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by Robins Kaplan LLP on

Facebook CEO Mark Zuckerberg finally issued a statement yesterday addressing the unauthorized data use scandal involving Cambridge Analytica that’s cost his company share price almost 10% since the story broke....more

Equifax Insider Trading Charges Highlight Importance of Tailored Policies and Controls

In what appears to be the first insider trading case stemming from insider knowledge of material nonpublic cyber-related information, the Securities and Exchange Commission brought civil charges against a former Equifax...more

Joint Committee of ESA's Final Report on Use of Big Data by Financial Institutions

On March 15, 2018, the Joint Committee of the European Supervisory Authorities (“ESA“) published its final report, together with a factsheet, on the use of big data by financial institutions (JC/2018/04). Chapter 4 of the...more

Big Data and the Risks of Insider Trading

In the perennial quest for alpha, investment managers have turned increasingly to big and alternative data for market insights. The most prominent consumers of this data on Wall Street are managers of ‘‘quant’’ funds, which...more

New Guidance From SEC, New York’s DFS

Hoping to help covered entities, the Securities and Exchange Commission (SEC) released an update on cybersecurity while New York’s Department of Financial Services (DFS) published guidance for licensed virtual currency...more

Insider Trading Charges Brought Against CIO for Post-Breach Trading

by White and Williams LLP on

On March 14, 2018, the Securities and Exchange Commission (SEC) charged a chief information officer (CIO) for a US business division of Equifax with insider trading in advance of Equifax’s September 2017 disclosure of the...more

What Investors Should Understand About Data Privacy & Security Risks & Opportunities – 5 Key Takeaways

by McGuireWoods LLP on

The next in our series of posts sharing key takeaways from panels at the Healthcare & Life Sciences Private Equity and Lending Conference focuses on data privacy and security. As data privacy and security risks...more

Congress Considers Legislation To Standardize Data Security And Breach Notification Regulatory Regime

by King & Spalding on

On Wednesday, March 7, the House Financial Services Committee (“HFSC”) considered two legislative proposals to streamline data breach notification laws. HFSC’s Subcommittee on Financial Institutions and Consumer Credit held a...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

Who Is Watching The Watchmen?: CFTC Penalizes Registrant For Outsourced IT Security Lapses

by Bracewell LLP on

On February 12, 2018, the Commodity Futures Trading Commission (CFTC) settled charges against AMP Global Clearing LLC (AMP), a futures commission merchant (FCM), for the company’s failure to adequately supervise one of its IT...more

Financial Services Report – Spring 2018

by MoFo Reenforcement on

The 2018 Winter Olympics are over. We watched two 17-year-olds win gold medals in sports that didn’t exist when we were 17. The Garlic Girls, with nicknames from their favorite breakfasts, and the U.S. men’s team won medals...more

ICYMI in Cybersecurity and Data Breach

by Davis Wright Tremaine LLP on

Why Is Health Care Cybersecurity So Bad? Blame the Insiders, New Verizon Report Says - As reported originally in Fortune, “a new cybersecurity report from Verizon outlines the stunning degree to which internal actors are...more

New York DFS Issues New FAQs Regarding Cybersecurity Regulations

by Weiner Brodsky Kider PC on

The New York Department of Financial Services (DFS) has issued four additional Frequently Asked Questions (FAQs) concerning its cybersecurity regulations that went into effect last year....more

How New SEC Guidance on Cybersecurity Risks Could Affect Your Business

by Barley Snyder on

While new cybersecurity guidance from the U.S. Securities and Exchange Commission (SEC) only directly affects publicly traded companies, the trickle-down effects could touch a much larger swatch of businesses of any size....more

Supply Chain Adoption of Blockchain Continues to Gain Steam and Generates Many Legal Issues

While there has been a great deal of attention being paid lately to the use of blockchain for the issuance and investment (or speculation) in cryptocurrencies, other enterprise-based applications of blockchain continue to be...more

New York Cybersecurity Regulations: Additional Testing and Reporting Requirements Take Effect

by McGuireWoods LLP on

The one-year transitional period under the New York Department of Financial Services (NYDFS) Cybersecurity Requirements for Financial Services Companies expired on March 1, 2018. Financial services companies that are...more

Colorado Senate Bill Proposes Utilizing Blockchain Technology to Improve State Government’s Operations and Cybersecurity

The Colorado Senate is considering a bill to utilize blockchain or other distributed ledger technology for a variety of purposes, including to improve the state government’s operations and cybersecurity. Senate Bill 18-086...more

New York Department of Financial Services Updates Cybersecurity Guidance: Coverage of Cybersecurity Requirements Addressed in 4...

On March 1, 2018, the New York Department of Financial Services (NYDFS) “cybersecurity regulations” (23 NYCRR Part 500) took effect, placing a number of cybersecurity requirements on banks, insurance companies, and other...more

SEC Issues Updated Guidance on Public Company Cybersecurity Disclosures

by Proskauer Rose LLP on

On February 21, 2018, the Securities and Exchange Commission (SEC) issued an interpretive Commission Statement and Guidance on Public Company Cybersecurity Disclosures (the "Guidance") to assist public companies in meeting...more

OR, NY, AL, and RI considering data breach legislation post-Equifax

by Ballard Spahr LLP on

In the absence of federal action, state legislators continue to propose bills that would increase data privacy and security protections for consumers. Any entity that does business in these states or maintains confidential...more

Financial Regulatory Observer - February 2018: European fintech: New rules on the way

by White & Case LLP on

With fintechs attracting increasing interest from venture capitalists, growth in the M&A activity and partnerships with incumbents, 2018 is shaping up to be the year of the regulators....more

Washington Suburb Targeted by Cybercrime and Ransomware Attacks – Cyber News

by White and Williams LLP on

A recent report from The Seattle Times provides details on a series of social engineering and ransomware attacks successfully perpetrated on a Seattle suburb during the second half of 2017. The incidents of cyber scams...more

SEC Takes Baby Steps on Cyber, but Signals Greater Vigilance

On February 21, the Securities and Exchange Commission issued new Interpretive Guidance regarding disclosures of cybersecurity-related information by publicly traded companies. This guidance comes in the context of public...more

Privacy & Cybersecurity Update - February 2018

In this month's edition of our Privacy & Cybersecurity Update, we examine the Identity Theft Research Center's findings on data breaches in 2017, the U.S. Supreme Court's denial of certiorari that leaves in place the circuit...more

OIG Audit Addresses Data Security Concerns at the CFPB

The independent auditor of the Office of Inspector General (OIG) of the Federal Reserve System reported on cybersecurity issues at the Consumer Financial Protection Bureau (CFPB), and the report does not quite fit the picture...more

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