News & Analysis as of May 16, 2025

Data Breach

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Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now. less -

Fiduciary Duty in the Digital Age: Cybersecurity Best Practices for ERISA Plans

Woodruff Sawyer on 5/9/2025

Cybercriminals look for two things when seeking a victim—access and opportunity. ERISA retirement plans offer both. Cybercriminals exploit weaknesses in systems, software, or human behavior to find opportunities for easy...more

Cybersecurity, Wire Fraud, and Attorney Liability: The Growing Risk Landscape

Integreon on 5/5/2025

Wire transfer fraud is on the rise, and attorneys are increasingly becoming prime targets for cybercriminals. With billions lost annually to fraudulent transactions, legal professionals who fail to implement robust...more

DOL Echoes Employee Benefits and Cybersecurity Best Practices

Foster Swift Collins & Smith on 10/3/2024

On April 14, 2021, the U.S. Department of Labor’s (“DOL”) Employee Benefits Security Administration (“EBSA”) issued its first cybersecurity best practices guidance for retirement plans. The EBSA guidance was highly...more

AI in Family Offices: A Closer Look at Privacy, Confidentiality, and Fiduciary Responsibility

ArentFox Schiff on 6/25/2024

The integration of artificial intelligence (AI) has revolutionized various industries, offering efficiency, accuracy, and convenience. In the realm of estate planning and family offices, the integration of AI technologies has...more

Plaintiffs Request Court Approval of $8.7M Settlement in ERISA Class Action Cyberattack Lawsuit

Holland & Knight LLP on 4/2/2024

Multi-employer plan participants involved in an Employee Retirement Income Security Act of 1974 (ERISA) class action lawsuit against Horizon Actuarial Services LLC (Horizon), a national retirement services firm, have entered...more

Is Nothing Sacred? Cyberattacks May Impact Director and Officer Fiduciary Duties

Amundsen Davis LLC on 9/21/2023

MGM Resorts is the latest victim of a cyberattack occurring on September 10th, which has set back the gambling and leisure giant substantially, both in terms of business function and income. MGM is not alone. Household names...more

SolarWinds: A Lesson on How Companies Victimized by Data Breaches Can Quickly Become the Target of Litigation and Regulatory...

Proskauer on Privacy on 11/16/2022

In 2020, SolarWinds Corp., a company that provided information technology software to private and government entities, was the victim of a cybersecurity breach. Russian hackers are believed to have slipped malicious code...more

Shareholders Seek to Hold Current and Former SolarWinds Officials Liable for Massive 2020 Security Breach

Benesch on 12/7/2021

Investors filed a derivative suit claiming that the company knew about, and failed to mitigate known, existing cybersecurity risks and shortfalls prior to the security breach. In early November, pension funds and...more

10 Reasons to Hire a Corporate Private Investigator

Oberheiden P.C. on 3/23/2021

Corporate investigations can serve a variety of different purposes. From uncovering accounting fraud to responding to cybersecurity breaches and preparing for litigation, there are various circumstances in which corporate...more

Cybersecurity: A Plan Sponsor Obligation

Faegre Drinker Biddle & Reath LLP on 1/29/2021

A recently filed lawsuit against a trust company serving as a 401(k) plan trustee, the second of its kind in the last few months, highlights the need for plan sponsor diligence in protecting participant data and accounts in...more

Shareholder Seeks Second Look At Company Data Security Practices

Proskauer - Minding Your Business on 12/9/2020

On November 25, 2020, a shareholder of First American Financial Corporation (“First American”) filed suit against the company and its officers and directors over a massive data security breach that exposed hundreds of...more

Retirement Plan Cybersecurity: Don't Assume Outsourced Administration Is Duty Free

Morgan Lewis on 12/2/2019

For years, there has been a persistent trend toward outsourcing retirement plan recordkeeping and other administrative responsibilities. Although historically more prevalent for defined contribution plans, this outsourcing...more

