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Facebook Gears Up for High Stakes Biometric Trial

In one of the first major tests of the Illinois biometric data privacy law, Facebook is headed to trial this summer over allegations that the social media giant unlawfully collects user data with its photo tagging function....more

Insurance Industry Cybersecurity Law Moves Closer to Becoming a Reality

The insurance industries in South Carolina and Rhode Island may soon be required to adopt formal data security safeguards, a movement sparked by the National Association of Insurance Commissioners’ (NAIC) Insurance Data...more

Takeaway from Buffett’s Investor Day: “Cyber is Unchartered Territory”

Legendary investor Warren Buffett’s portfolio won’t be scooping up shares of insurers that underwrite cyber insurance. At Berkshire Hathaway’s 2018 Annual Shareholders Meeting over the weekend, Buffett called cyber...more

Equifax Breach Costs Stack Up

How much does a data breach cost? One independent study estimated that, on average, the cost to an organization of a data breach in the U.S. was $7.35 million in 2017. But recent financial disclosures from Equifax Inc. show...more

The Tale of LabMD: New Lawsuits Charge Ethics Violations and Fake Data Breaches

The LabMD data security case is anything but dull. An 8-year (and counting) fight with the U.S. Federal Trade Commission, a U.S. House of Representatives Oversight and Government Reform Committee investigation into...more

5/1/2018  /  Cybersecurity , Data Breach , Ethics , FTC , LabMD

Does Yahoo’s SEC Cyber Disclosure Settlement Set Enforcement Bar?

The U.S. Securities and Exchange Commission’s $35 million settlement announced this week over the Yahoo! data breach provides an object lesson in the consequences of failing to publicly disclose a major cyber-attack....more

Uber’s Latest Headache

An expanded settlement by the Federal Trade Commission with ride-sharing giant Uber Technologies should serve as a lesson to other businesses about what happens when a company fails to disclose a data breach during an ongoing...more

Microsoft Email Case Dismissed by Supreme Court

Yesterday, the long-running dispute between Microsoft Corp. and the U.S. government regarding data stored abroad was resolved by the United States Supreme Court. ...more

M&A and Cyber Diligence: New York’s DFS Issues a Reminder

Over the last year, U.S. companies have been hit with a wave of new data security regulations and agency guidance, ranging from the SEC’s Guidance on Public Company Cybersecurity Disclosures to the European Union’s General...more

Microsoft Joins Government’s Request to Render Fight over Access to Data Stored Abroad Moot

Yesterday, we reported that the Department of Justice has asked the U.S. Supreme Court to remand its dispute with Microsoft Corp. concerning access to customer emails stored abroad to the U.S. Court of Appeals for the Second...more

Government Urges High Court to Moot Microsoft Email Case

We’ve written several times about the landmark dispute between the U.S. government and Microsoft Corp. over access to a customer’s emails stored in Ireland. Now, a month after the U.S. Supreme Court heard oral argument on the...more

The Warning Behind the Numbers: New York’s 2017 Data Breach Report

On its face, last week’s report that the number of data breaches reported last year to New York’s Attorney General spiked to an all-time high of 1,583 – up 23 percent from 2016 – was not good news....more

Ninth Circuit Wades into Growing Debate over Data Breach Standing

Is the risk of future harm enough to satisfy Article III standing in a data breach suit? That’s the question courts of appeals around the country are wrestling with now – and reaching opposing results. ...more

Former Equifax Exec Charged with Insider Trading: Underscores Need for Trading Halt Plans

The Equifax hack has taken another twist – one that raises questions that every public company should consider....more

DFS Issues Compliance Certificate “Reminder”

Last week, the New York Department of Financial Services (DFS) sent notices to companies that had not yet certified their compliance with the DFS Cybersecurity Regulation....more

Monday Briefing: Hacks, Public Companies and the SEC

With the U.S. Securities and Exchange Commission’s updated cybersecurity guidance hot off the press, let’s start the week by taking a look at public company cyberattack reporting statistics....more

The Equifax Breach Continues to Rage

Six months after a massive data breach at credit reporting company Equifax, Inc. handed hackers the personal information of nearly 150 million Americans, the fallout continues. Equifax first disclosed in September that...more

Facebook Loses Second Attempt to Dismiss Biometric Data Class Action

Last week, a federal district judge in California shot down Facebook, Inc.’s second attempt to dismiss a putative class action alleging that its facial recognition software violates the Illinois Biometric Privacy Act (BIPA)....more

SEC Refreshes Cyber Guidance: Key Takeaways

It’s been seven years since the U.S. Securities and Exchange Commission (Commission) issued its initial guidance to public companies on cybersecurity disclosure. And last week – in the midst of Form 10-K filing season –...more

The Next Big Thing: Data Breach Securities Class Action Litigation

Shareholders may have found a new hook for data security lawsuits. Over the past year, plaintiffs have filed nine federal class action securities fraud lawsuits against public companies after data security incidents,...more

The DFS Effect: Cyber Meets Sarbanes Oxley

Financial institutions with ties to New York spent their Valentine’s Day learning how to use the New York State Department of Financial Services (DFS) web portal....more

Education Department Toughens Tone on Cyber and Threatens to Pull Funding for Non-Compliance

Recently-issued guidance from the U.S. Department of Education (ED) threatens to “yank” Title IV funding for post-secondary institutions lacking appropriate data security safeguards....more

“Legally Reprehensible”: Senate Chastises Uber’s Conduct in 2016 Data Breach

On Tuesday, a Senate subcommittee grilled Uber’s Chief Information Security Officer, John Flynn, over a 2016 data breach that affected nearly 57 million drivers and riders. At the hearing, Uber faced backlash from lawmakers...more

U.S. Supreme Court Watch: Whether to Resolve Circuit Split on Standing for Data Breach Plaintiffs

At its first conference this month, the U.S. Supreme Court will consider whether to weigh in on a Circuit split over standing to sue in the aftermath of a data breach. ...more

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