and private sectors are estimated to spend on cyber security (more than $70 billion...more

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