Move over, CCPA? New York Considers Sweeping Data Privacy Law

Foley Hoag LLP - Security, Privacy and the... on 6/10/2019

New York’s state legislature is considering a new data privacy law that would set the standard for data privacy in the U.S. The New York Privacy Act (the “NYPA” or the “Act”), which is currently being considered by the state...more

Podcast: Cybersecurity and the Boardroom

Akin Gump Strauss Hauer & Feld LLP on 3/20/2019

In this episode, the third of three building on Akin Gump’s annual Top 10 Topics for Directors report, partner Michelle Reed discusses the critical question of cybersecurity and the corporate world. Among the topics covered: ...more

Directors and Officers Settle Over Yahoo Hack: A New Chapter in Derivative Litigation?

Patterson Belknap Webb & Tyler LLP on 1/10/2019

Yesterday, a Superior Court judge in Santa Clara, California approved what is believed to be the first monetary award to a company in a data breach-related derivative lawsuit....more

Appeal in Home Depot Data Breach Derivative Action Results in Settlement of Corporate Governance Claims

Mintz - Privacy & Cybersecurity Viewpoints on 5/2/2017

Snatching victory of a sort from the jaws of defeat, shareholders who brought a derivative action alleging that the 2014 Home Depot data breach resulted from officers’ and directors’ breaches of fiduciary duties have reached...more

Data Breach Risks for 401(k) and Retirement Plans

Jones Day on 4/18/2017

There has been a recent spike in attacks on 401(k) and retirement plans by cyber criminals. Some have been reported publicly, and we are aware of several nonpublic incidents as well....more

Cybersecurity Threats: What Retirement Plan Sponsors and Fiduciaries Need to Know – and Do

Poyner Spruill LLP on 3/8/2017

What is the Risk? The loss of employee personal information due to a cyber breach is an ever-increasing concern to all employers. After years of work to put into place protocols to comply with HIPAA’s requirements on...more

Bass, Berry & Sims Releases Securities & Shareholder Litigation 2017: A Look Ahead

Bass, Berry & Sims PLC on 2/26/2017

Bass, Berry & Sims PLC announces the release of its annual "Securities & Shareholder Litigation 2017: A Look Ahead," a high-level report that covers recent developments and offers best practices for the year ahead. The newly...more

Yahoo Data Breach Update: A Third Notification + Shareholders Sue

Robinson+Cole Data Privacy + Security Insider on 2/24/2017

Last week, Yahoo issued another warning to some of its customers telling them that their personal information may have been compromised in a data breach. This is the third notification to Yahoo users that their information...more

Home Depot Data Breach Derivative Suit Sent Home

Proskauer - Minding Your Business on 12/16/2016

Judge Thomas W. Thrash Jr. of the U.S. District Court of Georgia permanently shelved a derivative suit brought by shareholders of Home Depot. Home Depot is a multinational home improvement retailer. In September, 2014,...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 11/10/2016

So, it turns out that all of the Brexit-style market freefalling was reserved for overnight trading. US markets actually closed up yesterday after modest opening losses....more

Managing Cybersecurity Risk for Nonprofit Organizations: A Fiduciary Duty?

Patterson Belknap Webb & Tyler LLP on 5/16/2016

We live in an era of increasingly prevalent cybercrime, and nonprofits are in the crosshairs. Harvard University, Penn State University and two BlueCross BlueShield entities are just a few nonprofit organizations that...more

EXPECT FOCUS: Onboard Technology, NAIC Cybersecurity, DOL, ACA Litigation, SEC Regulation (Vol. III, Summer 2015)

Carlton Fields on 10/8/2015

In This Issue: IN THE SPOTLIGHT - - Your Data Breach Collided With My Personal Injury Coverage LIFE INSURANCE - - Phantom Injury Dooms “Shadow Insurance” Case - Latest NAIC Cybersecurity News ...more

Evolving Litigation of Data Breach Claims

Akerman LLP - Health Law Rx on 9/25/2015

An Illinois circuit court judge has dismissed five of six claims in a consolidated class action against Advocate Health and Hospital Corporation arising from a data breach in July 2013. The judge’s dismissal with prejudice...more

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