News & Analysis as of

Hackers Data Breach Enforcement Actions

Faegre Drinker Biddle & Reath LLP

Lessons from PayPal’s $2 Million Cybersecurity Settlement with the New York State Department of Financial Services

On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more

Allen Matkins

SEC Continues Its Persecution Of Crime Victims

Allen Matkins on

More than a decade ago, I expressed concern about the Securities and Exchange Commission's predilection for targeting victims of crimes.   That concern related to an enforcement action against a company that had been...more

Sheppard Mullin Richter & Hampton LLP

SEC Continues its Cybersecurity Focus, Settles with Company over Lax Security Measures

The SEC recently issued an order and settlement against a company from a pair of cyberattacks in which millions of dollars of client funds were stolen. While the company was able to recover a portion of the funds and...more

The Volkov Law Group

SEC Expands Internal Controls Provision to Cover Cybersecurity Incidents and Reaches $2.1 Million Settlement with R.R. Donnelley &...

The Volkov Law Group on

In a significant expansion of internal controls enforcement, the SEC announced a $2.1 million settlement with R.R. Donnelley & Sons Co. (“RRD”) for its handling of a 2021 ransomware attack and resulting disclosure failures. ...more

Robinson+Cole Data Privacy + Security Insider

Intercontinental Exchange Settles with SEC Over Alleged Delay in Notification of Hack

Intercontinental Exchange, Inc. (ICE), the owner of the New York Stock Exchange, has agreed to settle with the Securities and Exchange Commission (SEC) for $10 million over allegations that it failed to timely notify the SEC...more

Health Care Compliance Association (HCCA)

Hackers Increasingly Leveraging Threats to Patients to Pressure Health Organizations to Pay Ransom

Cyberhackers—potentially frustrated by their limited ability to extort ransom from health care entities in attacks—have started extorting the patients themselves, threatening them with the release of information or...more

Jones Day

Federal Court Grants the SEC Limited Access to the Identities of Law Firm Clients Impacted by a Cyberattack

Jones Day on

In Short - The Situation: Following a cyberattack on a law firm's systems, the Securities and Exchange Commission ("SEC") subpoenaed the firm for information, including the identity of clients whose information may have...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - March 2023 #2

Robinson & Cole LLP on

CYBERSECURITY - Clop Claims Zero-Day Attacks Against 130 Organizations - Russia-linked ransomware gang Clop has claimed that it has attacked over 130 organizations since late January, using a zero-day vulnerability in...more

Davis Wright Tremaine LLP

SEC Settles Ransomware Disclosure Charges for $3 Million

The U.S. Securities and Exchange Commission ("SEC" or the "Commission") has ordered Blackbaud, Inc. ("Blackbaud") to pay $3 million to resolve claims that it made materially misleading statements about a 2020 ransomware...more

Burr & Forman

Hacking the Hive: How It Can Help Businesses

Burr & Forman on

Businesses can breathe a little easier now that one of the world’s top five ransomware networks, the Hive, has been infiltrated and disbanded by the FBI....more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - February 2023

Robinson & Cole LLP on

CYBERSECURITY - World Economic Forum’s Global Cybersecurity Outlook for 2023 Is Bleak - Sorry to be the bearer of bad news but remember that I am only the messenger. According to the World Economic Forum’s Global...more

Dechert LLP

Dechert Cyber Bits - Issue 21

Dechert LLP on

US Federal Appellate Court Issues Opinion on Proof of Injury in Data Breach Cases - On September 2, 2022, the U.S. Court of Appeals for the Third Circuit reinstated a class action lawsuit that had previously been dismissed...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - September 2022

Robinson & Cole LLP on

CYBERSECURITY - Password Manager LastPass Admits to Hack - Password manager LastPass, reportedly used by more than 33 million users, recently announced that it was hacked, and although it reports that no passwords of...more

WilmerHale

$8 Million Multistate Settlement Resolves 2019 Data Breach Investigation

WilmerHale on

State Attorneys General settle with Wawa, Inc. for 2019 data breach that compromised approximately 34 million payment cards used by consumers. On July 26, 2022, Acting New Jersey Attorney General Matthew J. Platkin...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - June 2022

Robinson & Cole LLP on

CYBERSECURITY - Verizon’s 2022 Data Breach Investigations Report: A Must Read - I love Verizon’s annual Data Breach Investigations Report (DBIR). I have pored over its content every year since its inception in 2008. (Just...more

The Volkov Law Group

DOJ Charges Russian Officials for Two Historical Hacking Campaigns

The Volkov Law Group on

The Justice Department continues to prosecute Russian-related crimes.  Since the Ukraine Crisis, DOJ has steadily been announcing criminal charges against defendants connected to Russia. ...more

Holland & Knight LLP

2021: Year In Review - SEC Signals More Aggressive Posture in Cybersecurity Space

Holland & Knight LLP on

We continue our year-end review of SEC enforcement activity and turn our attention to a topic grabbing seemingly daily headlines across multiple industries: cybersecurity. As the risks – and realities – of cyberattacks...more

Bilzin Sumberg

Recent Settlements and Penalties Show Perils of Data Breaches

Bilzin Sumberg on

Two major U.S. financial institutions, Morgan Stanley and Capital One, recently agreed to resolve separate class action lawsuits by paying, in the aggregate, hundreds of millions of dollars in compensation for massive data...more

The Volkov Law Group

DOJ Battles Ransomware Attacks

The Volkov Law Group on

The Justice Department continues to attack and dismantle global ransomware extortion organizations.  Business surveys often confirm that executives are hyper-focused on the risk of ransomware attacks against businesses....more

Brownstein Hyatt Farber Schreck

When Should a Public Company Disclose a PCI Breach?

As companies collect growing amounts of data about their customers and other consumers, sophisticated adversaries, recognizing the value of this information, have increased their efforts to pilfer it. For publicly traded...more

Bracewell LLP

SEC Is Still Cyber Serious About Disclosures

Bracewell LLP on

On the heels of the First American enforcement action and settlement, this week, the SEC announced a settlement with Pearson plc in connection with a 2018 cyber breach. The SEC disclosed that Pearson, a London-based...more

Jones Day

Jones Day Global Privacy & Cybersecurity Update | Vol. 28

Jones Day on

UNITED STATES - Regulatory—Policy, Best Practices, and Standards - President Biden Issues Cybersecurity Executive Order  - On May 12, 2021, President Biden issued an executive order that placed new standards on the...more

Winstead PC

SEC Conducts Sweep of Customers Impacted by SolarWinds Cyber Breach

Winstead PC on

Reuters reported today that the SEC is investigating last year’s hack of SolarWinds, focusing on whether SEC registrants failed to disclose that they had been impacted by the cyber breach. According to the article, the SEC...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - June 2021 #2

Robinson & Cole LLP on

CYBERSECURITY - Another Win for Justice Department: Slilpp Marketplace Takedown - People always ask me if law enforcement is having any luck in combatting cyber criminals. Let me be clear: it is a very tough job to take...more

Robinson+Cole Data Privacy + Security Insider

Another Win for Justice Department: Slilpp Marketplace Takedown

People always ask me if law enforcement is having any luck in combatting cyber criminals. Let me be clear: it is a very tough job to take down cyber criminals located in other countries or sponsored by foreign nations. Our...more

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